EpiAnalytics is your customer feedback partner
There are many ways that companies use surveys to measure customer satisfaction, including:
- Customer Experience Surveys
- Transactional Surveys
- Employee Surveys
- Churn Surveys
- Website Feedback Surveys
But with any survey it difficult to quickly identify the reasons and drivers of satisfaction and dissatisfaction. To do this, companies need a systematic, continuous solution that quickly and accurately transforms customer feedback into actionable insights.
EpiAnalytics customer feedback solutions leverages text analytics that aid customer support centers to meet the demands of today’s 24x7 customers.
Understanding your customers
It is essential to keep current with the business environments of your customers as it directly affects your bottom line. Successful companies track the value they deliver to customers.
Increase customer experience visibility. Increase your ROI for service and support not only by delivering great service and winning customer satisfaction, but by making better service delivery more visible through media relations (e.g., press releases, articles, customer success stories, case studies and other external communications).
Industry estimates peg the costs of acquiring new customers as being about five times more than the costs incurred to retain existing customers.
Satisfy your existing customers
Customer retention and satisfaction drives profits. According to experts, a 2 percent increase in customer retention can have the same effect on profits as cutting costs by 10 percent; while a 5 percent reduction in customer defection rate can increase profits by up to 25 to 125 percent, depending on the industry.
Additionally, existing customers are the ones who are most likely to be future purchasers. They’ve already shown they want and like your products or services and are willing to pay for them. And in many cases, customer profitability tends to increase over the life of a retained customer.
Identify keys to retaining customers
Keeping customers happy has always been a cornerstone of good business. Today, delivering good customer service and ensuring high levels of customer satisfaction and loyalty have become more critical to a company’s success. After-sales service is more important than assistance before sales; it is through such service that companies get long-term customers, repeat purchases to maximize lifetime customer value.
It is imperative to systematically measure the customer experience. While good service can create customer loyalty and more sales, bad service can drive existing customers to competitors and worse, dissuade others from becoming customers at all.
The “why” behind the Net Promoter Score (NPS)
Global organizations’ use of customer satisfaction surveys is common in place. Many organizations use the Net Promoter Score (NPS) to gauge customer loyalty.
With NPS, companies essentially ask their customer one question: “On a scale of zero to 10, how likely is it that you would recommend us to a friend or colleague?” Where zero represents “not likely at all” and 10 represents “extremely likely”. Fred Reichheld first popularized the NPS concept through his book “The Ultimate Question,” noted that “promoters” are those customers who give a company a nine or 10 rating”“because they behave almost as if they were adjuncts to the organization’s sales force. They [represent] by far the highest repurchase rates, account for more than 80 percent of referrals, and are the source of most of a company’s positive word-of-mouth.”
Customer feedback from promoters and detractors is a very valuable corporate asset. Just as important as measuring the Net Promoter Score is measuring the drivers or “why?” behind the score. With EpiAnalytics customer feedback solutions it’s never been easier to validate customer perception of product and service experiences.
A business is about five times more likely to lose a customer because of an attitude of indifference by a service representative, than because of dissatisfaction with a product. Analysts report that one of the main drivers causing customers switch providers because they were not treated courteously. With EpiAnalytics Reason™ you can quickly identify the drivers of dissatisfaction and save a customer before they leave your business.