Lesie Pegel, senior consultant for Walker Information, recently posted the results of a study they conducted of over 1,500 users of customer feedback representing 37 of their clients. Although Walker found that 75% of respondents thought that the collection of customer feedback was having a bottom line impact on their company’s financial performance, they went the extra step of comparing those individuals againt the companies that said they didn’t see any bottom line improvement.

Companies are more likely to see a bottom line improvement in financial results if they:

• Use the customer feedback they collect to motivate employees;
• Use the customer feedback in strategic planning;
• Seek to continuously expand the use of customer feedback;
• Dedicate resources to understanding the feedback they collect.

Other key findings from the survey:

• Customer loyalty improves when feedback is acted upon;
• A formalized follow-up process driven by the account team maximizes the value of the feedback to the organization;
• In reports, focus on key learning points instead of data points.

Read the full article at CustomerLoyalty.