What is Voice of Customer (VOC) Data?
Voice of customer data is a research strategy aimed to help you discover what your customers think of your business, product or service.
The term itself was first used by Abbie Griffin and John R. Hauser in a 1993 MIT Marketing Science paper, titled “The Voice of Customer” who described VOC this way:
[VOC] provides a detailed understanding of the customer’s requirements, a common language for the team going forward in the product development process, key input for the setting of appropriate design specifications for the new product or service, and a highly useful springboard for product innovation.
Findings from Aberdeen’s study, Voice of the Customer: How to Compete on Customer Experience in 2016 (and Beyond) (April 2016), shows that an average employee uses three different applications to get to a complete view of the customer journey. This is often a result of companies using multiple systems to capture VoC data. When these systems are not well-integrated, employees are forced to get the information they require from each system separately and then painstakingly piece together an accurate and comprehensive understanding of client needs and behavior.
Data indicates that the time spent looking for VoC data across multiple systems consumes 11% of the employee time. A business with 200 employees, each with an annual labor cost of $50,000, would therefore incur $1.1 million in unnecessary costs each year (200 times $50,000 times 11%).
Research shows that leading businesses share certain characteristics that help them stand out from the competition. One such characteristic is that they have established processes to provide actionable visibility into evolving buyer needs
While building a unified view of the customer journey is important, visibility alone will not drive better outcomes. Top performers excel against their counterparts by going beyond visibility; they act on the insights gleaned from VoC data. Table 1 shows the technologies that allow the Best-in-Class to balance visibility and action in an integrated VoC program.
95% of your unhappy customers will return if their issue is resolved quickly.
70% of companies that deliver best in class customer experience use customer feedback – versus industry average of 50%, and 29% for laggards.
Wishing you best of luck and knowledgeability in retaining your clients we would be glad to offer you some details about our product and how we could help you know better your customers!