It is well documented that optimizing customer loyalty has a
direct and positive impact on a company’s financial performance and strategy.
Increasing customer loyalty through improved customer
experiences can be driven by the insight gained from a comprehensive
customer feedback program. As companies have better visibility into the attitudes,
expectations and preferences of their customers, they can cost-effectively
tailor their sales, marketing and services programs to better align solutions
with the business objectives of their customers. Yet many companies continue to
struggle with strategy, namely how to translate customer feedback into
action and improve the bottom line.
Using customer feedback to drive product strategy and
direction and has been incorporating customer feedback mechanisms into its
day-to-day activities over the past decade. The company strategy should be
focused on giving its customers what they are asking for—and on winning their
loyalty in return. Through collaboration with customer care and services teams
across all lines of businesses, an organization can identify customer needs and
uncovers the root causes of customer issues across geographies and industries.
A coordinated set of customer-centric programs are then designed to address
opportunities in a consistent manner throughout the company. This helps to
align business operations and executive priorities with those of our customers.
Closed-Loop Feedback Process
In its simplest form, a closed-loop process helps to collect and respond to customer feedback
across customer segments, which follows three primary steps:
- Gathering, analyzing and reporting customer feedback
- Defining, actioning and communicating critical themes and initiatives
- Tracking, monitoring and trending results to quantify the effects of improvement programs
Listening and responding to customers promotes customer loyalty and
forms the foundation for a solid reference program and retention strategy.
Identifying issues at a macro level facilitates the prioritization of
organization-wide business improvements, resource allocation and the refinement
of strategic action plans to ensure our customers’ success. Similarly, at a
micro level, strategy encourages employees to take immediate action to address
individual customer concerns. Ideally, addressing customer concerns at the time
of feedback ensures these at-risk customers do not defect. This sense of
urgency toward unhappy customers creates a level of trust and transparency,
which sustains customer satisfaction and drives profitability.
Gathering, Analyzing and Reporting Customer Feedback As
Part Of Your Customer Strategy
Customer feedback is collected across a variety of channels with the objective
of providing customers with a voice into how an organization delivers its
products and services:
- Executive sponsorship programs, CIO advisory board and strategy councils
- Customer advisory boards, focus groups, users groups and special interest groups
- Proactive outreach programs and facilitation of feedback from one-to-one engagements
- Customer surveys, social media outlets and other online communities
This multi-channel approach provides customers with multiple
avenues to voice ideas, highlight successes and engage with other customers
sharing common challenges and opportunities.
Tracking, Monitoring and Trending Results
Upon identifying key themes and communicating the response, repeats the
collection of feedback. This recurring process in our strategy allows to verify
the effectiveness of the improvement programs, as well as identify future
opportunities for enhancement, from those customers directly impacted.
Obtaining Insight Through Surveys
To ensure that you captures the right type of feedback from
the right contacts at the right time without over-surveying, a structured
survey program featuring a portfolio of relationship, transactional and
targeted surveys is used:
- Relationship Surveys: Highlights overall customer experience and loyalty drivers across cumulative contact experiences
- Transactional Surveys: Measures service quality of each organizational unit and trigger improvements to enhance operational effectiveness
- Targeted Surveys: Facilitates qualitative research, enable deep-dives and compliment the relationship and transactional surveys
Building Strategic Customer Relationships
As Part of a Holistic Strategy
Understanding customer needs and tailoring programs throughout the customer
lifecycle fosters strategic relationships. Similarly, predicting and preventing
customer attrition by interpreting and acting on the voice of the customer
reduces market share erosion while yielding new opportunities to deepen
existing relationships—and better positions the company for accelerated
growth during improved economic times.
For more details visit us @http://www.urssystems.com
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