Why actioning customer feedback is so important to your business

PRESENTED BY feedback ite * * * * * * * * * * WHY ACTIONING Customer feedback IS SO IMPORTANT TO YOUR BUSINESS Regularly engaging with your customers to better understand what they're looking for and how they think your business could improve, is vitally important to the success of your organization. This can be ... game-changing crucial paramount critical essential #YouGetThePoint Start with your existing customers Your existing customers are one of your most valuable assets. These individuals are highly likely to purchase from you multiple times and boost their spend as time goes on. 60 52% percent SPENT MORE 60% of customers said they were likely to increase their spend as a result of regular customer engagement. 52% of customers who experienced a a positive customer service experience went on to spend more with that company. 60-70% $7 VS 5-20% Statistics show that the probability of selling to an existing customer is 60-70%. The probability of selling to a new prospect is 5-20%. That's how many times more it costs to acquire a new customer than it does to retain an existing customer. 5:31 2:31 **** ..... 5.55 3.88 5 minutes 31 seconds. That's how long return visitors to e-commerce sites spend on-site. First time visitors spend an average of 2.5 minutes. 5.55 vs 3.88. That's the sort of numbers you'll see when measuring the number of pages viewed by return vs new visitors. Positive social feedback = Success The formula for social success is simple when it comes to customer feedback. Basically the less people who have a negative experience with you or your company the better. A positive mention will reach 15 customers. For every mention or review of your business online. A negative mention will reach 24 customers. Today's tech-savvy customers will head straight to social networks and online review sites to share their experiences with you. If the feedback is positive this can be very beneficial. However a negative review can be damaging if not appropriately managed. fO in 8* PO It all comes down to customer service CONSUMERS LOVE TOP-NOTCH CUSTOMER SERVICE Studies have shown that 80% of companies believe they deliver superior customer service, while only 8% of customers agree they actually deliver it. 80% OUCH... With this in mind, 86% of customers will quit doing business with a company because of poor customer service or a lack of attention to their feedback. 86% REMEMBER TO LOVE THY CUSTOMER 79% 79% of those that provided negative feedback had their complaints ignored. 26% 26% of these people chose to immediately post negative commentary on social networks. 51% 51% of people that received a response to their negative feedback had a positive reaction to the brand they were complaining about. 22% of these people chose to post a positive comment 22% on social networks following the company's response. feedbacklite Web-based customer feedback References 1. http://www.forbes.com/sites/patrickhull/2013/12/06/tools-for-entrepreneurs-to-retain-clients/ 2. http://www.inc.com/victor-ho/master-the-art-of-customer-loyalty.html 3. https://blog.kissmetrics.com/8-important-ecommerce-stats/ 4. http://about.americanexpress.com/news/pr/2012/gcsb.aspx 5. http://www.adobe.com/enterprise/pdfs/CDE_CEM_Business_White_Paper_Final.pdf 6. https://blog.kissmetrics.com/great-customer-service-infographic/ 7. https://www.zendesk.com/resources/the-impact-of-customer-service/ infographic produced by www.creativejet.com.au