Enterprise Feedback Management

Better Customer Insight Equals Better Interaction

Bart De Moor – QuestBack Belgium

Increase customer retention with

Enterprise Feedback Management

About QuestBack

Strong, profitable growth since foundation in 2000

Offices throughout Western Europe along with USA, Canada and South Africa

3000 customers in more than 50 countries

Enterprise Feedback Management (EFM)

What is it?

A systematic, organization-wide approach to handle customer feedback

Value for your customers: Individual needs are met. Higher level of relevance and timeliness in interactions.

Value for your company: EFM increases customer satisfaction, loyalty and advocacy

Sound complicated? It’s not…

Managing feedback the traditional way… Organizations Ask, But They Don’t Act

Typical approach: annual customer satisfaction survey:

According to Gartner, 95% of all organizations collect feedback regularly from their customers, but only 10% of those actually act upon it.

Ask Act Enterprise Feedback Management

Moving forward

This trad. approach to feedback is a “postmortem” activity

Move your recurring customer surveys online and seize control of the process

Increase frequency (semiannually or quarterly)

Reduce complexity (short and relevant)

Capture and track key metrics (e.g. Customer Satisfaction Index)

Key value driver: ability to improve your processes

ROI timeline: mid/long term effect

Two additional factors that completes your approach

Combine your long-term postmortem tracking with:

Event Driven Feedback

and

Ability to Act

Event Driven Feedback Enterprise Feedback Management

Although the traditional annual approach has its merits, the result is usually too little being done, too late

Event driven feedback means moving beyond the annual “single-snapshot” approach, and into capturing customer insight from key events taking place throughout your organization every day

Key value driver: immediate and continuous ability to engage customer

ROI timeline: instant improvement

Ability to Act Don’t ask if you’re unable to act “ Use the data, or don’t bother surveying the customer” Gartner, May 2009 Enterprise Feedback Management

Dialogue (one-to-one/one-to-many)

Follow-up questions (one-to-one/one-to-many)

Automated responses

Automated marketing message (eNewsletter)

Automatically notify/alert team members

Ability to Act Unique act functionality Enterprise Feedback Management

Gather feedback from customer lifecycle events (e.g. a support interaction). Automatically triggers act functionality

eNewsletter tailored to customers’ needs

Internal notification to Key Account Manager (KAM)

KAM email or call-back to customer

Positive customer experience resulting in increased customer satisfaction

Ability to Act An example “ Automated email alerts work” Gartner, May 2009 Enterprise Feedback Management

Your ability to ACT! is essential to get a high ROI

ROI from:

Increased customer satisfaction/loyalty

Timely: address problems immediately

Targeted: solve individual and/or group issues

Strategic: act on the most important issues

Effective resource delegation

Increase revenues

Higher customer retention / lower churn

Referrals and recommendations

Seize add-on sales opportunities

EFM Return on Investment

EFM enables better customer insight and improved customer interactions

Combining trad. long-term tracking with event driven feedback and the ability to act, makes your organization “a real-time enterprise” in the eyes of your customer

The outcome is organizational learning and an improved ability to deliver positive customer experiences across your enterprise, resulting in increased customer satisfaction, loyalty and advocacy

EFM Case Study American Institute For Foreign Study (AIFS) - a pioneer in the world of college-level study abroad programs in the 1960s and now the established leader with over $200 million in annual revenue

In an extremely difficult business environment, AIFS has succeeded in creatively using customer feedback to drive growth and profitability in the loyalty-based segment of its international education business. QuestBack has been used to drive a greater number of referrals from the population of highly satisfied past participants from AIFS’s programs.

Leads from referrals are up 30% over last year

Leads from new loyalty-driven Web 2.0 activities increased by 50%

Conversion rate of referral leads increased to almost 40%

Marketing costs have declined 8%

Enterprise Feedback Management ROI “ It’s difficult to put exact numbers to the ROI calculation, but it’s safe to say that it has been very high for us – and we are just getting started. The activities that have been directly enabled and facilitated by our use of QuestBack have largely driven our growth this year.” Mike DiMauro, Sr. VP of Marketing, AIFS