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.