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Using Voice of Customer (VoC) Insights To Transform CX

This document discusses how prioritizing customer experience (CX) can help businesses survive and thrive during economic downturns. It notes that focusing on CX delivers sustainable growth, and that CX leaders were less affected and sometimes gained share prices during recessions, while those neglecting CX lost value. The document recommends focusing on customer engagement and value over short-term sales. It suggests consistently delivering experiences customers can rely on through genuinely prioritizing customer interests. It advises maintaining CX strategies during recessions by focusing on competitive differentiation and listening to customer needs. The document also discusses leveraging technologies like conversational intelligence to improve CX efficiency, personalization and empathy.

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Using Voice of Customer (VoC) Insights To Transform CX

Uploaded by

TheMoneyMitra

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Prioritizing CX: The Key to

Surviving and Thriving in an

Economic Slowdown
Paying close attention to the Voice of Customer (VoC) enables businesses
to deliver impactful CX and drive sustainable growth.

Political instability, rising inflation, and lurking recession have led to economic
downturns. For most businesses, a typical knee-jerk reaction in such situations
is to curtail funds, especially from programs that are related to customer
experience and quality assurance.
2

Furthermore, it indicates that while CX leaders weren’t entirely unaffected of the

most recent economic slowdown, they were often able to maintain, and at times
even gain 3X rise in share price during the recession. Whereas businesses that
drifted away from their CX goals during recession, happen to lose significant
business share value in the market.

While it is obvious to ramp up sales and business development efforts, business

leaders should focus on customer engagement and value as well. Customer
experience is a more sustainable option since acquiring new customers is an
investment that may or may not guarantee long-term sales and success.

Even in turbulent times, customers want a consistent experience from a brand

they can rely on. For organizations, it means they should create a strategy that
genuinely prioritizes customer value and their interests instead of upselling or
cross-selling.

1. Watermark Consulting’s Customer Experience ROI Study | June, 2021

2. The fifth edition of Salesforce’s State of the Connected Customer Report | May, 2022
3

With an effective customer experience (CX) strategy, both old and new
customers are more likely to maintain their loyalty to your brand. While the
world economy is in a stage of flux, here is how businesses can prioritize their
growth-through-retention CX strategy to sail through 2023 and beyond.

Prioritize your CX strategy

The recession might have dampened your customer’s purchasing power but
service expectation remains at an all-time high. This can make or break your
brand perception.

Instead of putting your CX strategy on the back burner during a low economic
turn, focus on how you can use this time to be more visible than your
competitor. Companies with the best customer experience outperformed their
competitors’ stock performance between 2019 and 2022 and yielded more
business as a result.

When business leaders understand what went right (or wrong) during their
customers’ journeys, it gives way to customer-centric campaigns and support
structures that drive business. They can also eliminate the CX channels that
require capital investment but are not justifying the cost. Thereby making smart
decisions to optimize CX resources as well as drive maximum ROI.
4

Listen to Your Customer

You won’t have a winning CX strategy unless you take an effort to listen to your
customers and understand their needs.

By analyizing Voice of Customers (VoC) you take the time to understand and
relate to your customers’ emotions, and weaving empathy in every customer
interaction. This further enhances the efficacy of your CX strategy, yielding long-
term business value as customers feel seen, heard, and cared for.

On a contrary, lack of empathy can lead to frustration and resentment, causing

customers to lose faith in your brand. It reinforces their faith in your brand
even if resolutions are difficult or time-consuming. Replace it with an elevator
sales-pitch and you will never see that customer again!
5

Invest in AI-Enabled
Technologies for Maximum
Return on CX Initiatives
AI-powered technologies such as conversation intelligence can be leveraged to
significantly improve customer experience. Having said that CX leaders look to
yield maximum returns such as drive personlized customer engagement, build
brand loyalty, and maximize customer lifetime value.

Here are a few possible ways that business leaders can leverage technologies to
get maximum business outcomes from CX initiatives.

Deliver Personalized
Customer Interactions to
Drive Superior Experiences
Conversation intelligence analyzes customer conversations (voice and text
both); businesses can identify customer needs and preferences, and further use
this information to create personalized interactions.

