Customer experience is the new business battleground, with Gartner reporting that 89% of companies say they are now competing primarily on customer experience. In light of this, it's little surprise that brands are upping their investment in projects designed to collect and study customer feedback on their performance and products. Indeed, it's estimated that 95% of companies regularly listen to their customers, 84% of which regularly ask customers for feedback, while 11% do so occasionally.
However, it's not all sweetness and light. Nearly three-quarters of firms with a Voice of the Customer programme in place don't think they're effective at driving actions from the data collection. So while there is a great effort to listen to customers, it appears that little is being done to translate this into a response.
But if these organisations could get this right, the rewards are huge. An Aberdeen Group report titled The Business Value of Building a Best-in-Class VoC Program found that Best-in-class VoC users — the top 20% of respondents, based on performance - enjoy an almost 10-times greater year-over-year increase in annual company revenue compared to all others.
With this in mind, the following infographic from Cloudcherry examines some key elements of a robust VoC strategy.