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Feedback is a valuable tool for any business. It can be used to identify customer pain points, reveal areas needing improvement and ultimately make informed decisions.
Properly leveraged, feedback can have a positive impact on your business, your customers and your employees.
The impact of feedback on your business
Listening to your customers allows you to adjust your value proposition according to needs and preferences, securing your reputation in their eyes thus positively impacting your brand image.
Improvements in customer service have a significant impact on loyalty. According to the global management consulting firm Bain & Company, a one-point improvement in customer satisfaction (on a scale of one to five) translates into a 5% increase in implied loyalty.
Feedback requests also have a direct impact on sales. According to an article published by Sterling Bone (associate professor of marketing at Huntsman School of Business) for the journal of marketing research, starting a feedback request by asking for a positive comment increases the likelihood that customers reorder — and increase their average basket!
“Specifically, starting a survey with an open-ended positive solicitation resulted in a 32.88% increase in customer spending relative to a survey with no open-ended positive solicitation.”
The impact of feedback on your customers?
Engaging customers positively improves their perception of the company and results in an offering that is closer to their expectations. This is based on the company’s ability to capture and leverage customer feedback effectively.
In fact, a Harvard Business Review study of more than 2,000 customers of a major U.S. financial services company showed that customers who were asked for feedback “were more than three times as likely to have opened new accounts, half as likely to have defected and were more profitable than customers who were not asked.
The impact of feedback on your employees?
Collecting feedback is not an end in itself, it is about converting it into practical prescriptions for customer-facing employees.
One of the most important ways to motivate employees is to let them know that they are having a real impact. Sharing the positive feedback they receive from customers will help empower your employees and open them up to customer-centric change for the better.
Blue Ocean Strategy, a best-selling book in the field of business strategy, emphasizes the importance of employees understanding true customer feedback and thus connecting with customers to be an innovative organisation.
Providing feedback to employees must be accompanied by solutions to respond to negative feedback in order to quickly reap the benefits.
Internally, feedback also plays a managerial role in listening to employees in order to bring up unmentioned problems. Turnover is often linked to a lack of dialogue.
Challenges to getting enough customer feedback in your business
Now that we’ve seen how feedback can have a positive impact on your business, customers and employees, let’s look at how to get it. Today, the most common ways to get feedback from customers are satisfaction surveys and reviews. And they are all form-based and text-based.
Traditional satisfaction surveys are too time consuming. They are generally boring and lack humain touch. This results in very low response rates and therefore a large part of the customers for whom the brand has no idea of their perception of its products and services. For example, the average response rate for email surveys is less than 10%.
Another consequence of these obstacles is that the results are too extreme. 65% of the feedbacks are rated 1 or 5 (on a scale of one to five), giving in most cases a biased view of customer satisfaction. Many of our clients tell us that their satisfaction scores on traditional surveys are low while their customers tell them the opposite in face-to-face interactions.
Voice feedback can solve this problem!
What if we simply changed the way we get customer feedback from text to voice?
With AlloReview, we create a whole new feedback experience. Yes, it’s about building a whole new experience around feedback that guarantees the customer is being listened to and the brand is delivering a high-quality service.
With our first product, giving feedback has never been easier. We only have to click on a microphone and talk directly to the brand. It only takes a few seconds. It is simple, fun and interactive and above all it works. We get 4 times more feedback, 5 times longer than textual verbatim and we help our customers retain 3 times more consumers by contacting them right after the experience.
This is made possible by proprietary, state-of-the-art AI technology that processes the voice of the customer in real time and helps companies take action to engage them.
Companies react to feedback just seconds after the experience. They call customers back directly from their dashboard, keep them coming back and build loyalty more easily.