The Voice of the Customer (VoC), also known as customer voice and Voice of Customer, refers to the customers’ needs, wants, and expectations as it pertains to a company’s products or services.
A Voice of the Customer program captures, analyzes and reports on all feedback associated with your brand. It gives you real-time insight into your customers’ experiences so you can identify trends and opportunities to improve customer experience.
Essentially, the VoC program is the heartbeat of any customer experience (CX) program. That’s because the way a company gathers and responds to customer feedback reflects the CX maturity of the organization.
Benefits of Having a Successful VoC Program
Making VoC a priority leads to higher retention rates, an increase in revenue, and reduced churn. Here are just a few stats that support this claim:
- Companies that have high Net Promoter Scores (NPS) grow faster.
- Companies with great customer experiences have a 16% price premium on products and services.
- 69% of U.S. online adults shop more with retailers that offer consistent customer service both online and offline.
- 67% of customers are willing to pay more for better customer experience.
- After having a positive experience with a company, 77% of customers would recommend it to a friend.
- 65% of S. customers find a positive experience with a brand to be more influential than great advertising.
- Satisfied customers are more likely to upgrade or add services and are less likely to cancel.
What You Need to Measure With Your VoC Program
A Voice of the Customer (VoC) program is only as good as the metrics you’re using and the type of feedback you’re curating. Your VoC program should collect both structured feedback and unstructured feedback.
Structured feedback is the customer data that you proactively collect via survey format. There is an array of metrics to choose from, but three that you will see come up time and time again are Net Promoter Score (NPS), Customer Effort Score (CES), and Customer Satisfaction Score (CSAT).
Here’s a very high-level view of how to use these three metrics in your VoC program:
- NPS is a great metric to measure long-term customer satisfaction and loyalty. It’s the big picture metric of customer experience.
- CSAT is used to measure the customer satisfaction of a specific interaction or event. It’s a short-term satisfaction metric for customer experience.
- CES is used to measure the level of effort that a customer experiences when they interact with your brand. It’s a transactional, short-term metric for customer experience.
While structured feedback is a key component to a successful VoC program, it’s not the only source of truth. You need to also create listening paths that tap into unstructured feedback. This includes feedback from all client-facing channels, such as call centers, social media, events, etc.
The data from structured and unstructured feedback needs to be funneled into one VoC dashboard that is accessible to all employees in your company. That way you’re allowing for the cross-functional alignment of your CX strategy that is necessary for success.
Demonstrating the ROI of Your VoC Program
Today most companies understand the value of great customer experience. However, organizations are still struggling to prove the value of their CX efforts.
Our team at GetFeedback has put a lot of thought into this and we’ve decided to partner with Forrester to launch a free webinar on June 20, 2019, at 10 a.m. PT will teach you how to build an effective VoC program and quantify its business impact.
If you’re interested, sign up for the webinar now.