Thursday, August 12, 2010

Do you know what they are thinking?

Ensuring that you measure your customers expectations of your business as well as acting to meet and exceed those expectations is a key step in ensuring that you are running a successful and profitable business.  Gaining valuable insightful customer feedback is key to ensuring that your business continues to address consumers' needs.

Current data shows that over 80% of businesses currently make this effort, however that same research shows that the quality of these surveys and the data gathered from them was poor, with a significant percentage of people surveyed admitting that they had never undertaken the exercise at all!

However on the positive side, some companies that utilized automated technologies to assist them in their surveying had shown a significant increase in Customer Satisfaction and Revenue and a decrease in overall customer churn.  By utilizing these sorts of tools and conducting a thorough analysis of the results provided, companies have been able to utilize the 80/20 methodology to assist them in targeting the pressure points that are most painful to their customers and removing them!

The key point to take from this is that the best person to determine what is and isn't working with your company is your customer and the only way that they will tell you what's wrong is if you ask them!
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