Book Image

From Voices to Results - Voice of Customer Questions, Tools and Analysis

By : Robert Coppenhaver
Book Image

From Voices to Results - Voice of Customer Questions, Tools and Analysis

By: Robert Coppenhaver

Overview of this book

Voice of Customer (VoC) is one of the most popular forms of market research that combines both quantitative and qualitative methods. This book is about developing a deeper knowledge of your customers and understanding their articulated and unarticulated needs. Doing so requires engaging with customers in a meaningful and substantive way – something that is becoming more and more important with the rise of the increasingly connected world. This book gives you a framework to understand what products and features your customers need, or will need in the future. It provides the tools to conduct a VoC program and suggests how to take the customer input and turn it into successful products. This book also explains how to position and price your products in the market, and demonstrates ROI to the management team to get your product development funded. By the end of this book, you will have a thorough understanding of the relevant stages of a VoC project. It will show you how to devise an effective plan, direct the project to their objectives, and then how to collect the voice of the customer, with examples and templates for interviewing and surveying them.
Table of Contents (14 chapters)
From Voices to Results – Voice of Customer Questions, Tools, and Analysis
Credits
About the Author
Preface
Epilogue

Growth-share matrix


Many organizations use additional analysis to evaluate their products and portfolios. A popular methodology was developed by the Boston Consulting group in the 1970s, and is also known as the BCG model. This model helps companies analyze their businesses and product lines and ranks their products on the basis of relative market share and growth rates using a 2x2 matrix as shown in the following diagram. The analysis group's products into four different categories (Cash Cows, Dogs, Questions Marks/Problem Children, and Stars) based on these variables:

Figure 3.7: Growth share matrix

Cash Cows are where a company has a high market share in a low or slow growing industry. These products typically are in a mature market and require little investment, resulting in cash generation well in excess of the amount of investment required to maintain the products. The term is derived from the concept of "milking" these products as they require little investment and yield good returns...