The right tool will be able to cluster effectively and help identify the areas which you need to look at. So for our example you may need to see sentiment scores against the topic “comfort” or “storage space” or even mapped against a competitor. You may also be interested in running reports based on intention. Because you want to see how potential customers feel you’ll be interested in clustering responses around specific themes, topic expressed and sentiments relating to the products. If you have performed the above steps you will have collected local Spanish data from Facebook and Twitter, perhaps even Spanish review websites or CRM data from dealers. In this blog we will look at how VoC analytics works and use our experience to show how the insights created can be embedded back into the organisationĪs an example your question may have been “why don’t customers in Spain like our new car model?”
We’re also seeing that the vast amount of customer data in existence requires new state-of-the-art analytics. This is where Voice of the Customer (VoC) programs come in. Listening means understanding what customers are are saying both to you and other customers. In short, listening to the customer pays for itself. This isn’t a theoretical board room exercise: improving revenue means developing better customer experience which itself requires close listening to the customers themselves. Further research by Bain shows companies who invest in customer experience grow revenues 4-8% faster than their peers, deliver 6-14x stronger customer value, and have 55% greater client retention. In other words, how you differentiate the experience your customers have from everyone else will be a source of advantage. Research by Gartner indicates 89% of companies will compete mainly on customer experience. In this blow, we discuss the importance of VoC analytics.
However, as consumer behavior and habits evolve, the ability to listen and act on what you learn must evolve as well. Capturing expectations, aversions, and preferences is tricky but with discipline and focus is technically achievable.
Many are taking the step further and closing the loop by ensuring the response to what customers say is effective and meaningful. Most enterprises have realised that it’s impossible to do business in today’s landscape without listening to the customer.