Fact – happy customers tend to spend more and return more often. Additionally, being true to the brand promise given to customers is critical – 42% of customers say they will buy less, or stop buying from a brand, if the experience is worse than promised.” (Source: Helen Wilson, Ipsos, at ICXA).
This is why businesses in retail, services, or healthcare seek to increase their understanding of their customer satisfaction. However, most often they conduct surveys a couple of times a year or send out questionnaires sometime after the interaction, when the customer’s memory of the experience is long forgotten.
These massive surveys tend to fall behind expectations for several reasons, but namely because they fail to catch the in-the-moment feedback. According to the February 2021 McKinsey report, “Prediction: The future of CX”, only 7% of customer voice is shared with CX leaders. Additionally, only 13% of CX leaders are confident that their organization can act on CX issues in near real time.
We at HappyOrNot take a different approach.
Rather than build massive surveys conducted at a selected time, we enable real-time feedback where people shop and visit, and across all touch points of their journey with your business.
Why does the ability to act quickly make a difference?
Low response rates and the lack of real-time feedback are some of the key problems with periodic surveys. Instead, the easy-to-use, engaging way to give in-moment feedback in just seconds with the 4 HappyOrNot Smileys can provide feedback rates of up to 50%.
And it doesn’tt stop at response rates or timing. When collecting customer feedback, one of the obvious goals is to figure out the pain points that cause your customers the most dissatisfaction and are likely to cause most harm to the business so that preventive actions can be immediately taken. In an article “The Value of Customer Experience, Quantified”, HBR writes: “Systematically solving the source of dissatisfaction, you don’t just make your customers more likely to return — you reduce the amount they cost you to serve.”
What do you think about the importance of CX?
How can your business efficiently analyze customer feedback results to find the root cause of issues and improve predictability?
Set up a CX crystal ball for 2022
Our latest innovation, Foresights, provides customers a preview of what to expect. Based on accumulated data of past best and worst performing sites, weekdays, and times, and reasons behind that performance (pain points and highlights), the system will automatically give you a prediction of what to expect next. This prediction can then be shared with all relevant employees. This helps our customers to better forecast their performance through CX insights and take proactive measures to focus on areas that will bring quick value.
The benefit of being able to take fast action to improve the customer experience is clear when considering, for example, the impact of ratings shared online. Today, people are quick to share their service experience – whether good or bad, but most often bad – in social sites. Upgrading from a 3-star rating to a 4-star rating or similar could increase your revenue by 5-9%.
As the Foresight engine works automatically behind the scenes, it has no impact on the end user experience. Our customers’ customers still enjoy the cleverness of simplicity – the a press of a button to share their satisfaction and the main reason for the feedback.
Would you like to learn more about how to keep your finger on the pulse of customer satisfaction ? Watch our Foresights introduction below, or take a look at our website for more information.