3. What Makes Emerging Technologies The Future Of Customer Experience? | Servion | July, 2018
6

Additionally, the company can use AI to analyze customer feedback and

identify common issues or pain points in business processes such as customer
onboarding, application processing, or fulfillment. This information can be
used to make improvements to the customer experience, such as streamlining
processes by eliminating bottlenecks.

For instance, a mortgage company can utilise customer interactions, along

with customer data such as credit scores and income sources, to predict which
customers are likely to default on their payments. This enables the company to
focus their resources on the most promising leads, improving the efficiency of
the debt collection process.

To keep up with the customers evolving needs and buying capacity, businesses
need to listen to their customers to improve their products.

By using conversational intelligence to analyze customer interactions, businesses

can identify key drivers and sentiments in customer interactions, leading to the
development of more personalized and effective products and services.

Overall, conversation intelligence is enabling businesses to deliver superior

customer experiences driving customer satisfaction across customer journeys.

Improving Efficiency to Reduce

Cost & Improve Profitability
Conversational intelligence mines customer conversations to identify the
underlying root cause of a customer’s contact, enabling the business to resolve
queries. By analyzing these call triggers, businesses can streamline their
customer interactions, automate FAQs response and reduce call times.

This can free up contact center agents to focus on more complex tasks. As a result,
efficiency will improve, costs will be reduced, and enable businesses to maximize
revenue. Conversation intelligence not only makes contact center representatives
productive and cuts down on the number of calls, but it also helps businesses
figure out where they can improve their customers’ CX journey.

By using conversation intelligence to better understand and serve their

customers, businesses can position themselves to attract new and retain
customers.
7

Empathy: A Key to Drive an

Impactful CX
Nurturing relationships and connecting with customers with empathy should
not be an afterthought, but rather a core component of any CX strategy. Actively
listening to the Voice of the Customer (VoC) is essential for businesses to remain
competitive, especially during an economic slowdown.

The challenge lies in turning customer conversations into actionable insights.

It’s high time that companies carefully consider AI-enabled technologies such as
conversational intelligence.

With conversational intelligence brands can derive context, sentiment, and

intent from customer conversations, empowering CX leaders to drive an
impactful CX building brand loyalty and secure a competitive position in the
marketplace. To keep up with the uncertainty ahead, businesses must enhance
their CX with conversation intelligence.

Moving Onwards in 2023 & Beyond

The lurking recession continues to threaten businesses and consumers alike.

In addition to continuous product development and sales efforts, strong CX
strategies can enable businesses to overcome challenges and emerge stronger.

4. The human paradox: From customer centricity to life centricity | Accenture | July, 2022
8

To keep up with customers’ evolving needs, paying attention to the Voice of

Customer (VoC) is essential for businesses as they navigate unfavourable
market conditions.

Business leaders across industries are rapidly realigning their response

mechanisms towards the Voice of the Customer (VoC) programs, specifically in
terms of increasing customer loyalty and sales.

Given the volatility of financial markets, rising inflation and a looming recession,
business leaders would have to navigate an extremely difficult business
landscape and where growth would not be easy. However, by actively listening
to their customers, they can be better prepared for what is to come.

Have you considered leveraging conversational

intelligence to shape your CX strategy?

5. Predicts 2022: Executives Must Shift Greater Focus to Customers and Employees to Drive Growth | Gartner | May, 2022
Recognized Globally

About Senseforth

Senseforth.ai is a Conversational AI & NLP technology partner to Global 2000 enterprises.

Founded with a mission to bridge the customer experience gap, Senseforth.ai builds Speech
Analytics solutions and AI Virtual Assistants (voice & text) to improve brand interactions, drive
revenue growth, and reduce costs.

Senseforth.ai has been recognized by Gartner, Forrester, ISG Provider Lens, Frost & Sullivan,
Nasscom, CII and other industry experts for its cutting-edge NLP technology and focus on
core AI research. Senseforth.ai currently ranks 6 in SQuAD2.0, the most authoritative Machine
Reading Comprehension benchmark in the world.