For more than a hundred years, businesses have gathered customer feedback with the goal of using it to increase customer retention and sales. Early customer satisfaction programs fell short of this goal because they could not quickly relate customer feedback. Moreover, feedback was often dropped because there was no way to assign responsibility to employees. Thanks to web 2.0 technology, today’s customer feedback management software can solve the puzzle of translating customer feedback into action. Enterprise Feedback Management is the key. Enterprise Feedback Management (EFM) systems collect and distribute customer feedback, so that it can be appropriately harnessed. Sophisticated EFM systems also assign responsibility and track progress on utilizing customer feedback. This article will explore how Enterprise Feedback Management systems can help companies retain and expand current accounts. CBI Group’s experience with Customer Engagement Management solution will be taken as a case study, so as to provide concrete examples of how customer feedback may be used to retain customers and grow current accounts.
First, a little background on CBI Group. CBI Group is a professional services firm based in Newark, Delaware. They specialize in providing HR consulting and outsourcing. Founded in 2001 by HR experts, CBI Group grew over 800% in its first four years. Today, CBI’s 40+ employees provide services to clients primarily in the Mid-Atlantic region, with customers located throughout the United States. In 2008, CBI Group leadership prioritized the need to retain current customers. With the understanding that acquiring a new customer cost the company 7 times more than retaining an existing customer, CBI Group decided to invest in a customer feedback program as a way to retain clients. They were also looking for tools to help them grow current clients’ accounts. The company selected Customer Engagement Management solution to meet their goals.
Feedback Management solution provides a method for assessing Customer Engagement, boosting retention, and finding new potential for growth. Here’s how it works: throughout the year, CBI Group customers receive surveys on their experience with CBI Group’s consultants. In addition to overall, aggregate data, customer feedback management software delivers individual clients’ feedback in real-time through an online management dashboard. If a customer reports dissatisfaction with any aspect of their experience with a CBI Group consultant, a Recover Alert is automatically sent to CBI Group’s leaders. Recover Alerts empower leaders to quickly follow up on problematic situations with the appropriate consultant. Because Feedback Management system delivers feedback in real time, CBI Group can immediately respond to customer problems, thereby turning disappointed customers into brand advocates.
Another type of Action Alert reveals opportunities for new business. If during a survey a customer indicates a need for additional HR services, a Grow Alert is automatically sent to CBI Group consultants and management. This enables consultants to follow up with their clients in a timely manner, ultimately winning new business that would otherwise be invisible.