Consumer Insights on Consumer Insights

The following is a summary of a white paper entitled “The Role of Feedback in Brand Loyalty” by Vovici. While not everyone can afford customer survey and feedback software, the fundamentals expressed in the white paper are relevant to any organization.

Former Forrester Analyst Bruce Temkin defines voice of the customer as “a systematic approach for incorporating the needs of the customers into the design of the customer experience.”

The downturn in the economy has resulted in an increase in measuring the customer experience.

There is a growing body of evidence that there is a strong relationship between customer loyalty and the bottom line. A single bad customer experience can cost you an important relationship for life — and many more opportunities based on how many friends that customer tells of their bad experience.

According to current research on customer loyalty, nearly 60% of companies believe they offer a superior customer experience. However, only eight percent of customers agree.

To measurably improve customer experience and build deep, lasting loyalty you need to create an intelligent, ongoing dialogue with customers.

A formal voice of the customer program will help you:
– Improve satisfaction and brand loyalty.
– Keep a pulse on customer sentiment.
– Unlock customer perceptions.
– Engage customer in an ongoing dialogue that will lead to more engaged and loyal customers.

It’s also important to survey your customers. The benefits of conducting a customer survey and responding to feedback are:
– Increased customer retention.
– Performance feedback on products and services.
– Innovative ideas from customers.

How can creating a dialogue with your customers, and surveying them, improve your business?

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About Insights From Analytics

Integrated marketing professional who generates insights from analytics to increase revenue. Daily blog now resides at www.insightsfromanalytics.com/blog.
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