You'd be hard-pressed to find anyone who doesn't think customer feedback matters, but it seems an alarming number of researchers don't believe they really need to hear what people have to say! In fact, almost a third of market researchers we recently polled either don't give consumers the opportunity to comment or flat out ignore their responses. Part of the problem--as the first bullet indicates--is that coding/analysis of responses to open-ended questions has historically been a time-consuming and labor-intensive process. But a more troubling issue, it seems, is a widespread lack of recognition for the value of unstructured customer feedback, especially compared to quantitative survey data. In short, we can conclude that many researchers omit or ignore customer comments because they believe they can get the same or better insights from quantitative ratings data.
As awareness grows of the wide range of problems machine learning can be applied to, more and more companies are asking their technology partners how it can be used to solve their particular business problems, to help them run their businesses more efficiently, or to provide new and never before seen services to their customers. Fairway Technologies is already experiencing this trend with our clients, across a range of industries and businesses. An industrial irrigation system manufacturer wants to make sense of huge quantities of historic data to detect leaks and irrigation hardware that is on the verge of failing. This will allow them to offer a revolutionary service to proactively alert their customers about preventative maintenance and ultimately to save water and money. A government client wants to analyze historical inventory and supply data to better forecast demand and improve combat readiness.
Today's consumer places far more importance on the type of businesses from which they make purchases. This means that part of the user experience is that they know they are supporting a business that is socially responsible. However, giving back is more than simply creating community outreach programs and recycling. Many successful digital campaigns are giving back to their customers. One of the fastest and most successful ways to grow your online presence is to regularly promote contests and giveaways.
It has been predicted by many CX thought leaders and experts that 2017 is going to be a transformative year in the business-customer relationship. The reason for this expected transformation is evident in that customers now have an abundance of channels available to communicate with businesses. Change in our CX approach makes sense when you put human interaction on one end and AI-driven "bots" on the other; serving one common purpose, improving the customer's experience. In 2017 we will see how customers use tools to do more for themselves while supporting them with human interaction when they need assistance. In a recent article, Shep Hyken highlighted that according to Forrester, 72% of businesses indicated that improving the customer experience is their top priority.
Amazon.com Inc. unveiled technology that will let shoppers grab groceries without having to scan and pay for them -- in one stroke eliminating the checkout line. Each year, new data comes out that indicates customer service and the customer experience (CX) are more important than ever. According to Forrester, 72% of businesses say that improving the customer experience is their top priority. A study from NewVoiceMedia indicates that companies lose more than $62 billion due to poor customer service. No company can afford to be a customer service laggard.