Listening to the “voice of the customer” has been the hallmark of successful retailers, restaurants, and service businesses for years. Technology has greatly increased our ability to capture and analyze customer data. With the explosive growth of Facebook, Twitter, and other networks, social media are becoming the loudest, clearest, most current voice of the customer yet!
The challenge today is finding the “signal” in the data so that we can reduce the voice of the customer to actions such as real estate planning, site selection, marketing campaigns, and assortment planning. With data warehouses full of customer transactions, household files with demographics, and feeds from social media, it’s harder to understand what the customer is saying than to guess the Dow Jones average by walking onto the trading floor of the New York Stock exchange! Continue reading