A VOC PROGRAM ENSURES YOU ’ RE CATERING TO THE NEEDS OF YOUR CUSTOMER BASE , WHICH IMPROVES RETENTION .
CUSTOMER EXPERIENCE
ILLUSTRATION PROVIDED BY ADOBE STOCK
RAISE YOUR VOICE ! WHY VOC MUST BE PART OF YOUR CX STRATEGY .
BY CHRIS TRANQUILL , KHOROS
Brands rely on data to understand the customer journey , resolve friction points , and surface opportunities to shape and improve their product or service .
Data helps identify what customers need or want from your brand and their customer experience ( CX ) preferences , a foundation that guides strategic changes you can make to increase customer loyalty .
A VOC PROGRAM ENSURES YOU ’ RE CATERING TO THE NEEDS OF YOUR CUSTOMER BASE , WHICH IMPROVES RETENTION .
28 CONTACT CENTER PIPELINE
Voice of the Customer ( VoC ) programs focus on bringing that data to life by collecting , connecting , and understanding it . They therefore should be a focus of your CX strategy .
Here ’ s the customer environment . Customer expectations are rising . According to PwC , one in three consumers will leave a brand they ’ ve previously enjoyed after just one bad experience . After two or three negative interactions ? A whopping 92 % will jump ship .
IS A VOC PROGRAM REALLY THAT IMPORTANT ?
It sure is . A VoC program ensures you ’ re catering to the needs of your customer base , which improves retention . That has a ripple effect : Increasing customer retention rates by just 5 %, according to Bain , boosts profits by 25 % to 95 %.
A VoC program can also pair with customer experience management ( CXM ), an ongoing effort to understand customers and develop strategic processes to improve satisfaction and loyalty .
CXM involves identifying and quantifying friction points in the customer journey , determining the root cause , and resolving problems at the source . With a VoC program , you can reduce the gap between customer expectations and what you deliver to them .
You ’ ll experience several benefits from a smoothly running VoC and CXM program . For instance , per McKinsey , cross-selling can boost sales by 20 % and profits by 30 %.
Take into account customer feedback and tailor your cross-selling strategies to their preferences and needs . This customer-centric approach not only enhances the effectiveness of your cross-selling efforts but also fosters long-term satisfaction and loyalty .
VoC also improves Net Promoter Scores ( NPS ), top-line revenue , and gives companies a chance to act on