Empathica, a provider of customer experience management programs recently announced the findings of a new customer-experience report it co-sponsored with Aberdeen Group.
Based on the analysis of 150 enterprises, the findings indicate companies for customer feedback are 18 times more likely to increase customer satisfaction, and 44.5 times more likely to increase customer retention.
"The ROI on Customer Feedback: Why it Pays to Listen to the Voice of the Customer," categorized organizations based on their use of customer feedback in relation to four main performance criteria: customer problem resolution, customer satisfaction, customer retention and customer advocacy.
Companies were then divided into "Best-in-Class," "Industry Average" and "Laggard" categories based on the analysis. Best-in-Class organizations were found to be reaping benefits from customer feedback management programs. The leading companies were more than twice as likely as their counterparts to have an established process that tracks customer feedback across all departments and channels.
Many companies named Best-in-Class had already implemented the following:
•Defined performance metrics for measuring customer survey effectiveness.
•Proactively informed customers of changes made as a result of customer feedback.
•Hired resources that have customer feedback as part of their job description.
•Analyzed and segmented customer feedback data to create actionable insights.
•Defined best practices for utilizing and deriving actionable insights from customer feedback.
•Tied customer feedback to customer-focused innovation.