Voice of Customer: Importance in Product Management (2021)

Introduction

To know your customer, however, is easier said than done and most businesses, therefore, need to employ effective strategies and techniques in order to gather more information about their customers. Of all these different strategies, there is one that stands out for its effectiveness and wide use in business circles and that is Voice of Customer (VoC). Read on to understand what is Voice of Customer and understand the Voice of Customer meaning and application.

The most successful businesses across the world all have one thing in common; they understand the importance of their customers and the need to listen to their feedback, both positive and negative. If any business is to succeed, customers must necessarily view it as a valuable and needed part of their lives. It is therefore essential for all businesses to know why customers need them, what they want and expect, and how they can best satisfy the interests of these consumers.

1. What is Voice of Customer (VoC)?
2. Voice of Customer (VoC) Methods
3. Voice of Customer (VoC) Techniques
4. Voice of Customer (VoC) Questions
5. Voice of Customer (VoC) Examples

1. What is Voice of Customer (VoC)?

Voice of Customer (VoC) is a research methodology employed by businesses to help them understand and analyze the needs and expectations of their customers. This Voice of Customer analysis helps a business understand what people are saying about a particular product or service in general and encapsulates all this collected data into a brand perspective that influences the future decisions of the business. 

With the help of the VoC Voice of Customer methodologies, companies are therefore able to understand their customers better and enable them to work with their customers to enhance and improve their products or services based on the feedback received.

2. Voice of Customer (VoC) Methods

The Voice of Customer methodology remains the same at its essence irrespective of how a company chooses to apply it and gather information. All Voice of Customer examples, be it at a successful multinational company or a budding local enterprise, follow the same basic principles of data collection, compilation, and analysis in order to get to know their customers better. 

However, this method can be executed or applied through a variety of different Voice of Customer techniques that are designed to help companies make the most of the Voice of Customer research at their disposal. These techniques offer different channels and options of data collection and analysis and the company can choose the one that will help them set up the most accurate and reliable Voice of Customer framework in line with the Voice of the Customer best practices that are widely accepted across the world. 

3. Voice of Customer (VoC) Techniques

The ability to retain existing customers and keep them coming back for more could easily be the factor that makes or breaks a business. The Voice of the Customer process varies from one business to another based on the technique that they opt for and some of these techniques are described below.

1. Interviews: Businesses may choose to conduct interviews with customers as part of their Voice of the Customer strategy and the feedback received either via call, email, or in-person is recorded.
2. Surveys: Customers may be requested to take up surveys both on-site and off-site to make it easier for them to provide feedback and this process is also convenient for the business as it does not require much investment or effort.
3. Social Media: Social media presence of companies on platforms such as Facebook or Instagram could help them create more meaningful interactions with customers that may result in constructive feedback.
4. Live Chat: Websites may be equipped with a Live Chat option to help customers get real-time assistance and clarifications that greatly helps build customer trust. The responses and queries raised by the customers may prove useful in bettering the services provided.
5. Focus Groups: Focus groups are usually a group of eight to twelve customers that are required to meet in a room and have discussions about their perceptions and opinions about a particular product or service.
6. Customer Reviews: Customer reviews are the most direct indication of customer satisfaction in the services provided and therefore form a very important part of understanding the Voice of the Customer and improving customer retention.
7. Call recordings and emails: Conversations between customer service representatives and customers can also prove extremely beneficial to understanding them better.

5. Voice of Customer (VoC) Questions

Given the importance of Voice of Customer research, if accurate and helpful leads and conclusions are lacking despite the efforts of the company, the questions being asked may need to be revisited. Here are some of the best Voice of Customer questions that are guaranteed to help you understand your customers better.

1. What are the most important characteristics that you look for in a business or a product?
2. What comes to your mind first when you think about our product or business?
3. How do you think we can improve customer experience and satisfaction?
4. Name any competitor you would choose over our business or product. Why you would choose them?
5. Would you recommend our product or service to others and why?

These questions are sure to help you understand what your customers are thinking about your brand, your products and services and your overall competitiveness in the market.

6. Voice of Customer (VoC) Examples

There are several Voice of Customer examples where companies have greatly benefited from efficient research methods and techniques. Subbly is a SaaS eCommerce platform that greatly benefited from the adding of a feedback page to its website and constantly monitoring responses which helped them introduce new features and better the platform. Another example is the content management software, Convertize which used on-site surveys and gathered lots of feedback from customers that helped them improve and optimize their future product releases.

Conclusion

The Voice of Customer benefits are numerous and it is hard to imagine a business being able to sustain its success if it is not able to retain at least a portion of its existing customers. VoC methods therefore not only help companies boost their revenue and improve their brand value but also help improve customer experience and these factors combine to help them beat the competition in the market.

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