How to turn customer feedback into customer success?
Customer experience counts, we all know that. In fact, it counts so much that when consumers have a very good CX they are willing to pay up to a 16% price premium on products and services. This is in addition to increased loyalty.
How exactly do you know, and improve, how your customers perceive your service? You need to ask– immediately and on the spot so that you don’t lose any of that valuable feedback. Whether the experience happens in-store or online shouldn’t matter. What makes feedback work is when it’s easy, intuitive, and engaging to give at the exact time and place the experience took place.
We at HappyOrNot live to help our customers get more relevant and actionable feedback on their customers’ experiences, and with that insight improve their customer satisfaction, build loyalty, and boost business performance. Dealing with negative feedback and using it to improve future performance, as well as celebrating success of positive feedback, have a significant effect on customer satisfaction scores.
The HappyOrNot effect
What is the HappyOrNot effect? To put it simply, it is creating happiness one Smiley at a time. Adding up those Smileys, you’ll get actionable insights that help you increase customer satisfaction, and hence, improve your business.
What does that mean in terms of ROI? During the first 12 months of implementing HappyOrNot, our customers have seen on average a 30% cut in the number of unhappy customers—shifting them into happy customers. And, not only do customers that had the best experience spend 140% more, exceling in customer experience can help you grow your revenue 4-8% above the market.
One of our customers, Knox Community Hospital, was able to reduce overall patient dissatisfaction by 33% in just six months. As Carson O`Neill, Operations Coordinator of Physician Services puts it: “HappyOrNot has given us at Knox Community Hospital the ability to see our days from a whole new and different perspective. Today, our doctors, nurses and staff are provided with the opportunity to hear from our patients at lightning speed and address any issues even before the day ends.”
Know where you stand
Want to stand out from the crowd? First, you’ll need to look around to see where you stand.
When looking to position themselves or improve, businesses might wish to look to their industry to benchmark themselves against and set targets. With our long experience and wide penetration in the market –1.6 billion feedbacks collected and analyzed to date from 4,000 customers – we can give the meaningful comparison data that our customers need.
For example, on average, across all industries, the typical amount of positive feedback (the customer satisfaction benchmark) is 89%. However, to reach the top 10 of companies, you need to reach 97% positive feedback. You can only do that by analyzing the root causes for any issues.
Retailer Connolly SPAR receives an average of 1,500 customer feedback responses via the Smiley Terminals each week across their stores, and has reached a very impressive customer satisfaction benchmark of 98% (and a Happy Index score of 96) – which puts them way above the retail industry standard of 89% and places them in the top 10% within their industry. Susan Connolly, Sales Director at Connolly SPAR clarifies: “We need to stay relevant for our customers – to be relevant is to always be ahead of the competition.”
How to build consistency across your network?
When building your brand, it is important to stay consistent. Your customers expect the same experience across all your locations– even online. So in case there are problems in a particular area, you need to be able to identify those issues and act quickly.
As an example, our retail customer XXL found that one store performed worse than the rest and it was calculated that the store could lose upwards of €84,000 over the following 12 months if they didn’t take steps to resolve the customer dissatisfaction issues. “We can now see and have a clearer view on these types of situations, thanks to the data we’re getting from our HappyOrNot set up,” says Kenneth G. Sørensen, Operations and Business Development Manager, XXL. “This particular store has been a success story for us in this scenario. The staff and leadership of the store have actually doubled the number of satisfied customers, despite a lack of stock for a certain item at that point in time. We can attribute these satisfied customers to the data we’re receiving from HappyOrNot.”