What is the Voice of the customer (VOC) strategy? List and describe its 4 steps

What will be an ideal response?

Voice of the customer (VOC) is a term usually used to describe the analytic process of capturing a customer's expectations, preferences, and aversions. It essentially is a market research technique that produces a detailed set of customer wants and needs, organized into a hierarchical structure, and then prioritized in terms of relative importance and satisfaction with current alternatives.
• Listen encompasses both the capability to listen to the open Web (forums, blogs, tweets, you name it) and the capability to seamlessly access enterprise information (CRM notes, documents, e-mails, etc.).
• Analyze This is taking all of the unstructured data and making sense of it. Solutions include keyword, statistical, and natural language approaches that will allow you to essentially tag or barcode every word and the relationships among words, making it data that can be accessed, searched, routed, counted, analyzed, charted, reported on, and even reused.
• Relate After finding insights and analyzing unstructured data, here you connect those insights to your "structured" data about your customers, products, parts, locations and so on.
• Act In this step, you act on the new customer insight you've obtained.