What’s key to business success? Customer satisfaction, say almost all (97 percent) business executives.
This not-so-surprising insight comes from a YouGov survey of 503 business executives, commissioned by HundredX, a technology company that provides enterprise level listening solutions. And an important part of delivering this satisfaction is by collecting customer feedback, the survey concludes.
The Importance of Customer Feedback
The survey reveals the significance of fast feedback to attract and retain not just customers but also high-performing employees.
Nearly 89 percent of business executives believe that receiving instant feedback from customers helps their company quickly capture opportunities and solve problems.
Most (94 percent) believe that customer feedback can help companies retain good employees.
“These results underscore that customer and employee retention is top-of-mind for business executives,” says Rob Pace, CEO and Founder of HundredX. “Innovative business leaders increasingly recognize that listening and focusing on outcomes drives retention, smarter diagnostics and great content.”
Not All Businesses are Using Real-Time Customer Feedback Tools
Despite all their benefits, real-time customer feedback tools are not being adopted at every company.
According to the survey, about 73 percent of companies are leveraging real-time customer feedback tools to drive business strategies, retention and content.
Missing out on these valuable insights could prove costly for businesses. That’s because customers are more demanding today and they have higher expectations.
“Every day, companies solicit feedback from customers, yet only a few translate that feedback into meaning. An even smaller fraction of companies actually take action or close the loop with the customer, to let them know their voice was heard,” Whitney Wood, managing partner of the Phelon Group, a consultancy that focuses on helping companies better relations with customers told Inc.com.
“If you handle it right, the dialog between you and your customers can become the lifeline of your business. To establish and maintain a healthy flow, customer feedback must result in change your customers can see. Change is the most powerful currency to reward vocal and consultative customers.”
Tip for Your Business
Customers want their feedback to be taken seriously. So a good tip is to act according to the feedback you receive and also inform customers about the changes you make based on their input.