To improve profitability, understanding the feedback of both current and potential customers expressed through all types ofchannels, and touchpoints is crucial from a business perspective. This is also why the voice of customer analysis initiatives of brands today encompass a new territory of unsolicited and unstructured data including comments on feedback forms and surveys, call center verbatims and social media engagements.
Though there exist several methods using which businesses can unearth valuable information to make customer-centric decisions, they must possess the basic capability to analyze the share of voice. Our customer analytics experts have listed few widely accepted methods that can help decipher the customer’s share of voice.
- Feedback and survey analysis
- Social media monitoring
- Analysis of net promotion index
To succeed in today’s business world it’s crucial to identify customer needs and the issues that prevent your organization from catering to the needs of your customers. This article offers insights into the top five steps that will help supercharge business growth by 10X using VOC data.
Calculating share of voice is crucial as it helps analyze brand awareness and visibility, both of which are crucial to driving success in today’s competitive business world. Request a proposal to learn how we can help you gauge these metrics using an analytics-driven approach.
Five Steps to Boost Growth Using Voice of Customer Analysis
Step 1: Gather Customer Data from Various Touchpoints
The first step in conducting the voice of customer analysis revolves around aligning strategies adopted to collate data with the end goals. Conducting a detailed assessment will help businesses to identify the best methods to capture data from various customer touchpoints. Once a holistic view of customer sentiments and feedback is established, businesses can then turn VoC data into actionable insights.
Step 2: Turn Raw Customer Data into Actionable Insights
To comprehend the information encapsulated in large VoC data sets, you must first transform complex data into a condensed dataset that can be queried by analysts and consumed by sophisticated machine learning algorithms to deliver meaningful insights. As such, an essential phase in building a voice of customer analysis program will revolve around identifying customer sentiments at each stage.
Step 3: Analyze Insights to Understand Customer Needs
The use of advanced technologies, BI tools, real-time monitoring systems, and reporting dashboards can enhance the voice of customer analysis process, delivering much-needed customer insights. These insights, in turn, help determine common trends, pain points, and high-potential customer segments to devise suitable strategies to retain them by alleviating their problems.
Step 4: Leverage Sentiment Analysis to Identify Factors Influencing Customer Feedback
Sentiment analysis helps analyze customer feedback to understand customer perceptions better. However, owing to the availability of huge troves of datasets, it isn’t enough to gain a holistic view of your brand’s perception in the global market. Performing a root cause analysis to analyze real-time VoC data and determine factors influencing customer feedback is the need of the hour. The insights gained can then be further leveraged to make decisions and implement new policies for product and service improvements.
Step 5: Devise a Multichannel Voice of Customer Analytics Program
The successful implementation of a voice of customer analysis program revolves around converting data into accessible information. The use of customized dashboards to visualize VoC data and translate it into actionable insights can help them make crucial business decisions.
Did you know? Tuning in to the voice of customers helps unlock new performance improvement opportunities.
Contact an analytics expert for personalized insights on how voice of customer analysis can help your organization.
Why Quantzig?
In today’s digital era, data is ubiquitous, and the insights obtained from them are increasing and impacting the business world in innumerable ways. However, the real challenge lies in turning data into insights that help make crucial business decisions.
We, at Quantzig, firmly believe that the capabilities to act on insights obtained from the influx of continuous data is what drives an organization’s competitive readiness. Hence, our objective is to bring together the best combination of analytics tools and data-driven insights to help our clients build the necessary capabilities to build a detailed voice of the customer analysis program. Having worked with leading brands across geographies, we have gained the domain expertise required to understand the unique challenges facing businesses. Collaborating with us can help you drive long term success by incorporating best practices and techniques that leverage advanced computing algorithms and data science to optimize, automate, and find value in data even in the most challenging situations.