Given the current economic climate, you might expect companies to be trimming their spending in non-operational areas. The opposite is actually true for many “best in class” companies when it comes to customer feedback spending.
Companies that are poised to thrive during this economic recession view customer feedback as an investment in the long-term health of their organizations. According to the Aberdeen Group’s Q1 2009 study, “The ROI on Customer Feedback“, the majority of best in class companies are not cutting their customer feedback spending, and many are actually increasing it. Further, best in class companies are 18 times more likely to increase customer satisfaction and 44 times more likely to increase customer retention compared to laggard companies in their respective industries.
Customer feedback drives customer satisfaction and, ultimately, customer retention. Gathering customer feedback consistently, using that feedback to drive business decisions, and communicating your action plans loudly to your customers are critical to improving the customer experience and driving repeat business.
Learn more about Checkbox’s solution to gathering customer feedback here.