15 Feb 13 Listen to customers and reach closer to your business goals
There is no business in this world that can afford to ignore the voice of their customers. Time and again businesses have relied on Voice of Customer (VoC) studies to improve bottom line profitability, drive top-line revenue growth, come up with innovative product ideas, and benchmark themselves with their competitors.
Critical input for increasing sales
VoC studies often bring out the unmet/ latent needs of customers and help in prioritizing their preferences. These insights can then prove effective in efficiently customizing products/ services according to customers’ exact needs or in eliminating their pain points.
For example, CDW Corporation, a leading B2B technology solutions provider in the US, has relied on their VoC program since 2009 to find innovative ways to boost customer loyalty, increase customer satisfaction, and add hundreds of millions in revenue. Their “Customer Loyalty and Experience Program” helps measure customer loyalty, discover problems and ascertain sales opportunities for the company.
Ideal for generating product innovation ideas
A VoC study is more than just a regular customer satisfaction survey. It has proved to be an ideal research technique for gathering new product development ideas.
In 2004, Intel, world’s largest semiconductor chip maker, used a VoC study for new product innovation. The study involved VoC combined with face-to-face interviews with directors of various IT companies. The result of this research helped Intel develop the 3rd generation Intel Core v-Pro microprocessor for business desktop computers, which was released in mid-2006. This microprocessor was built keeping in mind the business’ unmet need for protecting their data while providing enhanced levels of performance and embedded security. The v-Pro™ became the fastest selling product in Intel’s history to exceed USD 1 billion in revenue, thereby resulting in a remarkable increase in its top-line.
Aids to cut costs
The Vanguard Group, an American investment management company, used its VoC insights to make process improvements within the organization. Collectively, these improvements resulted in USD 1 million in savings for the company, along with a 33% rise in referrals of leads.
Ensures customer delight
Kotak Mahindra acted on the voice of its customers and offered tailored solutions to its customers rather than standardized products. The study helped the firm provide improved before and after sales services, and consequently Kotak Mahindra was voted the “Best Passenger Vehicle Finance Company” in 2006.
VoC studies are helpful for understanding the relative strengths and weaknesses of your company vis-à-vis your competitors.
It is one of the key tools which will help your company move closer to its business objectives. Whether it is a B2C or a B2B scenario, a well executed VoC study will help organizations gain priceless insights into their customers’ viewpoints. So, have you heard your customers yet!