Your customers are the best judges of your products and services. They continually assess their experience with your organization in the context of the quality and price of your products or services they use. Furthermore, they compare their experience with your products and services with those of others in the marketplace. The results of these comparisons are buying decisions favoring your products or services, or those of your competitors.

The correlation between customer experience and customer loyalty is well established. For example, a study published by Harvard Business School  estimated that a one-star increase on Yelp leads to a 5-9% increase in revenue. The dependence of consumers on social media before making purchasing decision continues to grow. So, it is safe to assume that the impact of customer satisfaction on your revenues is most likely more than what this study measured several years ago.

A study published by Harvard Business School estimated that a one-star increase on Yelp leads to a 5-9% increase in revenue.

Improve Your Customer’s Experience by listening and acting on your customers’ voice
5-9%
Customers use social media to comment on the products or services they receive. However, it is difficult for organizations to monitor customer feedback on ever expanding social media where aggregation and analysis of the data are difficult. These challenges are further magnified as the size of the organization increases. Moreover, it is very difficult, if not impossible, to take corrective actions in real-time for issues customers point out on social media. The impact of negative comments in a public forum can’t be ignored by any organization.

Many organizations rely on surveys or “mystery shoppers” to capture customers’ viewpoint. Neither of these approaches are effective:

  • Surveys usually end up being very long (sometime up to 60 questions!), and very expensive to conduct and analyze. Furthermore, customers seldom take the time to fill out long surveys, so the responses typically don’t reflect the views of your larger customer base. Even when customers respond because of incentives offered or their strong feelings about the organization’s products or services, they dislike answering many questions that are irrelevant in the context of their experience and the feedback they want to provide to the organization.

  • Mystery shoppers, at best, are proxies for real customers with diverse expectations and sophistication. Because of the costs involved, most mystery shoppers programs are not continuous, but rather “snapshots” at a certain frequency. As such, customers’ experience is not monitored continuously or thoroughly.

Using our solution, your customers can voice their opinion on any touch-point of your organization in less than a minute, without logging in or divulging their personal information.

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https://benchmarkinggroup.org/customer-angle

Our Voice of the Customer (VOC) tools, CustomerAngle™ product suite, enables your organization to receive and act on customers’ feedback in real time. At the same time, you can keep customers in the loop and gain their loyalty and respect. Your customer champion, such as your Chief Customer Officer, along with your management team can bring complete transparency and accountability to customer experience within your organization.