How Successful Companies Listen to the Voice of the Customer
Listening to the voice of customers is vital for every organization. Every interaction that the business has with a customer enables a way to build loyalty or lose it. Customers’ voices allow organizations to keep track of the large number of interactions that transpire between customers and their company. This will permit them to learn effective ways of making their customers happy and keep them coming back. Customers who see results using their interactions with businesses will become loyal to the company. This will promote positive experiences that they may share with others through conversations. The faster a reply comes from a company, the more likely that the business will maintain a good relationship featuring its customers.
For example, a company was about to lose a $15 million per year major customer who was not happy with the new product line intended to replace a line that sold $3 million per year through the customer. The sales reps met with the buyer and brought the wants and needs information back to the factory to produce new prototypes. After multiple attempts to get acceptable prototypes made and delivered to the customer, only to have them rejected by the buyer, we invited him and his team to our factory where we met as a single product development team. After several days, we developed a unique line of product that we agreed to manufacture as a proprietary product for this customer. We also made a few minor changes to the original product line and the customer agreed to keep it, in addition to the propriety product, on their showroom floor. After selling both product lines for 6 months, our sales to this customer were tracking $22 million for the year, an increase of approximately 46%.
Question: Is your company missing revenue opportunities not listening the Voice of the Customer?
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