Customer Satisfaction Engagement: Analyzing Customer Survey Data to Boost Customer Retention and Loyalty in the Retail Sector
The Business Challenge: Today retail industry players across the globe are facing very low customer satisfaction levels and high attrition rates. The enormity of these challenges has grown due to the use of different communication channels that have become a standard business practice. With the proliferation of technology, customers today take no time in switching [...]
The Business Challenge:
Today retail industry players across the globe are facing very low customer satisfaction levels and high attrition rates. The enormity of these challenges has grown due to the use of different communication channels that have become a standard business practice. With the proliferation of technology, customers today take no time in switching between channels and expect a consistent level of customer service across all platforms throughout their journey. As a result, the retail environment has evolved from a product-centric foundation to customer-centric foundation and therefore, customer satisfaction survey has become a pre-requisite for the success of companies in the retail sector.
The client, a leading retail company based out of Norway, faced several predicaments due to their inability to monitor and track customer journeys. Their operations are spread globally, with more than 15 stores located in Belgium, Germany, the Netherlands, Romania and the United States. The client faced various challenges starting with anticipating changing customer expectations and needs, dipping customer retention rates, and a decrease in customer loyalty towards the brand.
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The client approached Quantzig to leverage its expertise in offering customer analytics solutions to find answers to the following questions:
- What problems did the customers face?
- How do customers respond to their brand?
- What makes their customers happy?
- What actions do customers take after their first interaction with the brand?
We adopted a comprehensive approach to helping the client enhance their customer service levels and boost customer satisfaction scores across multiple touchpoints.
Solutions Offered and Value Delivered:
Quantzig’s customer analytics experts adopted a holistic approach that revolved around conducting and analyzing the data generated from customer surveys. This helped the client to proactively understand their own strengths and weaknesses from the customers’ perspective and address customer concerns. This boosted customer retention rates by 2x by analyzing customer feedback and reasons for churn.
Our customer analytics experts also created an interactive and customized dashboard to ensure that the client’s marketing and sales team gain better insights into the data generated by customer experience surveys. By leveraging Quantzig’s customer satisfaction survey analysis, the retailer gained a better understanding of its diverse customer segments. Additionally, the customer satisfaction survey helped them improve the customer satisfaction score by offering deeper insights into customer expectations and needs. Furthermore, this helped them customize their marketing initiatives to suit customer needs. As a result, customer loyalty has improved, and the client experienced a better market presence. Also, the ROI from their marketing campaigns improved significantly.
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The insights gained from this customer satisfaction engagement also enabled the client to:
- Improve business performance by enhancing customer service in real-time
- Manage customer expectations, boost consumption rate, and reduce the cost of support
- Build a customer-focused attitude across different channels of the organization
Benefits of Customer Satisfaction Survey
There are several factors that contribute to the success or failure of any business and a customer survey is one of them. It is crucial for companies across industries to track the growing importance of customer satisfaction in order to boost customer loyalty and eventually turn them into brand ambassadors. If you neglect your customers, don’t expect them to care about your offerings. The sooner businesses realize this, the better they can perform. Better customer service is always the key to win the hearts of your clients and make your brand recognizable within your target group. Here are a few important reasons why customer satisfaction surveys are important for businesses today:
Improves customer loyalty: Customer feedbacks can help companies understand what their customers like about them and what they don’t. If you know what keeps them coming back over and over again, you are closer to winning your customer’s loyalty.
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Enhances customer service: Customer service can improve only when you are empathetic to what they say. Online customer satisfaction survey provides a medium to your customers where they get a chance to tell their side of the story out without being interrupted. This can further help you segment your customers into different categories based on their needs and expectations.
Improves communication strategies: Customer satisfaction survey offers an opportunity for companies to establish effective communication strategies with their customers. This can be done by carefully designing your survey. Also, this can help you remind your customers of important changes in your organization.
Helps in spotting trends: The customer satisfaction survey is a very important tool to spot market trends. It can help you gain from the wisdom of the masses by asking them their ideas and analyzing patterns in their feedback. This can help companies to stay ahead of the curve.
At Quantzig, we help businesses to understand their customers and devise effective customer retention strategies. Our analytics solutions help businesses in the precise prediction of customers’ buying behaviors and deliver relevant offers that attract rather than alienate customers. With the help of the best combination of analysts and consultants, we help our clients discover and build capabilities to drive competitive readiness and success.