Voice of the Customer (VoC) tools are applications, programs, or processes that gather opinions, views, and feedback from a customer base. The data gathered directly or indirectly from customers help companies make more informed decisions by better understanding the end buyer or user. These tools can be as simple as easy mobile surveys or as sophisticated as the use of predictive analytics to show which products to choose and how to price them for the greatest return.
There are countless VoC tools in the marketplace. According to Gartner, in the long term all VoC tools will stem from four key perspectives: Reporting and analytics, Automated action, Customer journeys, and Professional services that support an organization’s VoC program. Reporting and analytics Voice of the Customer tools cover subjects like customer satisfaction, and use measures such as Net Promoter Score to process responses. Eventually, Gartner expects these tools to become predictive of future behavior, and to even venture into psychographics. Customer journeys analyze the customer’s migration between interactions—such as reading an email that leads to an online purchase. Lastly, automated action is able to trigger alerts or actions in response to outside actions. For instance, a tool could in theory trigger a product recall based on a certain amount of collected customer feedback. As this market continues to advance and expand, there will be a rise in professional services to help companies adopt these new VoC tools.
As attractive as many of these tools appear, it is important to look behind the marketing curtain and really understand if the VoC solution you are considering will benefit your business. Many VoC tools are great at gathering mass amounts of descriptive information, but do not help a company understand how to make the data actionable. Other tools can be hard to implement and use with little customer support. It is important to be prudent when choosing a VoC provider.
Our VoC tool, InsightSuite from First Insight, is very different than others in the marketplace. We use predictive analytics and machine learning to help retailers with a number of business challenges. We use VoC data processed through our proprietary algorithm to predict the highest-performing products in an assortment as well as the best ticket price to deliver the highest possible margins over the product’s life cycle. We also help retailers plan buy quantities and how to maximize their targeted marketing campaigns. Our tool has become many retailers’ and brands’ one-stop shop for business insights that they count on to deliver real and measurable ROI.
For more information about the First Insight Solution, drop us a line here.