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Voice of Customer, or VoC, is the process of gathering customer feedback in an attempt to identify any existing gaps between customer experience and customer expectations. The data gathered in VoC allows businesses to identify where customer grievances lie so that such gaps can be filled.
VoC programs are conducted differently in different organizations and there isn’t one correct way on how to conduct them. To reflect this, we’ve provided four examples to reflect how different organizations leverage their Voice of Customer program in a distinct way to reap the most benefits.
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In order to better understand the concept of Voice of Customer, let’s take a look at a few examples of how different industries organizations in different industries leverage VoC to understand their customers and their expectations.
Subbly is a subscription-first e-commerce platform that successfully used VoC for product refinement. Subbly did so by creating an online page that is dedicated to gathering feedback from their customers. They often run surveys on pricing to understand how customers feel about their subscription plans. By constantly gathering data to hear their customers’ voices, Subbly is able to shape their product roadmap and decide which features to release.
The banking industry is a highly competitive space and banks must constantly change to keep up with customer expectations and rival banks. In this sector, it is very hard for organizations to keep their churn rate low due to competing organizations constantly introducing new and innovative ways to poach customers.
In order to remain competitive and reduce their customer churn rate, Johannesburg bank decided to use VoC and perform a comprehensive analysis on customer feedback across all their official channels, as well as social media. To do so, they used a hashtag-based campaign to gather feedback from customers regarding what they loved and hated about their bank. This campaign was able to generate two million pieces of feedback, which was sifted through to create custom categories that divided the feedback based on what bank service they were regarding (mobile banking, fees and charges, etc). Named Entity Recognition, or NER, was then used to conduct sentiment analysis by allocating sentiment scores to the different comments. These scores allowed the bank to identify which areas and issues needed their attention most.
Nahdi Medical is a major healthcare provider in Saudi Arabia. They leveraged a VoC program using survey documents and the feedback gathered from online forums. Once the data was gathered, sentiment analysis and text analytics were carried out to identify the different categories of feedback. After the feedback was clustered into different categories (by quality, convenience, price, etc), the result acquired was a highly detailed picture of Nahdi’s performance. This allowed Nahdi medical to identify gaps in CX and customer pain points so that these could be addressed effectively.
New York-based insurance firm Lawley used a Voice of Customer program by collecting customer feedback through NPS (net promoter score) surveys. They used relationship NPS surveys to measure customers’ overall perception of their brand, which enabled them to benchmark their NPS score across different regions. By doing so, the organization was able to identify many different issues within the customer journey. They used this information to identify pain points and follow up with clients on their grievances before they could lose a large number of accounts. VoC helped Lawley improve customer service and prevent customer churn.
VoC analysis can be leveraged by organizations in many different ways, using many different techniques, to understand customer sentiment. When conducted effectively, VoC analysis can provide organizations with actionable insights that can be used to meet customer expectations and effectively reduce churn.
VoC, or Voice of Customer, refers to the process of gathering feedback from customers to understand their preferences and to identify any gaps between customer experience and customer expectations so that they can be addressed.
An example of Voice of Customer being used is when Johannesburg bank conducted a hashtag-based campaign to gather feedback regarding what customers loved and hated about their bank. This feedback was then used to conduct sentiment analysis to reveal the areas that required the most attention.
Organizations that have a VoC program are able to remain competitive by constantly gathering data on customer expectations and then taking measures to meet these expectations. Effective VoC programs help organizations reduce their customer churn rate and increase CLV (customer lifetime value).