The need of VOC programmes | Acuity Knowledge Partners
Part 2: Why VOC programmes are a must	
Having upgraded their data-collection processes, organisations are tapping large amounts of first-party, second-party, and third-party data1 from different sources and feeding it into data management platforms (such as customer data platforms and digital management platforms) or data lakes. They then apply different methodologies of cleansing and analysing to obtain meaningful insights – often in real time. Data engineering and AI/ML applications have made it possible to draw conclusions or trends from these massive datasets, something that is nearly impossible or impractical for humans to undertake. We endorse these approaches, but with a strong bias towards first-party data over other types of data.
Product feedback: Direct questions to the end users of a product on, for example, the product’s usefulness, features and performance. However, it’s important to keep in mind that customers themselves may not always fully understand the market, e.g., Nokia customers would not have asked for a touchscreen smartphone in 2005-07 (and they didn’t!), but Apple launched the iPhone and won the market
An organisation could fall prey to its own success if it becomes complacent. Past success is no guarantee of success in the future – this is even more relevant now, when the competitive landscape is changing ever so rapidly. A number of examples illustrate this – from Kodak to MySpace, Pan-Am and Sears – and it happens to many more organisations than we think. A Bain & Co. study shows that while 80% of organisations believe they offer superior propositions, customers of only 8% of them agree2 . Hence, it is imperative that organisations deploy VOC programmes to obtain first-hand client input and incorporate it in their decision making and strategies.
1 First-party data, or primary data, is information collected directly by the organisation making use of it. Second-party data, or secondary data, is information collected by a partner company willing to share or trade this data. Third-party data is information provided by an open data provider that shares statistics about the behaviour, habits, and preferences of different consumer profiles from various purchasing channels. Read more: https://rockcontent.com/blog/first-second-third-party-data/
2 https://www.getfeedback.com/resources/voice-of-the-customer/customer-voice-is-more-important-than-ever-heres-why/
Delivery Manager, Consulting Practice
Avinash Saxena has over nine years of work experience in consulting, market research, and project management. Before Acuity Knowledge Partners, he has worked with Capgemini, Infosys, and Persistent Systems. His expertise areas include business strategy, emerging technologies, innovation for the financial services sector - particularly banking, payments, and FinTechs. Currently, he is a strategic consultant for one of the leading global financial solutions provider firms. Avinash has done MBA from NMIMS Mumbai and B.Tech. from VNIT Nagpur.
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