Ubong Nkanta, our Customer Experience maestro recently spoke at the CX West Africa Summit 2019 on “Customer Feedback as a CEM Strategy for Business Growth”. You can get a copy of the presentation here. PDF
All our customers depend on us to not only be responsive but to very adaptable to accommodate their access to healthcare needs. It would be impossible to do that without an institutionalized way to collect this feedback, analyse it and act on it. We’re an excellent case study. Ubong’s presentation highlighted that feedback enables a business to:
- Improve service delivery and define USP of products
- Measure customer satisfaction: A ‘totally satisfied’ customer contributes 14x revenue as a ‘somewhat dissatisfied’ customer
- Demonstrate the business’ value of the customer – “for every 1% of shoppers who become repeat customers, a company’s revenue will increase by about 10%.” – Adobe
- Drive Customer Retention – “Increasing customer retention rates by 5% increases profits by 25% to 95%.” – Amy Gallo (HBR).
- Make better business decision as it gives you tangible data that fuels and guides business development.
So as a part of your CX strategy to drive business growth –
- Clearly define your customer journey and measure the activities and outcomes of each touchpoint
- Consistently collect Customer Feedback
- Allow customer feedback to drive your business outcomes
- Shift your CX focus from short-term value to lifetime value, this enables you predict and improve your long-term financial health.
Oh, and always remember: “Feedback is the breakfast of champions.” – Ken Blanchard