Do you really know what your customers expect from your company? Odds are... you don't.
Understanding your customer needs is a critical success factor for every company. No matter whether you’re a small business sole proprietor or you’re the CEO of a large multi-national, understanding your customer’s needs, wants, perceptions, preferences and expectations can mean the difference between success and failure. We, as consumers, are barraged with surveys both paper and digital asking our opinion or desires as companies try to learn our voice. Companies use the data collected to highlight areas internally that can be improved and will have a direct positive effect on the customer experience.
According to a number of recent research studies, Best-in-class Voice of the Customer users - the top 20 percent of respondents, based on performance - enjoy an almost 10-times greater year-over-year increase in annual company revenue compared to all others. So if every company collects customer feedback in one form or another, what sets the winners apart? It is the ability to hear what customers say that can separate successful companies from the pack. Voice of the Customer is all about being proactive and constantly innovative to capture the changing requirements of customers over time.
Collecting that voice or knowing what to do with the information collected can be daunting and challenging. The voice of the customer can be captured in a variety of ways: Direct discussion or interviews, surveys, focus groups, customer specifications, observation, warranty data, field reports, complaint logs, etc. Luckily, there is a simple tool offered in www.LeanPowerTools.com to assist companies in collecting, understanding and making decisions from Voice of the Customer data. The tool provides step by step guidance so that even the most novice of users can benefit.
The bottom line is that listening to the needs of your customers isn’t an optional exercise; it’s mandatory. Even if you don’t intend to differentiate on customer experience, the value of listening to customers is real, measurable and can be immediately acted upon.