Why should today’s businesses drive action from their customer insight?
In a World economy where costs are under constant scrutiny and profit margins are becoming slimmer, listening to customers and encouraging feedback is an important part of business today. A large percentage of businesses are now engaging with their customers to get feedback, however this is often where the process ends. Many businesses go through the process of gathering customer feedback only to leave the data sitting in silos unused.
Research has shown:
“A 2% increase in customer retention has the same effect on profits as cutting costs by 10%”
If Customer insight is to be used effectively, it should lead to actions from the business. Businesses should be taking on board the points made by customers and implementing actions to improve their business processes, whist letting their customers know that their feedback has made a difference.