Report finds feedback driven strategies are 60% more effective in improving CX
New Medallia study finds that companies with ‘robust listening posts’ were 60% more likely to improve CX than those without.
California based software company Medallia has released its latest report on analysing and implementing unsolicited consumer feedback, ‘Breaking The Code – Customer learning and innovation’ to improve customer experience (CX).
In partnership with Accenture, the report seeks to advise businesses on how to best develop consumer engagement strategies based on customer feedback. The report highlights listening posts, learning systems and customer-centric alignment as key focus areas for firms looking to enhance CX.
The report found that companies with ‘robust listening posts’ were 60% more likely to improve CX than those without. In a Medallia blog-post managing director of Accenture Philip Davis says: “companies that ranked in the top quartile of customer experience – and reported that their customer experience was improving – were 32 percent more likely to create innovative products and services based on customer feedback”.
The report also notes the importance of absorbing employee feedback, finding that companies capturing suggestions and ideas from staff were 7% more likely to improve CX.
Additionally, the report found that firms that use technology to support innovation driven by customer feedback were 22% more likely to improve CX, and 24% more likely to innovate successfully.
“While some companies view this constant chatter as a distraction or a liability, customer-driven innovators are using this information to anticipate, act on, and adapt to the changing expectations”, continues Davis. Medallia asserts in its report that traditional mediums of observing customer satisfaction are no longer effective, and that observing social media and other online resources is the best way to collect meaningful data.
‘Breaking The Code – Customer learning and innovation’ was based on surveys conducted in 2017 of 450 companies in the US, Canada, the UK, Germany, and Australia.
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