Reward loyalty, encourage repeat business and protect revenue

Every business leader knows the value of bringing in paying customers to their company. With the country in economic turmoil customers are understandably more cautious about where and when they choose to part with their hard-earned cash. But recent research has revealed that just a 10% increase in customer retention can result in a 30% increase in the value of a company. Similarly on average repeat customers spend 33% more than those who are making a first time purchase. It is for this reason that, now more than ever, it is vital for businesses to understand where they are succeeding and where they need to improve - from their customers’ perspective.

These statistics may not come as a surprise to many in the customer service industry, in fact research shows that customer service levels have actually improved during the recession. But where many companies fall down is by failing to learn from their customer feedback and respond to it in an appropriate way. Having cause for complaint doesn’t necessarily mean that your customer will become a defector, in fact complaints that are handled politely, promptly and efficiently can leave a customer with an incredibly good impression of a company. Equally those customers who leave positive feedback can be engaged with lucrative up sell messages or as promoters - repeat customers are 107% more likely to refer your business on to a friend than a first time purchaser.

The trick is to listen to your customers when they want to be heard, understand what they want you to know and then to react accordingly. Many of our current customers rely on Rant & Rave our award winning customer feedback technology to do just that. Gathering customer thoughts straight after service delivery not only attracts 40% response rates but the information gained is also likely to be 40% more accurate than that gathered at a later date.

Our multi-channel solutions let our clients gather their customers’ thoughts by text, voice, or email before using text analysis to understand the gathered responses in real-time. All results are presented back to decision makers giving them an instant overview of the way their business is being perceived, highlighting strengths, weaknesses, opportunities and threats. Crucially giving business leaders the opportunity to react.

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