Studies carried out on the feedback

Studies carried out on consumer behavior in different countries show us the need to improve communication between companies and consumers.

Needs not met by the market

Who The consumer: Is defined as any person who has had or may have interaction with a company/institution, with their employees or products and/or services and have something to communicate to them.
Needs 1. Consumers want to be heard
• 68 % of consumers who stop using a product or service is due to the attitude of the staff towards them.
• A consumer who has had a negative experience with a company will share it with around 8 and 16 friends on average.
  2. Consumers demand empathy.
It is very difficult for a company to get a real customer perspective. Proof of this is the following study that shows the reasons why the consumer stopped using a product or service and compares them with the beliefs that managers have regarding the reasons why the consumer stopped using it.
  Consumer’s reasons
74% Quality of customer service
32% Quality of the product or service
25% Excessive price
Manager’s beliefs
22% Quality of customer service
36% Changes in consumer’s needs
49% Reasons related to price
  3. Consumers want to share their feedback easily
• A study in England on consumer complaints shows that 23% of those who had a problem did nothing about it. The main reasons were:
– 43% It won’t be worth it
– 22% I don’t know how to complain
– 20% I don’t have time to complain
  4. Consumers want communication to be effective
• The study shows that most complaints are not solved correctly: 26% very dissatisfied, 54% did not receive an answer and 20% had unresolved problems.

Demands not met by the market

Who The company: those businesses seeking to increase sales by improving customer relations.
Needs 1. Companies want satisfied and loyal customers
• Loyal customers are less price-sensitive and are the main promoters of the company’s products and services.
•  Harvard’s Business Review article “one number you need to grow” states that there is a direct correlation between the net number of “promoters” of the company and the company’s annual growth.
• It costs between 5 and 6 times more to acquire a new customer than retaining an existing one (White House Office of Consumer Affairs).
  2.Companies need to manage communication with customers
• A survey carried out by RightNow states that 92% of consumers who had a negative experience with the company would be willing to return if:
– They receive a formal apology from a superior
– They receive a promotional discount
– They receive proof of real interest from the organisation in solving the issue
  3. Companies need to continuously monitor  word-of-mouth and their reputation
• 79% of consumers who have had a negative experience with the company will share it with other people.
• 97% of consumers prefer word-of-mouth for sharing their experiences.

1. There is a necesity for new feedback channels

This situation justifies what we are bulding, a new communication channel that allows consumers to communicate their experiences in a personalized, fast and effective way to managers and owners of the business. 

2. There is a great potential for improvement in the Feedback industry

If you have any question, please write us at [email protected].

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The EasyFeedback team.