Overview
Developing and refining a Voice of the Customer (VoC) program is a must-have for any well-run customer engagement strategy. For midsize businesses, establishing VoC programs for capturing customer feedback—and acting on it—also creates a competitive advantage for accelerating market growth.
In this research report, Metrigy explores the unique challenges and opportunities for midsize enterprises implementing a VoC strategy as well as the impact of these programs on key business metrics.
While most midsize businesses recognize the value of establishing a VoC program, they must first understand the various ways they can gather customer input and then prioritize where they will focus in order to reap the benefits of a well-executed strategy. In addition, smart CX leaders understand that VoC extends beyond simply gathering feedback from surveys to analyzing and acting upon that feedback.
Once implemented, VoC programs deliver impressive results. In fact, 35% of midsize businesses that established programs as of late 2021 experienced compelling improvements in revenue, cost, customer ratings, employee satisfaction, and agent efficiency. For revenue alone, these enterprises realized a 36.5% increase compared to only 26.6% for all companies. These results are rapidly convincing CX leaders to adopt VoC programs as a strategic imperative for their business.
This report outlines the key components of developing and executing a successful VoC program, including:
- Understanding the value of interactive, responsive, and implicit VoC feedback
- Making feedback matter by gathering, analyzing and acting on insights
- Correlating feedback with agent performance to isolate what improvements are needed
- Using AI to help analyze open-ended comments
- Measuring success by evaluating revenue, costs, employee satisfaction, customer ratings, and agent productivity
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