New findings from a YouGov survey commissioned by enterprise-level listening solutions firm HundredX reveal that over nine in ten (94 percent) business executives agree that listening to customer feedback is increasingly critical to the bottom line. Yet despite 89 percent of business execs believing instant customer feedback is critical, not all companies (just 73%) leverage real-time customer feedback tools to drive business strategies, retention and content.
As businesses seek new ways to attract and retain both customers and employees, fast feedback is increasingly critical in an economy driven by outcomes. In fact, almost nine in ten (88 percent) execs surveyed believed retaining existing customers is more cost-effective than acquiring new customers. Missing the mark on customer experience can be costly—in the United States alone, poor customer service experiences cost businesses $41 billion annually, according to NewVoiceMedia.
Fast Feedback is Key to Achieving Business Outcomes That Grow Business and Attract and Retain Talent:
- Nearly nine in ten (89%) business executives believe companies need to increasingly focus on customer outcomes (e.g., retention, satisfaction, etc.) rather than outputs (e.g., products, services, etc.).
- Almost all (99%) report that recognizing employee contributions helps companies retain good employees.
- Nearly all (97%) report that customer satisfaction increasingly drives business performance.
- The overwhelming majority (98%) believe that employees are a company’s most valuable asset.
- Most (94%) believe that customer feedback can help companies retain good employees.
“These results underscore that customer and employee retention is top-of-mind for business executives,” said Rob Pace, CEO and founder of HundredX, in a news release. “Innovative business leaders increasingly recognize that listening and focusing on outcomes drives retention, smarter diagnostics and great content.”
“Fast feedback through the HundredX platform has provided our team with valuable insights to retain customers, recognize great employees and tweak our business model based on the wisdom of the crowd,” said Dan Shea, partner at Paradigm Investments, a large owner of restaurants nationally, in the release.
An online omnibus survey was fielded between July 12, 2016 and July 14, 2016 to better understand U.S. Business Executives’ perceptions of customer feedback. The survey was conducted online using the online omnibus field services of YouGov among a sample of 503 U.S. Business Executives (C-level, chairman, head of a division, etc.) from companies with a mix of industries, services, locations and representative by size of workforce. The margin of error is 4.37%. This means that if we were to replicate the study, we would expect to get the same results (within 4.37 percentage points) 95 times out of 100.
Source: HundredX; edited by Richard Carufel