Generating Valuable Customer Insights with VoC Analytics
In the age of Big Data, is knowledge still power?
Or does true power lie in the strategic management, dispersal, analysis and utilisation of knowledge?
The 2018 Harvard Business Review Analytic Services Study cites a few compelling details about the state of data-driven innovation in its survey of 729 business leaders. A few key observations include:
86% of organisations responding say the ability to extract new value and insights from existing data/ analytics applications is very important but only 30% are very effective at doing so
While 75% say it’s very important to deliver actionable intelligence to employees across the enterprise, less than a quarter of organisations (24%) are able to achieve this
Only one in ten organisations currently say they have embedded data and analytics into all processes and decision making, and even fewer have advanced to predictive analytics or automated decision making.
Consider for a moment what your business, regardless of scale, could achieve with the right information at the right time–the right tools allowing for interpretation of this information–and finally, the right ideation processes for putting derived insights to good use.
Channeling self-awareness and introspection, many leaders will admit that organisational and technological barriers often hinder innovation. Data proliferation and the inevitable impact on business forces companies to revisit and rethink their strategic blueprints in chase of smarter and more impactful solutions that drive sustainable growth and development past novelty.
Listening to the Voice of Your Customer, Across Multiple Channels
“To thrive—even to just survive—in today’s hyper-competitive environment, businesses need actionable customer insights, faster product innovation, and disruptive business models.” - HBR, 2018
Effective data management strategies equip enterprises, helping solidify their place in the current marketplace, but one concept that has truly prevailed as a precursor to success is Customer Experience.
In the present context, an increasingly competitive business environment leaves little room for error. So the added element of customer engagement at every digital corner can no longer be trivialised. Social media has given customer experience a platform, and those who chronicle their feedback online have the power to affect your success. This means that investing in truly customer centric-experiences are paramount, and there’s simply no better method than listening to the voice of your customers.
What is the Voice of The Customer (VoC)?
VoC refers to the perceptions generated about your brand in the minds of your customers. It includes feedback about experiences, expectations and commentary on products, services and interactions along the customer journey. The process of conducting VoC research includes capturing everything that customers have to say about a brand, product or service and its main purpose is so that companies can use this data to align customer expectations with real–life experiences.
Using VoC Data to Make a Difference
VoC data is set to influence a wide-range of organisational functions, from customer experience to product development and market intelligence.
Customer Experience Feedback – utilise VoC to gain an understanding into your customer’s experiences at various touch points along their journey with your brand. Seek out their motivations for interacting with your brand, and learn what distinguishes yours from other brands.
Product development – uncover insights that lead to new product ventures and pivot existing ideas that aren’t suited to the customers’ needs. Learn more about customer satisfaction, price satisfaction, or delve deeper into pain points experienced by customers regarding products and services.
Market Intelligence – by strategically listening to the voice of your customer, you are guaranteed insight into market trends, purchasing influences, preferences and customer opinions of competitors.
Customer Service – a VoC programme will guide you toward breakthroughs in customer service and quality assurance, highlighting potential communication gaps and service issues occurring in the contact center.
Decipher Customer Data Using VoC Analytics Programmes
A comprehensive VoC programme leverages speech analytics and sentiment analysis which can be launched across a spectrum of feedback channels in order to consolidate data for a big picture view of your customer experiences.
Turning Your Data into Insights
The first step in any successful VoC programme is to identify the best methods of capturing customer data through a series of touch point evaluations. Thereafter, you should collect data from various sources and establish your goals.
VoC data is only useful if the information embedded in it is understood, which is why it’s important that data-sets are structured for ease of examination and insight extraction. When sentiment analysis is factored into this equation, organisations are able to discover more about their customer’s emotions during their interactions along the customer journey. This inevitably leads to a holistic perspective of customer needs that can be used to drive change by impacting strategic business decisions.
It’s crucial that organisations commit to the analysis of customer data, and while the pay-off is self-evident, the art behind consolidating omni-channel feedback–much less distilling that feedback into actionable insights–is still a vague pursuit for most. This is where Voyc steps in to help. Our platform allows organisations to analyse VoC data and identify common trends and customer pain points.
By leveraging advanced machine learning and NLP technology, we help you optimise your research and data processing tasks so that you can drill down to the important information more efficiently.
Interested in seeing Voyc in action? Sign up for a Demo and we’ll make it happen.