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10 Benefits of Measuring Customer Satisfaction over the Phone

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It is widely believed that acquiring a new customer is five times more expensive than retaining an existing customer. In this respect, high levels of customer loyalty and repeat business are desirable and it makes sense for every business to have some mechanism to understand and meet customer needs.

Here are 10 of the main benefits of measuring satisfaction over the phone

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10 Benefits of Measuring Customer Satisfaction over the Phone

  1. 1. It is widely believed that acquiring a new customer is five times more expensive than retaining an existing customer. It makes sense for every business to have some mechanism to understand and meet customer needs. 10 Benefits of Measuring Customer Satisfaction over the Phone
  2. 2. It  is  widely  believed  that  acquiring  a  new  customer  is  five  times  more  expensive than retaining an existing customer. In this respect, high levels of  customer  loyalty  and  repeat  business  are  desirable  and  it  makes  sense  for  every business to have some mechanism to understand and meet customer  needs. In a more competitive global market with less product differentiation,  where  consumer  power  and  social  media  channels  can  make  or  break a  brand, many companies have customer satisfaction and loyalty programs and  benchmark themselves against their competitors.  Introduction 10 Benefits of Measuring Customer Satisfaction over the Phone
  3. 3. Whilst measuring customer satisfaction is more common place, there is also a  risk that it becomes a tick‐box exercise, rather than a genuine effort to  understand customer needs and improve performance. Any successful survey  program must have a clear set of objectives that can lead to improved  performance. The key to success is not to measure everything, but only what  is important to your customer in the context of your products or services, and  therefore what can positively or negatively impact your business. It is not  enough to take a generic approach.  Clear Objectives that lead to improved performance 10 Benefits of Measuring Customer Satisfaction over the Phone
  4. 4. The many different survey tools and methodologies available can  be overwhelming but, setting clear objectives and priorities,  makes it easier to find an approach which best fits your needs. Here are 10 of the main benefits of using the phone to measure  customer satisfaction. 10 Benefits of Measuring Customer Satisfaction over the Phone 10 Benefits of Measuring Customer Satisfaction over the Phone
  5. 5. The level and quality of communication is better when  it results from human interaction. Aside from the literal  meaning of the words, lots can be learnt through tone  of voice and the emotion, it conveys. A human can pick  up  signals  and  patterns  more  quickly  and  easily  than  will necessarily be conveyed through the data alone. 1. Quality of Feedback 10 Benefits of Measuring Customer Satisfaction over the Phone
  6. 6. Capturing  a  conversation  on  a  call  recording,  which  can  be  listened  to  and  analysed  after  a  call, gives extra clarity to the feedback provided  and ensures it is properly understood.  2. Call Recordings 10 Benefits of Measuring Customer Satisfaction over the Phone
  7. 7. As  it  is  difficult  to  ignore  the  phone,  response  rates  are  generally  much  higher  than  those  of  other  channels.  If  you  need  to  reach  a  certain  sample size, lower response rates from channels  such as email can make this difficult. 3. Response Rates 10 Benefits of Measuring Customer Satisfaction over the Phone
  8. 8. Customer Satisfaction Indexes and Net Promoter Scores  are  useful  for  benchmarking  but  provide  little  insight  into what issues are, or what to do about them. With  open  questions  during  a  phone  conversation,  it  is  possible  to  identify  patterns  and  develop  a  good  understanding of the customer viewpoint. 4. Open Questions and Insight 10 Benefits of Measuring Customer Satisfaction over the Phone
  9. 9. The  personal  nature  of  a  phone  conversation  enables  the  caller  to  build  rapport  with  a  customer.  An  experienced agent will make the customer feel secure  so they are comfortable opening up and sharing their  opinions,  perhaps  more  so  than  with  other,  less  personal, approaches. 5. Rapport 10 Benefits of Measuring Customer Satisfaction over the Phone
  10. 10. Phone research can be both qualitative and quantitative, either  combined  or  used  in  a  staged  approach,  where  qualitative  research identifies key areas of focus for a broader quantitative  survey. A phone conversation can be scripted; presenting a set  of  pre‐defined  options  for  consistency  or  include  open  questions  that  capture  insight  that  may  not  have  been  foreseen, or a mix of both. 6. Qualitative and Quantitative 10 Ways To Optimise The B2B Sales Funnel
  11. 11. We always advise our clients to include an option for  open feedback. If you give the customer a set of pre‐ defined responses to choose from, that is what they  will do. Allowing for open feedback ensures you will  learn something you didn’t know already and get a true  customer perspective. Be careful what you wish for… 10 Benefits of Measuring Customer Satisfaction over the Phone
  12. 12. A phone call can provide outcomes and value, in addition to the  survey’s  planned  objectives.  Additional  information  gleaned  during the call, either as notes or through the call recording, can  help with organisation and market mapping, or provide valuable  competitor  insight.  Other  outcomes  such  as  database  updates  and email opt‐ins can also be obtained in the same call. 7. Additional Value 10 Benefits of Measuring Customer Satisfaction over the Phone
  13. 13. For  industries  subject  to  regulation,  including  financial  services,  telephone  research can be particularly effective in getting the right level of feedback in  the  format  required  for  legislative  compliance  or  to  meet  TCF  (Treating  Customers Fairly) standards.  Aside from the call recordings as a reference point, a bespoke framework can  be established within a specialist CATI system, which provides the paper trail  and  capture  of  verbatim  response  often  required.  Call  recordings also  help  maintain  interviewer  performance  and  allow  the  correct  behaviours  to  be  incentivised where standards are critical. 8. Regulatory Compliance 10 Benefits of Measuring Customer Satisfaction over the Phone
  14. 14. As  phone  research  is  based  on  data,  it  is  easy  to  control  and  target  your  survey  according  to  your  priorities  and  required  criteria.  You  may,  for  example,  need  to  target  a  particular  geographical area or a specific demographic group. As it is data‐ led,  telephone  research  enables  you  to  focus  your  efforts  only  where they are needed. 9. Targeting 10 Benefits of Measuring Customer Satisfaction over the Phone
  15. 15. And Finally….10. Prioritisation Whilst it is generally accepted that  repeat business is more profitable, it is  also true that most companies have a  broad mix of customers with varying  costs to acquire and maintain, depending  on their profile.  Pareto’s principle or the 80‐20 rule,  suggests that on average 20% of  customers provide 80% of a company’s  revenue.  10 Benefits of Measuring Customer Satisfaction over the Phone
  16. 16. 10. Prioritisation…continued If Pareto’s Law holds true, it makes sense to focus on  understanding the needs and retaining those customers, that  are most valuable. A data‐led approach such as telephone  research, means you can profile and segment your database to  prioritise the most profitable segments based on potential  lifetime value, and focus on ensuring their needs in particular  are addressed. 10 Benefits of Measuring Customer Satisfaction over the Phone
  17. 17. Our Services Established in 1990 and based on the Brighton sea front, The Telemarketing Company is the UK's leading specialist outbound B2B telemarketing agency, with a robust research offering. For further information on our services: 01273 765000 info@ttmc.co.uk www.ttmc.co.uk 26-27 Regency Square Brighton, East Sussex, BN1 2FH

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