The ROI of Customer Feedback

Why it pays to listen to the Voice of the Customer

 

Given the realities of a global economic recession that has thrust companies into a vortex of plunging consumer demand, the rise of consumer control fueled by the ever-growing popularity of social media, and the decline of brand loyalty owing to a competitive marketplace awash with consumer choices, companies are under more pressure than ever to improve customer satisfaction and retention. At least part of the solution lies in the power of capturing, integrating, enhancing, analyzing and acting upon customer feedback. This is evidenced by a plethora of success stories that show a strong correlation between an increased focus on customer feedback as a strategic imperative and positive business outcomes. Aberdeen research findings further speak to the year-over-year improvements across several key performance indicators that companies have realized as a result of putting the right technologies, organizational resources, business processes, and performance metrics in place to achieve success with respect to their customer feedback initiatives.

 

Five Compelling Facts from the Research, Providing Actionable Benefits for Readers:

• Best-in-Class companies are more than 7 times more likely than Laggards to improve customer advocacy.
• More than twice as many Best-in-Class companies as Laggards currently have a process in place for tracking customer feedback across all departments and channels.
• Best-in-Class companies are twice as likely as Laggards to proactively inform customers of how their complaints and suggestions have been or will be acted upon.

 

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