Over three quarters (78%) of brands say they now measure the Voice of the Customer, but just 24% think they get the insight they need to transform their business, according to new research.
The study, from Eptica, found many brands blame issues with existing VoC software and want solutions that let them:
- Identify pain points (62%)
- Measure emotions (53%)
- Identify detractors and explain why (53%)
- Identify customer churn risk (47%)
While they are analysing more and more data across different channels, brands are unable to get real value from this. While 83% analyse email conversations, just 12% say it benefits their business. Additionally, VoC insight is stuck in silos, with just 38% sharing it with e-commerce and 21% with teams running shops.
Existing VoC systems are unable to measure factors that directly impact loyalty, revenue, churn or to share insight across the business. 62% of survey respondents wanted to identify pain points through VoC programmes, while over half were looking to measure emotions. The same number (53%) needed to be able to identify detractors and explain why they acted as they did in order to protect revenues and minimise churn.
Customer insight data is still stored in silos – while 79% shared information with marketing, 82% with customer service, 74% with sales and 71% with operations, just 38% shared with e-commerce and 21% with teams running physical shops.
“Brands know that to truly engage with their customers and build long-term relationships they need to understand their wants and needs, and be able to use this insight to drive an improved customer experience,” said Olivier Njamfa, CEO and Co-Founder, Eptica. “However, our research shows that they are being held back by existing systems and approaches – they are struggling with a partial picture that they find difficult to turn into actionable insights that can transform their business.”
“Current metrics and systems provide a rough guide to what customers are saying, but don’t give insight into why they are behaving in particular ways or deliver a true, real-time picture of their emotions,” added Taoufik Massoussi, Product Manager and Head of AI, Eptica. “By extending analysis to all customer conversations, vecko provides access to a gold mine of potential insight, delivering actionable customer intelligence across the organisation through its advanced, AI-powered innovation.”
To measure the current state of the VoC market, Eptica worked with Engage Business Media to survey a range of UK businesses in Q4 2018, with 154 respondents from organisations of all sizes.
The research is available at https://www.eptica.com/vecko18ig