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How Voice of the Customer is the answer to higher profitability
CloudCherry | Featured | July 20, 2016
As more and more companies have started to enter marketspaces around the globe, it translates to a wider range of options for customers. If they are displeased with the products/services you are providing, they will most likely go to your competitors. However, if your business is able to consistently delight customers and exceed their expectations, it will have a significantly positive impact on revenue and profitability.
To consistently exceed customer expectations, a business must be aware of what their customers want. You have to take into account all the feedback customers provide, whether solicited or unsolicited. And by listening to what they have to say, you can improve your offerings in such a way that you not only cement the loyalty of existing customers but also attract customers from competing brands through positive word-of-mouth marketing.
You can derive valuable insight on your customers by getting to know what they expect from your brand, and also by asking them questions on how your competitors are any better or different. For example, if you run a restaurant and you come to know that your competitors are doing something different that customers like, get a tangible insight from this that can directly contribute to shaping the customer experience.
By listening to your customers in real-time, you will be in a position to tackle issues as soon as they rise, bring down customer churn rates, identify unhappy customers and find a way to compensate for their experience. All this will translate to a huge ROI over time.
TripAdvisor is a site built on the customer’s voice. Not only has the site itself evolved over time by listening to its customers and taking customers’ feedback into consideration, but the entire platform is built around the concept of VoC – Voice of the Customer.
The more positive reviews a hotel has, for example, the more often it gets recommended and the more customers it attracts as a result. This, in turn, means more money for that particular hotel. However, if any hotel is being flagged by too many poor reviews, not only will it be at the bottom of the list, but any traveler who finds it is likely to avoid it due to the poor reviews, especially if it’s clear that the hotel in question has done nothing to improve its experience and service.
TripAdvisor also gives out a Certificate of Excellence to businesses every year, which has been shown to increase lead conversion. Once this credential has been lost, many businesses have experienced a significant decline in revenue. The TripAdvisor Certificate of Excellence is only given out to businesses that receive regular reviews and have a cumulative score above four stars, meaning that they offer a great customer experience.
Collecting customer feedback and then acting on it is perhaps the easiest route to discover customer expectations. And once you have a complete understanding of what drives customers to your brand, it’s in your hands to keep them delighted, and ensure you increase your bottom-line!