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.
74% Quality of customer service
32% Quality of the product or service
25% Excessive price
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]
The EasyFeedback team.