The term ‘Voice of the Customer (VoC)’ specifies a process or strategy to measure the customer preferences, opinions or sentiments, and then use these insights to create a holistic and 1-to-1 customer experience to grow customer satisfaction and loyalty.
According to Temkin Group nearly three-quarters of large companies rate their voice of the customer (VoC) programs as being successful (only 8% say that they’ve been unsuccessful). So it’s no longer a nice-to-have; rather, it's a requirement for brands to understand how customers use products and services, capitalizing on their known desires/preferences and determining how prospect behaviour can be converted into sales opportunities.
Image Source : hr-media.ru
In an interview by ADMA’s (Association for Data Driven Marketing & Advertising) Managing Editor, Coca-Cola’s Director of Data Strategy made it clear that data insights & customer preferences insights are the key things behind customer retention at Coca-Cola. Here’s an abstract of one of the question asked in the interview :
Image Source : ADMA
Customer Understanding - Turning Insights Into Action
IDC forecasts that predictive analytics will become a standard tool for marketers with 50% of brands using machine learning and artificial intelligence to automate their marketing and sales interactions by 2020. And this space will grow into a $32.3 billion arena in 2018, with a 12.4% compound annual growth rate. These statistics clearly indicate that global brands are heavily investing to get better insights & data about their customers preferences, behaviours & future trends. But all this data is of limited value unless if can be used efficiently to action performance improvements in a business.
To be able to accurately tap into the consumer behaviour and understand Voice of Customer efficiently, you need to leverage platforms that not only help you to gather and analyse consumer data in real-time but also help you to take next steps using insights to deliver relevant experiences. This will help to proactively predict upcoming trends and use them to target right consumers at the right time throughout any kind of customer journeys.
Image Source : Netflix
One standout example of this approach which has delivered huge success is Netflix. If you are a Netflix subscriber, you will be familiar with how they understand your viewing activities and preferences to recommend other movies, shows etc that you might want to watch. With 100 million subscribers, Netflix collects a huge amount of data to understand each of their customers (single customer view) and help them enjoy a great viewing experience on their platform.
Brands that invest in the capabilities to keep pace with ever-changing content and consumer dynamics, adapting and tailoring their strategies to target consumers in real-time ahead of their competitors, will achieve higher conversions, stronger brand loyalty and boost revenues.
Consumer Goods Company Improves Sales by Optimizing Content & Customer Journeys in its eCommerce Sites
Knexus is an AI decision making engine that gives brands a single (virtual) content view and matches that with customer data to deliver 1-to-1 content experiences automatically, in real time, on any digital touch point.