Did you know that 91 percent of unhappy customers never bother to complain; instead they just quietly walk away into the hands of the competitors? With a statistic like that, it’s clear that businesses, more so than ever before, need to focus on the Voice of the Customer (VOC). If not, they may not know when their customers are ready to jump ship.
While in the past, companies went to great lengths to gain insight into their customers’ sentiments about their business – often sending out thousands of surveys that were more than likely tossed in the trash – today’s organizations are abandoning traditional methods in favor of voice of the customer strategies. In fact, McInnes values the VOC market at between $400 million and $600 million in revenue.
Today, contact center agents have a wealth of valuable data at their fingertips. Whether they know it or not, during every customer interaction, agents are gathering data about customers’ habits as well as their likes and dislikes. With this data, companies can gain insight into their target market and determine ways to enhance the customer experience.
For example, if customers tend to hang up after being on hold for an average of five minutes, then businesses may want to focus on shorter wait times. Moreover, if data shows that similar questions are being consistently asked, it may mean there’s a specific pain point that needs to be addressed.
Deriving actionable information from the customer interaction data is an effective way to measure the success of your business. After all, your customers are the lifeblood of your business and hearing what they have to say about your core competencies is invaluable. Moreover, this information can bring to light existing holes in your business model and help executives make more knowledgeable, strategic decisions.
Stop your search for the voice of the customer and start leveraging the existing information you already have to improve the efficiency and effectiveness of your contact center and ultimately build a more successful brand.