he customer feedback loop is the practice of responding to customers meaningfully when they leave feedback. For example, if a customer complains about being overcharged, the company may respond with an apology and issue a refund.
But not all feedback is customer complaints. Customers also leave feedback when they have a particularly memorable experience. Or they may have suggestions for improvements or feature requests.
What many companies don’t realize is that they can turn this feedback into revenue.
Here, we will first discuss why closing the loop is important, then provide three examples of how to grow your business thanks to customer feedback, and finally explain how to implement something like this in real life, using technology!
http://customerthink.com/3-ways-to-close-the-customer-feedback-loop-to-prevent-churn-and-increase-revenue/
A new voice-of-customer management system is not only closing the loop on client experience feedback for international money transfer company, OFX, it’s also actively informing products that build competitive edge.
OFX commercial director, Sarah Bernhardi, told CMO the company previously used a third party to manage its Net Promoter Score (NPS) program, conducting a quarterly pulse check on customers. This meant client feedback was being collected months after interactions, and wasn’t specific enough to take action off the back of.
https://www.cmo.com.au/article/650688/how-real-time-customer-feedback-loop-helping-ofx-find-competitive-edge/
Online negativity has hardened many brands to bad reviews. Serve enough customers, the thinking goes, and some are bound to trash you. But just how much damage can an online rant actually do?
Quite a lot, according to Moz. The marketing firm found that one negative article can lose a company as many as 22 percent of its customers. Just four such articles can drive off 70 percent of potential customers — something any business would struggle to bounce back from.
Why are bad reviews so destructive? Despite the fact that they’re less trustworthy than most consumers think, consumers continue to base their purchase decisions on them. Pew Research Center found that 82 percent of American adults “sometimes” or “always” read online reviews before making new purchases, 65 percent of whom believe they’re generally accurate. Yet a Journal of Consumer Research study found almost no correlation between professional assessments (in this case, Consumer Reports ratings) and online reviews.
https://www.forbes.com/sites/serenitygibbons/2018/09/20/why-businesses-need-to-see-customer-feedback-as-make-or-break/#788975051083/
You might think you put your customers first, but how customer-focused would your clients rate you on a scale of one to 10? And when was the last time you asked?
In a study by Bain & Company, nearly 95 percent of companies surveyed claimed to put customer service at the forefront, while 80 percent maintained they provide a superior level of service. Shockingly, a mere eight percent of those companies’ customers agreed. And, as the old saying goes, the customer is always right. So how can you determine, without a doubt, if the customer experience you provide measures up to your core customers’ expectations?
The answer may seem simple enough: You ask them. But knowing what your customers think about your brand isn’t enough. If you truly want to enhance your customer experience, even if you think it already meets your company’s standards, you need to discover how to use their feedback to make the necessary improvements.
https://www.convinceandconvert.com/online-customer-experience/offline-to-online-customer-feedback-loop/
"I enlisted the women of CS to explain how we’ve set up an effective customer feedback loop here at Roadmunk so that our product team can make the most of user feedback. Here’s a breakdown of our feedback loop at Roadmunk."
https://medium.com/product-to-product/creating-effective-customer-feedback-loops-for-product-teams-63e06416b5b/
Most companies devote a lot of energy to listening to the “voice of the customer,” but few of them are very happy with the outcome of the effort. Managers have experimented with a wide array of techniques, all useful for some purposes—but all with drawbacks. Elaborate satisfaction surveys that involve proprietary research models can be expensive to conduct and slow to yield findings. Once delivered, their findings can be difficult to convert into practical actions. The results also may be imprecise: Our research shows that most customers who end up defecting to another business have declared themselves “satisfied” or “very satisfied” in such surveys not long before jumping ship.
https://hbr.org/2009/12/closing-the-customer-feedback-loop/
Knowing how to gather and use customer feedback is what can eventually turn a small business into a multinational corporation, and there are statistics to prove it. Customer feedback can have the similar impact on the auxiliary services on college campuses as well. As we all know, loyal customers can grow a business much faster than regular sales or marketing can. It is because it’s 5 to 25 times more costly to acquire a new customer than to keep an already-existing one happy. Secondly, the no.1 source of new leads is customer referrals. And lastly, loyal customers purchase 90% more and spend 60% more than new customers.
While these statistics don’t mean that you shouldn’t be trying to get new customers, they do, however, reinforce that keeping your existing customers and students happy makes good business sense. And to do that, you will need to center your entire business strategy on customer feedback.
So, here is the most efficient way to build a long-term strategy around customer feedback.
https://www.touchwork.com/how-to-build-a-long-term-strategy-around-customer-feedback/
Who in your organization receives the results and feedback from your Voice of the Customer program? The C-Suite? Your customer service or customer success team? If your answer isn’t “everyone,” you are shortchanging your Voice of the Customer (VoC) program—and the potential return on investment.
The benefit of a well-executed VoC program is the impact it can have in every corner of your business. Unfortunately, in many cases, the results are kept to a few people or a few teams, and this leaves a lot of opportunity on the table. That’s not to say everyone should get immediate access to everything that comes back as part of the program. Rather, it’s about creating a culture where customer feedback becomes a regular part of the conversation in every department, even the ones you wouldn’t initially expect to find value in the results.
https://www.satrixsolutions.com/blog/how-customer-feedback-should-be-shared/
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