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Short-term success doesn’t guarantee long-term financial and operational health for any business. For companies to survive and thrive in the face of change such as evolving customer preferences, new technologies, regulatory changes, and unexpected natural events, they must master addressing immediate issues at hand while continuously innovating to differentiate and succeed in the long run. Aberdeen’s research shows that firms that excel in managing such a two-pronged approach and using VoC insights as the key lever to achieve their goals implement the four activities noted below.
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- Get executive-level support for your VoC program. Companies that fail to benefit fully from their VoC insights don’t use the insights gleaned through their VoC program in strategic decision-making activities. If executive leadership in your business don’t yet use VoC insights, highlight the cost of customer churn and lost revenue opportunities associated with lack of visibility into changing customer needs and how company activities impact customer spend.
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- Evaluate high-level changes in overall customer sentiment and feedback on a monthly basis. This will help determine how changes in market conditions and customer expectations impact customer sentiment about the company brand and buyers’ willingness to spend. It will also provide a formalized approach to gauging how business activities impact CX results to determine the strengths and weaknesses of the business to enable opportunities to innovate to maintain strengths and address weaknesses.
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- Â Use analytics to measure how specific activities impact key performance indicators (KPIs) unique to your business. Every firm is different, and companies have different priorities that change over time. Using analytics to monitor and measure VoC insights determines organizational success in attaining desired KPIs. It also allows determining and investing in the right areas needed to drive innovation to increase the likelihood of the company achieving long-term success across relevant KPIs. Because this approach is adaptive, if and when your KPIs change based on shifting business priorities, this analytical approach will make it easy for you to focus innovation on the right areas to achieve success in attaining your new objectives.
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- Share and celebrate success achieved by using VoC insights. Even when executive leadership in a business may support and rely on a VoC program, it’s important for all employees to understand and utilize VoC insights to truly maximize the potential benefits of a VoC program. Sharing performance improvements or other positive business results facilitated by using VoC insights to drive innovation will maximize your likelihood to get employee buy-in and improve the overall utilization of VoC insights to further amplify the related benefits.18174Short-term success doesn’t guarantee long-term financial and operational health for any business .For companies to survive and thrive in the face of change such as evolving customer preferences, new technologies, regulatory changes, and unexpected natural events, they must master addressing immediate issues at hand while continuously innovating to differentiate and succeed in the long-run. Aberdeen’s research shows that firms that excel in managing such a two-pronged approach and using VoC insights as the key lever to achieve their goals implement the four activities noted below.
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Aberdeen Strategy & ResearchOpens a new window , a division of essidsolutions Ziff DavisOpens a new window , with over three decades of experience in independent, credible market research, helps illuminate market realities and inform business strategies. Our fact-based, unbiased, and outcome-centric research approach provides insights on technology, customer management, and business operations, to inspire critical thinking and ignite data-driven business actions.