Hyosung Chairman Cho Hyun-joon stresses VOC, VOCC, and VOCO
Listening to the voice of customer (VOC) is one of the most important strategies for businesses today. Many leaders stress the significance of paying full attention to the VOC.
For example, Hyosung Chairman Cho Hyun-joon recently said that the conglomerate should put the VOC on the front burner in time with the Intertextile Shanghai 2019 in China.
“For technology development and innovation, Hyosung should start by listening to the VOC across the world. By recognizing customers’ needs in a precise and prompt way, we will strengthen our footing as the world’s top player,” he said.
In his New Year’s address this January, he also noted, “The answer lies in customers. The VOC is the starting point for every thing.”
Most CEOs would stop there, but Chairman Cho goes one step further.
The 51-year-old, who studied at Yale University and Keio University, emphasizes two more approaches – the voice of customer’s customer (VOCC) and the voice of competitors (VOCO).
Under the stewardship of Chairman Cho, the Seoul-based group decided earlier this year to introduce the three strategies into its management in a full-fledged manner.
Dubbing it the “C-Cube Project, Hyosung teamed up with A.T. Kearney this May to set up the digital VOC platform and operating system. The group strives to wrap up the project early next year for the group-wide application.
Under the bold project, Hyosung has established a digital VOC platform in four performance units so that they can check market information and customer complaints in a real-time basis.
In addition, Hyosung came up with a variety of measures to better listen to the VOCC and the VOCO.
All the steps attract attention because Hyosung is a B2B company, which typically cares less about the VOC.
Hyosung operates in such fields as chemicals, machinery, IT, trade, and construction.
A.T. Kearney itself expresses great interest in the unprecedented project as its CEO Cho Seung-yong points out.
“This is the first case in the industry that a B2B company like Hyosung reflects customer insights into the overall management for innovation using a digital VOC platform,” he said.
“I firmly believe that the customer-centered management philosophy of Chairman Cho, who aims to satisfy end users beyond the company’s customers, will lead to profit generation and enhanced competitiveness.”