Impact of the Voice of Customer on Lines of Business

Perspective

Impact

  • Product Development: The VoC programme is a key input for product development. Collating customer needs and preferences in the form of feedback is key to the success of any new product. VoC should be an integral part of the process, carried through the course of the design cycle. VoC helps gauge the viability of any new product idea and helps the developers develop a product in line with current market needs. With the accelerated pace of technological and network advancements, companies are leveraging customer preferences for product innovation and also in terms of product features, specifications and design.
  • Project Management: A project manager and consultants are assigned for each project, and they are responsible for the accurate and timely delivery of the product, especially for complex physical or software products. VoC leverages customer feedback to help the team improve certain aspects of product delivery including timeliness, ensuring upgrades are implemented in the same efficient manner as for the actual product, the availability of knowledgeable consultants and project managers, and managing staff attrition during a project.
  • Customer Support: Aftersales service is of paramount importance to a customer following the purchase of any service, solution or product. An excellent client support experience increases the chances of renewal and referral through word of mouth. Organisations need to consider customer feedback and address problem areas, which may range from issues related to the process to lock a support ticket, the ticket tool used, timeliness and availability to knowledgeability and behaviour of support staff. VoC keeps a check on the performance of customer support staff and drives the team to get higher scores. Qualitative inputs can be of great help if acted upon.
  • Marketing: Knowing customer needs is critical to marketing. Marketing is an integral part of any organisation that attempts to design product features and advertise/market them to influence customer perception. The organisation understands customer needs through VoC and converts these to customer preferences using marketing material that attracts new customers, while retaining the old ones. The VoC initiative should also be prominent in all the marketing material used, including webinars, commercials, social media and conferences.
  • Billing/Invoicing: Sharing accurate and timely invoices with the client is in the best interests of any organisation. Much complexity is involved in the invoicing process due to multi-tier taxation/customised pricing/adjustments that sometimes lead to errors. VoC does not help rectify such instances but can certainly help identify the source and trends of issues, and avoid such errors in the future.
  • Training: The organisation’s staff are trained based on feedback on different aspects (communication, technical issues, timeliness); this could include engagement managers, relationship managers, support executives and product developers.
  • Compliance/Governance Body: The compliance team also needs to ensure the contract-signing process is smooth by considering customer input on legal aspects. Contract negotiations of large and complex B2B deals take time, sometimes prompting clients to switch to another company.

Conclusion

About the Author

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Acuity Knowledge Partners

Acuity Knowledge Partners

We write about financial industry trends, the impact of regulatory changes and opinions on industry inflection points. https://www.acuitykp.com/