5 Powerful Benefits of Voice of Customer for B2B Tech & Telecom Leaders

A well thought-out Voice of Customer (VoC) programme can be a game-changer for B2B technology and telecom companies. In today's hypercompetitive landscape, customer experience has become the key battleground. Gartner found that 80% of companies now expect to compete primarily based on customer experience. To stay ahead, you must constantly listen to your customers and act on their feedback, or risk being left behind.

In this article, I'll share the top 5 benefits of implementing a Voice of Customer programme and show you how it can help you drive growth, improve retention, and gain a competitive edge.

Benefit #1: Build Deeper Customer Relationships

One of the most powerful benefits of VoC is its ability to help you forge stronger connections with your customers. By actively seeking out and listening to their feedback, you show that you value their input and care about their success. This is especially crucial in B2B, where you often have multiple stakeholders and decision-makers at each account. Our research shows that gathering input from a range of contacts can boost retention by 18%.

Benefit #2: Identify Growth Opportunities & Increase Revenue

VoC isn't just about warm, fuzzy relationships - it directly impacts your bottom line. We've found that a 10-point increase in Net Promoter Score leads to a 3.2% increase in profits on average. By gathering customer insights, you can:

• Pinpoint at-risk accounts and take action to save them
• Uncover satisfied customers who are prime targets for upselling, cross-selling, and referrals
• Identify common pain points and develop solutions that drive revenue growth

Benefit #3: Optimise Your Products & Services

Do you know what your customers really want and need? Their preferences and expectations may surprise you. VoC provides those critical insights so you can align your offerings with actual customer desires. By continuously gathering feedback, you can:

• Prioritise product features and enhancements that matter most to customers
• Identify and fix service issues before they escalate
• Develop new offerings that address unmet needs and give you a competitive advantage

Benefit #4: Gain Clearer Visibility on Performance Across Departments

Our research shows that 70% of B2B leaders lack clear visibility into how customer experience impacts their bottom line. VoC changes that by quantifying customer sentiment with hard data. You can see exactly how each department's efforts influence the customer experience, from onboarding to customer service to account management. This helps everyone understand their role in driving customer success and allows you to identify areas for improvement.

Benefit #5: Streamline Processes & Boost Efficiency

Studies show that efficiency and convenience are the top things customers value. VoC helps you streamline operations by delivering reliable data, boosting employee experience, and reducing costs in areas like customer acquisition and poorly targeted campaigns. By understanding exactly what customers want and need, you can:

• Eliminate unnecessary touchpoints and streamline the customer journey
• Empower employees with the insights they need to deliver exceptional experiences
• Focus your resources on the activities that drive the most value for customers and your business

Overcoming Resistance to Voice of Customer

Despite the clear benefits, some leaders resist investing in VoC. They may claim there are other priorities, worry it will create extra work, or believe customers don't want to be surveyed. But the ROI of VoC is too powerful to ignore. To overcome resistance:

• Create a sense of urgency by highlighting the pain points VoC solves and the cost of inaction
• Get executives on board early to champion the program
• Emphasise the long-term benefits of reducing workload and driving growth
• Appeal to your team's ambition - a successful VoC program can lead to promotions and career growth

As for concerns about survey fatigue, the real issue is when companies ask for feedback but don't act on it. VoC requires a commitment to putting the customer first. Create an upfront agreement with customers that you will regularly ask for and act on their input. When they see you closing the loop, response rates and retention will increase.

Real-World Success Stories

Many B2B technology and telecom companies have driven significant results by leveraging VoC. For example:

• A global telecom equipment provider uncovered that a complex installation process was hurting customer experience. By gathering detailed feedback and streamlining installations, they boosted satisfaction and increased add-on sales by 15%.
• An enterprise software company found that poor communication from account managers was a top driver of churn. They used VoC insights to overhaul their account management practices, implementing regular check-ins, quarterly business reviews, and executive sponsorship for top accounts. Churn decreased by 25% while upsell revenue grew by 20%.

The key to success with VoC is conducting primary, qualitative research with your ideal customer profiles. Simple NPS surveys aren't enough - you need to have in-depth conversations and observational studies to uncover pain points, goals, and opportunities to wow your customers.

Investing in VoC is one of the most impactful things you can do as a B2B technology or telecom leader. By putting your customers' needs at the heart of everything you do, you'll drive growth, improve retention, and gain a powerful competitive advantage.

I hope this article has been helpful! If you have any questions or would like to discuss how TechGrowth Insights can support your VoC efforts, feel free to reach out. I'm always happy to chat.

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