Almost all customer feedback goes to waste
Attendees at the Confirmit Community Conference in London were warned that 95% of customer feedback is going into landfill. Increasing volumes of feedback data from multiple sources means that businesses must distil real value from raw data in order to listen harder and act faster upon what customers have to say.
The message to business leaders is clear; the rise of social, mobile, cloud and big data is shifting the balance of power to the customer. Customers care more about the customer experience than ever before – get it wrong and they will leave forever, get it right and they will be prepared to pay a premium.
Corrine Sandler, CEO, Fresh Intelligence said: "Customer experience is the competitive battleground of today's economy." It’s only the companies that recycle, re-use and re-purpose feedback data, instead of leaving it to stagnate in a silo, that will survive. Intelligence must be gleaned from raw data and then acted upon to improve business processes, enhance customer experience and thereby drive business growth.
Information presented by Gartner1 at the conference showed that Voice of the Customer (VoC) has moved from a departmental, tactical, subsidiary task within single channel silos to a strategic, centralised, holistic, cross-channel discipline.
Henning Hansen, President and CEO of Confirmit, explained: "Over the next few years we need to ensure that feedback is used to support active decision making across the enterprise and not consigned to landfill. It’s good to hear that VoC is now being recognised as a core strategy in the boardroom of successful companies.”
Speakers from Gartner, MARS, Facts International, Fresh Intelligence, Join the Dots, AIG, Scottish Television, GMI-Kantar, 2CV, Towers Watson, Little Big Partnership, BSI, Meaning Limited and PwC debated a multitude of VoC, Market Research and Employee Engagement issues during the two days of the conference.