There is a link between customers receiving attention from service providers and feeling valued, according to a new study from Verint Systems based on an Ipsos survey of 1,000 U.S. consumers that explored customer satisfaction and engagement experiences among service providers and brands.
The study reveals there is almost an equal amount of consumers who provide feedback as compared to those who don’t, representing significant opportunities for businesses to gain additional insight through voice of the customer initiatives.
Here are some key takeaways regarding the views of U.S. consumers:
A third of those surveyed (34%) believe companies take notice of their views, compared to a five-region average (U.S., U.K., Germany, Poland, Russia) of 29%
Nearly half (49%) feel valued as a customer as compared to an average of 39%
More consumers feel that service providers take notice of their views (34%) than those that do not (28%).
A large portion (42%) of consumers believes in the power of social media’s influence in helping to hold brands accountable
The data in this survey represents an opportunity for companies to establish longer-term loyalty with a greater number of customers by encouraging them to become more engaged by developing and driving voice of the customer programs across the enterprise.
17% are Brand Champions: Customers that will sing a brand’s praises, remain loyal over a long period of time and be most likely to get rewarded in return
26% are Silent Likers: Customers that may be loyal and happy, but are the least likely to talk about their experiences and engage with brands
14% are Fence Sitters: customers who appear to be ambivalent about the service they receive; they don't engage with brands nor share their experiences.
23% are Churners: Those that will constantly be on the hunt for a better deal and won't hesitate to leave if they are dissatisfied with services
“This survey reveals a disconnect between the actual value of consumer feedback, and what consumers believe to be the impact of their shared input,” Nancy Treaster, senior vice president and general manager, strategic operations, Verint Enterprise Intelligence Solutions, said in the report. “The data shows that service is a two-way street and it should demonstrate to consumers that businesses are willing to reward those who speak out in order to help improve loyalty, service and performance.”
U.S. consumers ranked near the top in believing service providers take notice of their feedback. The rankings were as follows: Germany (35%), U.S. (34%), Poland (26%), Russia (25%), and the United Kingdom (24%).
U.S. consumers felt comparatively more valued by service providers. In order, those that felt valued were: Germany (57% valued vs. 10% not valued), the United States (49% vs. 16%), Russia (32% vs. 27%), Poland (30% vs. 27%) and the United Kingdom (29% vs. 23%).
According to Verint’s analysis of the study, there is nothing to be gained from consumers withholding complaints to the companies with whom they do business, and, in fact, the more feedback they share--both positive and negative--the more rewards there are to be gained.
With the technology that exists today to capture the voice of the customer and the significant investments in customer services that brands are making, the impetus is on businesses to encourage their customers to understand that organizations are willing to reward them for speaking out in order to help inform and improve the customer experience.
Because brand champions are happy with the service they receive and very loyal—85% staying with a company for more than three years--Verint encourages consumers to become brand champions by being vocal about positive and negative experiences and by giving direct feedback to the organizations with which they do business; by consumers are likely to be rewarded.