How to Encourage Customer Champions

HOW TO ENCOURAGE CUSTOMER CHAMPIONS Businesses need to unlock and encourage their secret weapon - the brand champion. Verint Systems commissioned a survey of over 1,000 consumers in GB. Here, we look at what the data uncovered. TYPES OF CONSUMERS IN 2014* BRAND CHAMPIONS CHURNERS SILENT LIKERS FENCE SITTERS 13% 24% 30% 16% HOW CUSTOMERS ACT AND RESPOND TO MATTERS Money-making behaviour: Rewarding to reap the benefits 28% 20% 17% 14% 22% Told friends and family about rewards Spent more with the service provider Became more responsive Recommended the service provider to others But. 22% felt they the service cffers promotions / never received benefits rewards or The value of complaints: Getting your customers to speak out!** 52% 42% of consumers have never complained are unhappy, but rarely complain (yearly or every few years) 35% 28% 23% are happy, but still complain feel that feedback is not worth giving don't feel valued by service providers Which sectors do customers complain about several times a year? 10% 10% 7% Home Telephone Home Broadband Utilities 6% 5% 3% 3% Mobile Bank Credit card provider Insurance Provider WHERE DOES CUSTOMER LOYALTY LIE? Customers for 3 years and more: |(O) II Credit Card Home Home Broadband Bank Mobile Utilities Insurance Telephone Provider 76% 60% 59% 56% 54% 46% 27% Breakdown of those that have switched for cheaper services - profiling The Churner 24% 18% 13% Insurance Provider Utilities Home Telephone 10% 9% 8% 4% Mobile Credit Card Home Broadband Bank II HOW TO BE THE BRAND CHAMPION IMPACT OF PROVIDING BETTER SERVICE AND REWARDS Engage and don't be afraid to complain Analyse and listen to feedback Write reviews - good and bad Gain a better understanding of your customers Share your experiences with others Reward and inform your loyal customers Recommend services Boost retention / reduce churn Be a loyal customer Increase revenue and achieve company growth WHAT'S THE SOLUTION? Reward and reap the benefits, "surprise and delight your customers Retention needs as much focus as acquisition when it comes to your customer base Listen to the voice of your customer as often as you can - and then act on what they say VERINT "Remaining respondents made up a general 'other' category. The research was conducted on iomnibus, Ipsos MORI's anline panel omnibus, in two waves. In wave 1, a nationally representative sample of 1,000 British adults aged 16-75 was interviewed over 3rd-5th September in wave 2, a nationally representative sample of 1.002 British adults aged 16-75 was interviewed over 26-28th November 2013 Questions focusing on the industries specified below received c.500 responses per wave (ie c1. 000 in total). Questions without industry focus received 1,000 responses in the first wave only. The survey data has been weighted by age, gender and region to ensure it represents a national mix of respondents. In other countries, in wave 1, 1,000 US adults aged 18-75 were interviewed 17-20th September 2013; 1,004 German adults aged 16-70, 1,005 Polish adults aged 16-60 and 1,002 Russian adults aged 16-60 were interviewed 20-23th September 2013 In wave 2. 1,000 German adults, 1,001 Polish adults, 1.000 Russian adults and 1.000 US adults were conducted 26-28th November 2013, In each case nationally representative samples were o focusing on the industries specified below received e 500 responses per wave (ie. ct, 000 in total). Questions without industry focus received 1,000 responses drawn. As for Great Britain, questions in the first wave only. The survey data has been weighted by age, gender and region to ensure it represents a national mix of respondents The research explores attitudes towards services provided by organisations in nine sectors (mobile phone, home telephone/landline, home broadband. banks credit card providers insurance, high street retailers supermarkets and utilities) "Additional analysis and segmentation of the research was carried out by Brands2Life to formulate the consumer groups and correlations during December 2013 Unaumerized use. dupication, or modfication of this document in whale or in part without the witten consent of Verint Systems inc. is strictiy protisited By providing this document, Vernt Systems inc not making any representations egarding he cortectness or completeness of its contents and reserves the nght to alter this document at any time wmout notice Features lsted in mia document are subject to change Piease contact Verint tor cument product features and specitications Al marks reterenced herein with the or TM symbor are egistered trademarks or trademarks of Verint Systems inc or its subsidanes Al rights reserved. All other marks are trademarts of their respective owners O 2014 Verint Systems inc AN Rights Reserved Woridwide •·> ...> Cн