The use of customer insights & feedback solutions offers many compelling benefits aside from allowing customers to be heard, and have their concerns addressed.
During the COVID-19 pandemic years, there have been many industry segments that have needed to rein in costs, including labor and technology investments. Some segments, such as travel and hospitality, were particularly hard hit on the labor front, and others, such as retail, have needed to re-double their efforts on costly digital initiatives. Prioritization is more important than ever before, as there is not the ability to be everything to everyone. The deployment of customer insights & feedback software can help companies really focus on the areas that will give them the most value in relation to operational and financial investment.
The insights uncovered by these solutions can hone internal processes in a variety of areas, from the ability to give C-level executives daily highlights to quickly identifying bugs in a website or app. Many of these solutions can also be considered early warning systems, taking risk out of situations and gauging potential churn by using simulations. Churn is costly, with CallMiner estimating customer churn costs US providers $168 billion a year. Data released from SugarCRM in February 2022 reported that customer churn was costing mid-market companies an average of $5.5 million per year, and 58% of companies surveyed reported their rate of customer churn has increased over the last 12 months. Alarmingly, more than half (55%) state they do not have a good way to identify customers at risk of churning. Predictive modeling offered in many customer insights & feedback solutions can be used to determine how an increased or decreased effort in one area might lead to satisfaction changes in other areas. It is the “If you fix this, it might do that” analysis, with “that” often meaning movement in a measurement, such as the NPS or CSAT score. These analyses can all be done effortlessly by some of the more sophisticated solutions that help prioritize tactical, operational, and strategic actions.
The internal use cases for these solutions are plentiful, resulting in better prioritization and efficiencies.
Successful CX requires companies to be proactive, not reactive, and investment in customer insights & feedback software solutions helps accomplish this goal.
Author Information
As a detail-oriented researcher, Sherril is expert at discovering, gathering and compiling industry and market data to create clear, actionable market and competitive intelligence. With deep experience in market analysis and segmentation she is a consummate collaborator with strong communication skills adept at supporting and forming relationships with cross-functional teams in all levels of organizations.
Sherril holds a Master of Business Administration in Marketing from University of Colorado, Boulder and a Bachelor of Arts in Psychology from Rutgers University.
