What is the Impact of Voice of the Customer (VoC) on Customer Relationships?

There is no question that customer relationships are crucial in the property management industry. The role of the customer has become increasingly significant, what once could be boiled down to the simple ubiquitous adage "the customer’s always right," is now a customer-centric business model. For property managers to improve customer relations they must tailor service to suit customers’ the specific needs. To do this companies are using a concept called "Voice of the Customer (VoC)" which helps businesses determine how they can provide value to customers.

What is VoC?

The term "voice of the customer" first came from Abble Griffin and John R Hauser in 1993 for an MIT Marketing Science Paper and has been growing ever since. From the start, the concept was centered around "the detailed understanding of customer requirements" and "common language for going forward in product development." The purpose of a VoC approach is to evaluate customers expectations what customers expect from your service in comparison to what they receive and to use that information to bridge that gap.

How Can Companies Gather Information?

To effectively leverage the VoC methodology, companies must collect customer feedback, analyze data, and produce useful insights. There are many ways to gather feedback from customers, one common method is to issue surveys because the results can be tabulated quickly.

A lengthier method is to conduct customer interviews. This can be time-consuming, but it tends to produce better results by providing customers with a more personalized experience and offers researchers more in-depth understanding of customer feedback.

You can also collect information by tracking online behavior on social media and your website. Record the demographics of the people who subscribe to your blogs and comment on your social media posts versus those who do not.

What is the result?

Recording all the data collected allows you to build on how your customers have changed over time even the most simple ideas like how they prefer to be contacted can allow property managers to change their management approach to resonate more with customers. These insights can be used to support decision making that suits customers and create a solid foundation for measuring customer experience.

This information is used to help companies understand the intricacies of their customers to determine how to relate their service more fittingly into customers lives.

What are the benefits?

When you can collect quality customer data, as a result, you get quality insights into your customers which allows you to progress closer to your customers expectations with every new development. VoC allows you to build an ongoing rapport with customers and convey that their opinion matters, increasing customer satisfaction and loyalty. As your relationships with customers grow stronger through a customer-centric management approach, so does retention. A study from the Aberdeen Group found that companies that use a customer feedback method experience up to a 31% higher retention rate than others.

When you adapt a strategy that focuses on what customers have to say about their expectations you can cultivate a service that fosters loyalty and growth, that can stand above competition by maintaining a culture focused on the people you’re serving.