San Diego Central HubSpot User Group's first-ever event featured Kevin Dunn, Manager at HubSpot Academy Education, speaking on voice of the customer optimization.
SDCHUG introduced Kevin and the new group with great quote about now having twice the HubSpot love in San Diego. That's right, we now have TWO HubSpot User Groups we can attend!
(See a recap of SDHUG's latest event here.)
Voice of the Customer and Voice of the Customer Optimization (VOCO)
What is voice of the customer optimization? We're glad you asked. Kevin explains in this video:
Voice of the customer is the process of listening to customer feedback about their experience using a product or service, including their expectations, preferences, aversions, and overall satisfaction. It typically consists of both qualitative and quantitative data.
Voice of the customer optimization (VOCO) is the involved process of listening to customer feedback, sharing the results within an organization, interpreting feedback for themes, and leveraging it to develop and implement appropriate action plans to facilitate organizational improvement.
Voice of the customer makes you aware of what your customers want and how they feel, while voice of the customer optimization gives your customers what they want and turns them into loyal customers (it's action-oriented).
VOCO + Flywheel
Our friend the flywheel makes an appearance in the discussion about VOCO, since customers are at the heart of the flywheel. In a flywheel model, you restructure your business so that all teams (marketing, sales, and service) can support the attract, engage, and delight stages, applying more force to the flywheel to provide an amazing customer experience.
VOCO Example: Domino's Pizza
Domino's Pizza was discussed at length as a great example of using voice of the customer optimization. Kevin described how in 2009, Domino's stock shares bottomed out when it was voted the worst-tasting pizza in America. A new CEO arrived in 2010 and began to focus on customer experience as the core strategy, starting with a brutally honest ad campaign showcasing the negative feedback with a promise to improve, while empowering all team members to solve customer problems. Nine years later, Domino's overtook Pizza Hut as the number one pizza chain and its stock prices are soaring. VOCO for the win!
Key Points About Voice of the Customer Optimization
It costs businesses 5x-25x more money to acquire a new customer than to keep existing customers happy
Highly engaged customers buy 90% more often and spend 60% more per transaction
Companies who prioritize the customer experience generate 60% higher profits than those that don't
80% of companies think they deliver superior customer service, but only 8% of customer believe they experience superior customer service
43% of customers don't leave feedback because they believe the businesses don't care
Types of Customer Satisfaction Metrics in HubSpot
There are three types of customer satisfaction metrics captured in HubSpot from sourcing feedback with VOCO:
- Net Promoter Score (NPS) which tells how likely you'd refer the business to a friend or colleague
- Customer Effect Score (CES) which tells how easy the business made it for you to achieve your goal
- Customer Satisfaction Score (CSAT) which tells how satisfied you were with the experience
Choosing the best metric depends on your business goals.
People are tired of filling out surveys. You can increase your survey response rates using personalization, simplicity, and preparation (of the customers to receive a survey and understand its use). Kevin explains, below.
How to Get More Responses from Your Customer Feedback Surveys
HubSpot Feedback Framework
Kevin ended his presentation with an in-depth discussion on how to use HubSpot's Feedback Framework to optimize the voice of the customer.
Join us at the upcoming San Diego HubSpot User Groups!
SDHUG's next meetup will be about SEO on June 13th from 8:00am - 10:00am at IQ Smartcenter downtown.
SDCHUG's next meetup will be about video marketing on June 26th from 6:00pm - 7:30pm at The Point on Mission Bay, San Diego.