Today, one poor customer service experience can trigger a customer to switch to your competition. According to a Forrester report, customers are increasingly driving up revenue risk, as they don’t mind doing business with competitors if their expectations are not met. The report also estimates that firms will experience a 25-50% increase in revenue risk due to bad customer experiences, so efforts to retain customers must be given the utmost importance.
https://www.forbes.com/sites/forbestechcouncil/2018/06/26/it-is-time-to-reinvent-your-customer-retention-strategy/#2a83db80152a/
Cynical consumers often seem to perceive travel insurers as cumbersome entities that are slow to handle claims, difficult to communicate with and reluctant to settle. A common complaint is that exclusions are often buried in small print or couched in language that is hard for the customer to understand. For insurers, finding ways to meet customer expectations – and ensuring that those expectations are realistic – has become a key issue. Digital technology enables consumers to shop around for their policies, meaning that companies that fail to meet their demands will lose out. Digital technology in the insurtech age is an ever more useful tool, offering swift online handling of claims and settlements and, for insurers who embrace it, a closer and mutually beneficial means of communicating with their insureds. “Over the last few years, there have been some incredible initiatives among travel insurers and their supporting third-party administrators to improve the customer experience and embrace the growth of app, mobile, and online journeys in the education, sales and servicing of policyholders and claimants alike,” said Carl Carter, Managing Director of Voyager Insurance.
https://www.itij.com/feature/meeting-customer-expectations/
Customers love being listened to and would travel many miles to find a listening partner. If you want to attract customers, always listen to them. Listen, resolve customer complaints amicably, and keep promises. Always solicit customer feedback on products and services and strive to improve your offerings. Work to exceed customers’ expectations.
https://businesscomputingworld.co.uk/t/seo-101-8-things-that-you-should-remember-to-attract-clients/535/
Today’s consumer has incredibly high expectations of the brands they spend their time and money with. Consumers realize they are not beholden to brands as options arise across the ever-expanding market of goods and services, and brands have begun listening to customers to help drive their product roadmaps, and ultimately, to drive success through loyalty. Going one step further, customers no longer only compare brands to their direct competitors; they compare their experiences to the best customer experience they’ve ever received, which sets the bar even higher.
But even though today’s brands are wising up to the importance of listening, a gap still exists between customer feedback and how brands act on it. According to a new report from Gladly, 92% of customers say they would stop purchasing from a company after three or fewer poor customer service experiences, and 26% of those would stop after just one bad experience. Listening to and acting on feedback shows respect, and quite frankly, today’s consumers don’t have the time or patience to deal with brands who don’t respect them.
https://www.business2community.com/customer-experience/turn-your-digital-experiences-into-customer-feedback-opportunities-02139137/
In an age where there is abundance of data, brands need to apply different approaches to customer feedback analysis in order to understand the next steps necessary to foster their growth.
There are a variety of metrics that can be evaluated from customer feedback such as brand reputation, product perception and customer satisfaction. Each metric can help brands understand how to meet customer expectations by making the right improvements to their product and learn crucial insights that can increase their market shares.
https://www.wonderflow.co/blog/types-of-customer-feedback-analysis/
We hear companies throwing around common phrases like, ‘Customer centricity is at the heart of our organisation’ and ‘We’re very much in tune with the needs of our customers’. Not surprisingly, seeing as how according to a study carried out by Bain and company, 80% of organisations they surveyed believed that they were providing a superior customer experience to their customers. Meanwhile, just 8% of their customers shared this opinion. Only eight percent! This is a huge disconnect and gap in perception, one that is commonly referred to as the customer experience gap.
https://mopinion.com/what-is-the-customer-experience-gap/
50% of the customers say that they switch to a different brand if their needs aren’t met.
On the contrary, customers wouldn’t change their mobile network operator over a single incident of bad connectivity issue. Similarly, even when a customer has to struggle for months to get a wrongly debited payment from their account, they are less likely to stop doing business with that bank.
While increased expectations have led customers to frequently switch brands, there are certain industries like real estate, banking, and telecom where customers stay loyal by default. Why?
https://www.business2community.com/brandviews/freshdesk/whats-stopping-your-customers-from-switching-brands-loyalty-or-lack-of-choice-02175209/
Customer trust is not only vital in an environment where customer expectations are increasing daily and competition is fierce, it is a brand differentiator that could make or break a business. You only have to look at the recent scandals around Facebook or the Australian Banks to see this happening.
Brand trust as an ‘insurance policy’ against future issues is not a new concept. Most organisations know trust bestowed by the consumer can not only make or break a business, it can also ensure you survive a problem in the future. But few achieve brand trust adequately, preferring to pay lip service rather than delve into what it really means: Authentically caring about customers and their needs.
https://www.cmo.com.au/article/642102/why-customer-trust-more-vital-brand-survival-than-it-ever-been/
Get over using paper to collect your customers feedback , in this digital world why do you want to be left behind? Use mobile phones for taking customer feedback .There are numerous reasons why you should have already done this already, here are some of them:
https://medium.com/@7aarushibhatia7/why-taking-customer-feedback-on-mobile-phones-is-the-best-thing-ever-4150f010619a/
