Why capture customer feedback real time?
Technological advances have made it very easy for customers to share their opinions instantly in social circles and broader audiences. Instead of contacting the company directly using traditional channels for resolution, most customers now prefer to share, tweet, retweet or dislike their dissatisfaction in the social media. A recent survey conducted by Dimensional Research, states that 86% of respondents who recalled reading online reviews said that negative reviews negatively influenced their buying decisions. Customers are increasingly becoming more demanding and less patient. The sooner companies address the negative experiences of their customers, the better it is before they are shared with the rest of the world! Capturing customer feedback in real time while the customer is still in interaction (in-store shopping, online browsing, in-app, etc.) has become a core capability in managing customer experiences.
How to address customer feedback in a continuous improvement loop?
Thousands of interactions occur between customers and companies every day. Each interaction has the potential to create a bad experience. But which of these interactions carry the most significant risks? How do we measure and manage thousands of interactions each day continuously and systematically?
Continuous improvement loop is a proven approach in managing customer experiences. Through this loop, brands can capture interaction based customer feedback and generate actionable insights. Enterprise Feedback Management (EFM) systems automate the flow in continuous improvement loops and make it easy for companies to manage.
During or shortly after an interaction between a customer and the brand, EFM systems triggers an interaction-based survey to the customer. By doing so, the system enables T-NPS (transactional net promoter score) in real time using the right channel (SMS, email, web, mobile app, CATI, social media, etc.). Through captured feedback, brands can generate insight and report customer experience performances in automated and role-based dashboards. When customers give low scores, alarms are triggered, and tasks are assigned to the relevant parties in the organization for improvement action to close the loop. This loop runs automatically 7/24 and 365 days!
Increased customer satisfaction and x-sell and up-sell. Reduced customer complaints and churn. Streamlined and more efficient operations. Above are only a few of the benefits of running a continuous improvement loop. Here are some concrete examples of benefits reported across different industries:
- 27% increase in premium payments from promoter customers at an insurance company
- 5% decrease in customer churn at a telecom operator
- 10% increase in net promoter score at a retail company
- 23% increase in customer satisfaction score in a financial services company
With increasing competition across industries, it is more important to understand what customers are thinking about the products and/or services provided by companies.
Voice of Customer program enables companies to systematically capture, track, and analyze customer feedback and act based on the collected insights.
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