Customer feedback: Mind if I ask you a few questions?
Never before has the voice of the customer been so loud. And never before have companies been so keen to not only pay close attention to the wants, likes, experiences, preferences, opinions, suggestions and complaints of customers, but to carefully analyse and act upon the information in a systematic fashion.
In June, Aberdeen published a benchmark report on customer feedback management that examined the use, the experiences and the intentions of more than 300 diverse enterprises. The goal was to create a road map for companies that aim to collect, integrate, analyse and act upon customer feedback across multiple touch points through Best-in-Class use of related solutions and capabilities.
The report reveals large performance disparities between Best-in-Class organisations and Industry Average and Laggard companies. Best-in-Class organisations are more than eight times more likely than Laggards to increase customer satisfaction, for example, and more than 26 times more likely to increase customer retention. This finding speaks to the value of customer feedback management in terms of maintaining and enhancing the value of a company's relationships with existing customers. Best-in-Class organisations are also more than 19 times more likely than Laggards to increase customer-focused innovation, which speaks to the value of customer feedback management as an engine for new product development and continuous business growth.
