The Case For Feedback

Feedback is the breakfast of champions.

Source: Renowned business author – Ken Blanchard.

80% of businesses feel they deliver a 'superior experience'. Yet customers feel only 8% do. Click To Tweet   – Source: Bain & Company survey

The Twelve Attributes of a Truly Great Place to Work – Attribute #8:

 Institute two-way performance reviews, so that employees not only receive regular feedback about how they’re doing, in ways that support their growth, but are also given the opportunity to provide feedback to their supervisors, anonymously if they so choose, to avoid recrimination.

Source: Harvard Business Review.

If done sincerely, everyone appreciates it when someone
seeks their opinion.

– Author Unknown.

If you create a customer intimacy that learns individual customer requirements and then executes to those requirements, improving each individual customer relationship over time – you can create an insurmountable barrier to competition.

Source: Treacy, M & Wiersema, The Discipline of Market Leaders.

On average, each unhappy customer will tell 10 people, who in turn will tell 5 others. Click To Tweet

Source: TARP Research

Surveyed customers are 300% more likely to open a new account.

Source: Harvard Business Review

Surveyed customers on the whole tend to be more profitable customers over time than those not surveyed.

Source: Harvard Business Review

Customers who rate you 5 on a scale from 1 to 5 are six times more likely to buy from you again, as to if they ‘only’ gave you a 4 out of 5.

Source: Return on Behavior Magazine

Strategy without information is the slowest route to victory. Click To Tweet

– Source: Bill Belichick

Staples in the US recently found $21 million of efficiencies in the way it runs its warehouses. When asked how they knew where to look for the savings, their CFO replied emphatically: “Ask the associates. They know.”

Opportunities are often missed because we are broadcasting
when we should be listening.

– Author Unknown.

If you know both yourself and your enemy, you will come out of one hundred battles with one hundred victories.

– Sun Tzu – “The Art of War”

Only 38% of working men and women feel their managers are very willing to listen to new ideas and suggestions for improvement.

– Source: USA Today

Across all industries – retail, financial services, transportation, media, health, telcos – those companies who listen and respond to their consumers and enable a feedback loop:  i.e. tell me more about what you want, and we’ll give it to you, are gaining ground by the richness of their new asset: consumer data.

– Source: Forbes

Challenging employees to deliver better Customer Experience builds stronger employee engagement and loyalty.  The reason is simple: a passion for serving customers is a choice that employees make, often several times a day. When they’re happier, they’re more likely to make the right choices — and more likely to stay with the company.

– Source: Forrester Research

“Great data is difficult to come by.
Without data, you’re just another person with an opinion.”

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“In God we trust; all others must bring data.”

Source: W. Edwards Deming