What is “voice of the customer” analytics?
Voice of the customer analytics captures customers’ experiences, expectations, likes, and dislikes. Voice of the customer analytics is a market research technique that gives brands a comprehensive understanding of customer needs and wants. It collects data from a variety of sources including email, phone calls, social media, surveys, call centre transcripts, and CRM systems. These come together to create a sweeping overview of the customer.
It mainly works on identifying intentions, wants, needs, and dislikes. This enables data-driven decision-making across your company which can be applied across business units within a brand including sales, marketing, product, customer service, PR, and more.
Why is the voice of the customer important for your brand?
In the next few years, it is probable that we will see a decrease in consumer spending capacity. Voice of customer research helps your brand make the most of the situation.
- Voice of the customer is the component of customer experience that focuses on customer needs, wants, expectations, and preferences.
- The customer experience (CX) drives over two-thirds of customer loyalty.
- Loyalty helps maintain sales.
With effective social listening and monitoring, you can build brand loyalty, retain customers, and optimize your advertising expenses.
By listening to your customers, your brand can reap many benefits. These include the following.
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Product conception
Consumers often discuss products they would love to see. If an idea gets enough buzz, that identifies a potentially successful concept.
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Product development
Adapt your packaging, products, or services, etc., based on what your clients say.
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Crisis aversion
Spot product complaints and major issues in real-time, then join the conversation to tackle the issue before it becomes a PR crisis.
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Customer journey analysis
Find the gaps in your customer journey, to help boost sales, encourage faster purchases, and keep customers satisfied.
What to analyse for your brand’s voice of the customer analytics?
Analysing the customer’s voice is an integral part of constructing a successful marketing strategy. Here are some data sources that your brand should include in your data collection to ensure your marketing strategy has its best shot.
Social media platforms
Social media gives you a valuable voice of consumer insights. This data is the raw, real-time voice of the customer data, that moulds itself around the current trends and topics. Social media insights hold the most “current” information.
Blogs and forum mentions
Blogs and forums are similar to social media mentions (user-generated content). This tends to be long-form content – offering more detailed perspectives of the topic.
Reviews
Much like email and call data, reviews help you see what consumers are saying at a macro level. These are often created based on a highly positive or negative experience and will therefore highlight the extreme highs or lows of the customer relationship.
What now?
The big question is how do you analyse all this data? This is where you delve into the data science and analytics aspect of the voice of customer analytics. Well, there are multiple different ways to analyse the data, you can opt for Social Listening, Brand Monitoring, or Customized Reports based on your objectives.
These options are very effective but can be incredibly time-consuming. Many brands choose to outsource such services in order to free up more time and gain comprehensive data and insights.
Find your voice of the customer
The economic downturn is impacting businesses every day. The coming months, even years, are going to be hard. Businesses that are customer-centric though, are more likely to survive and thrive in these unfortunate times.
