The ROI on Customer Feedback: Why It Pays to Listen to the Voice of the Customer

May 07, 2009 in Sales & Marketing

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Best-in-Class are more than 7x more likely than Laggards to improve customer advocacy.
2.6x more Best-in-Class companies enjoy above-average performance in their ability to rate individual employee performance based on customer satisfaction.
Best-in-Class are 2.3x more likely to have improved their year-over-year performance in new product / service innovation with the deployment of a customer feedback solution.

Given the realities of a global economic recession that has thrust companies into a vortex of plunging consumer demand, the rise of consumer control fueled by the ever-growing popularity of social media, and the decline of brand loyalty owing to a competitive marketplace awash with consumer choices, companies are under more pressure than ever to improve customer satisfaction and retention. At least part of the solution lies in the power of capturing, integrating, enhancing, analyzing and acting upon customer feedback.