Take a look at these interesting survey results about the connection between customer feedback/dialogue and how it powers better decision making. (The study was conducted by from Aberdeen Group and Empathica Partners.)
As a reader of this blog, you know I’m an advocate of a two-way dialogue between a business and their customers, and how that dialogue and responsiveness can grow retention.
I appreciated how this study underscores the connection between companies that offer top-notch service and customer retention (and growing customer value). I find this same connection in many companies myself.
Here are a few topline notes of interest:
“Based on the analysis of 150 enterprises, the findings indicate that Best-in-Class companies for customer feedback are 18 times more likely to increase customer satisfaction, and 44.5 times more likely to increase customer retention.
Best-in-Class organizations reaped 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. As such, these Best-in-Class companies are 18 times more likely to increase customer satisfaction, and 44.5 times more likely to increase customer retention.”