The International Business Times has just featured an article in its Companies section written by Customer Thermometer, called Why Bad Customer Feedback is Good For Business.
The article explains why generation Z customers are more time-poor and mobile than ever before and how, as a result, one-click email satisfaction surveys can be used to great effect to seek email feedback from and retain those customers. “The fact is, inviting complaints from customers is one of the very best ways to improve customer retention.”
The article goes on to argue that “…to enable a pro-complaint culture, CMOs must work more closely alongside customer services directors and CIOs to critically appraise their feedback mechanisms for the 21st century and shift the overall business focus from customer acquisition, to customer retention.
“After all, acquiring new customers costs six to seven times more than maintaining existing customers (Flowtown), so it’s no wonder boosting customer retention rates by just 5% can raise profits by 25% to 95% (Bain & Company).
“The key is getting insights into bad feedback quickly. Customers are mobile, social, savvy and time-poor. It’s time to do away with annual customer surveys and paper-based comment cards, and get quicker, smarter and more transactional about the way they seek feedback.”