Many companies run their market research and Voice of the Customer (VOC) programs separately, missing out on the significant growth opportunities that come from unifying these insights.
Market Research and Voice of the Customer serve different purposes:
Market Research: Typically owned by the marketing team, this involves qualitative analysis or interviews to uncover unmet market demand. These insights inform the overall business growth strategy, identifying new opportunities for market expansion or diversification.
Voice of the Customer: Managed by the customer success team, this involves analysing customer support data and conducting surveys to understand customer sentiment and unmet needs. These findings feed into product development and customer experience programs.
Despite their different purposes, methodologies, and outcomes, both programs revolve around understanding the customer.
The competency for sharing customer insights often already exists within a business. For example, marketing teams frequently share online brand sentiment analysis with customer success teams. However, the collaboration often stops there, missing the opportunity to unify primary market research with VOC findings.
To truly understand your customers, you need the widest view possible. While testing hypotheses on new market segments, you might overlook insights from existing customers who fit those segments. Integrating VOC with other customer insights can provide a comprehensive understanding, leading to more effective strategies and improvements:
Better Understanding of Real Market Demand: Serve the market more accurately.
Better Customer Segmentation: Identify and target segments more precisely.
Better Context of Customer Pain Points: Address issues more effectively.
Improved Positioning: Attract more ideal customers and increase win rates.
If you see an opportunity to become more holistic in how you collect, combine, and share market and customer insights, contact Journey Mapper, the customer experts, for a free consultation. We help companies transform their approach to customer insights and drive new growth.