According to statistics, about 96% of unhappy customers don’t complain, and most of those will simply leave and never come back. Similarly, a dissatisfied customer will tell 8-16 people about their experience and over 20% will tell more than 20 people.
The era of silent customers is gone forever. If you want to survive in today’s competitive business environment you need to understand and respond to your customers’ needs, wants and concerns.
While there are many ways to collect customer feedback, more and more businesses are allocating their resources to a voice of customers program to find out what their clients expect from them.
The concept represents a process that collects and analyzes customer feedback, informs customer experience improvements, and tracks the results of those improvements. Here are a couple of benefits that come from gathering all this data:
Service improvement
Quality service delivery leads to customer satisfaction, and customer satisfaction leads to brand loyalty.
Before you can provide top-notch service to customers, however, you have to listen, gather feedback, and respond appropriately to your market. Getting feedback from customers will help you collect real-time insights about which parts of your services customers don’t love, as well as provide you with insights on how to improve customer satisfaction.
Brand management
How you engage clients determines to a large extent how they view your brand. While brand management is important, keeping tabs on what customers are saying about your company across different channels can be overwhelming.
With a voice of customers program, you’ll be able to monitor customer engagement across multiple channels and respond to complaints on time. For instance, post-interaction surveys provide insights into emerging issues before they spread to others, shared on social media or word-of-mouth—and they can also help identify your at-risk customers.
Additionally, it offers insight into the potential need for changes within your organization, updates to existing services, or ways to improve agent interactions.
Products development
Developing products with a clear understanding of what your customers want and are willing to pay for determines to a large extent if you’ll fail or succeed in delivering on customer expectations.
That’s why a voice of customers program is a must-have if you want to learn what your clients love, hate or what they need.
Increased sales
A recent study found that 80% of American consumers would pay more for a product or service to ensure a superior customer experience. Happy customers= increased profits.
Businesses with satisfied customers have better-performing stocks over a six-year period than those with less satisfied customers. Insights, when acted upon, will improve customer experience, strengthen loyalty and ultimately lead to an increase in sales.
Getting the right data is central to the success of any business. Data is key to keeping ahead of the competition, making customers happy and ensuring operational effectiveness.