Five sure-fire ways to increase the ROI of your customer feedback program

Posted by (Blog Author)
16th Apr 2014, 7:02am
KarenPlatt

Let's face it: market research can be expensive. You know it's essential to improve your organisation's customer experience, but how do you ensure you get value from the outlay?

 

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Our earlier blog post explained how to set up an effective customer feedback program, but here are five more ways to optimise your program and boost its return on investment (ROI).

 

  1. Improve the accuracy of your customer data. Customers relocate or change jobs - it's inevitable. But you can minimise incorrect contact details by developing an internal feedback loop from market researchers to the sales team or whoever is responsible for keeping customer data up to date. The process should also ensure exclusions, such as customers on the Do Not Call register, are not contacted. Get this process right and you'll save a lot of valuable market research time.
  2. Measure participation. Participation rates differ among customer segments, so you need to ensure your program is well balanced and reflects the experiences of all customers. That means measuring participation at a segment and regional level, as well as the overall rate. Then you can adjust your recruitment of participants accordingly.
  3. Ask questions that deliver business outcomes. A good survey or questionnaire is designed to deliver business outcomes as well as allowing you to compare metrics. For example, a question that asks "How do you rate your level of satisfaction out of 10" is useful but a more specific question might provide more valuable insights, such as: "What would improve the relationship in the future?"
  4. Improve feedback accuracy. You need to ensure your program is rigorous enough to prevent influences that may skew the data, such as internal stakeholders who may play the system. This means ensuring team leaders take ownership of data accuracy, and also that the program has tight exclusion regulations.
  5. Close the feedback loop with customers. By far the best way to improve participation rates over time is ensure customers get immediate action after taking part in the program - a simple 'thank you' note if the feedback is positive or a more meaningful response if it's not so good. In the latter case, the response should reflect the seriousness of the problem and your relationship with the customer, and ensure a speedy resolution.

 

For more details, see the second paper in our customer experience (CX) series, Listen, Act, Learn: How to optimise your customer feedback programs.

 

By Karen Platt, Director of Customer Experience at Optus Business. More from Karen on Twitter: @platt_karen

 

All views expressed are the author's own.

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