Voice of Customer Analytics: What, Why and How to Do It
The most important thing that businesses focus upon must be the experience that they give to their customers. The customer is the king and it is only because of the customer that the business runs. The most successful businesses realize this fact and go on to large lengths to ensure utmost customer satisfaction. The steps include obtaining regular feed-backs from customers, providing them with personalised solutions and even providing them with freebies.
One of the most important ways to keep the customer happy is to actually listen to what they say. Voice of customer analytics does exactly the same. It helps the businesses actually listen to the feed-backs and comments from the customer and take steps to ensure better experience for them.
Voice of customer:
In simple terms the voice of customer analytics can be defined as the analysing of the customers feedbacks, reviews and comments on a particular product or service provided by a business. This process helps in obtaining better insights on how the customers actually see the brands and what they expect from them.
Even though the concept seems like common sense, it can sometimes turn out to be a complicated one especially for large organisations that have a wide variety of products and services. Voice of customer analytics help the business to get insights that help them in better decision making. There is even proof of better revenues when the customers are satisfied. Studies have shown that companies that focus on customer experiences have about 4-8% better revenues than their non customer focused counterparts. One of the benefits of this also include better client retention for the organisation.
There are a few things to be taken care when you are thinking of adopting voice of customer analytics for your business.
Find the why?
As in everything, you should begin the process with the questions that you are going to get the answer for through analytics. This is a crucial step as this could decide on what types of data that you gather, what are the parameters that you look out for and also the types of tools that you use for your analysis. This could be as simple as why a product has a declined sales record or the location of your new brand showrooms.
After you have decided on the right questions that you seek the answer for you can go on and collect the data that will be helpful in answering your question. Based on your choice the choices could be anywhere from social media channels to customer surveys to gather information.
After you have obtained the data for the analytics, the choice of the right tools must be done. While choosing a provider, have a look at their previous work and whether they have worked on problems that are similar to yours.
After the analysis is done, valuable insights on the customers feedbacks will be available. Then this data is to be used to take decisions to improve the customers experience and thereby improve their loyalty to your brand.
About the Author
DataFactZ is a professional services company that provides consulting and implementation expertise to solve the complex data issues facing many organizations in the modern business environment. As a highly specialized system and data integration company, we are uniquely focused on solving complex data issues in the data warehousing and business intelligence markets.