Gathering customer insight does not require huge amounts of financial and human resources. Surveys can be valuable but only provide a controlled short-sighted perspective on customer satisfaction.
The best way to increase profitability, improve services and save on marketing costs is through customer reviews. Reviews are simply the most efficient, effective and most intuitive way to collect and measure customer feedback which provides real-time feedback on how you’re performing and the opportunity to improve products and services.
On MICE.com users may submit reviews on supplier products and services rating different aspects of service provided by the supplier. Any user can view reviews submitted by another user.
Keep in mind that MICE.com users are industry professionals looking to establish themselves as experts as well as provide helpful knowledge to the community. To keep the review process balanced the reviewer’s image, name and link back to their MICE.com profile will be listed with the review.
When a customer writes a review they serve as a reference. Customer reviews should be seen as an operating management tool for what you’re doing right and what can be improved. A customer’s willingness to recommend your products and services to others is a direct result from how well they were treated. Customer service ranks as the number one reason why a customer would recommend or not recommend a company.
“True loyalty clearly affects profitability.” Frederick F. Reichheld a Boston-based director emeritus at Bain & Company, and the author of Loyalty Rules! (Harvard Business School Press, 2001). By inviting your existing customers to follow your listing and write reviews on MICE you’re allowing loyal customers to advocate for your brand. Loyal customers will take the time to write up a review and share your listing with their business contacts. Your loyal base has already made the investment in your products and services and this is the best way to tell your brands story ultimately bringing in new customers at no charge to your business.
You’ll especially want to be sure to invite buyers that have stuck with you because you’ve treated them well and have provided great value even when slightly higher than your competitors. While regular customers may not tend to be always profitable loyalty to you reduces your acquisition expenses.
A good way to measure your customer’s loyalty is to over time match reviews to their actual behavior through repeat purchases and referral patterns. As their budgets grow truly loyal customers will buy more over time.
Customers want to be heard and can do so by providing detailed feedback and open-ended comments explaining why they gave their rating. Why would you want this information public you ask? This is treasure trove for your company and how you can convert a passively satisfied customer into a promoter simply through your response.
Companies should be timely to feedback following up with an immediate response. Reviews can provide insight to a problem such a service quality from the customer’s perspective. You can utilize this feedback to identify the root cause of a problem and get it resolved.
Start by responding to all reviews. Show compassion and that you understand the customer’s point of view. Uncover any unaddressed issues then work through each issue until you’ve been able to resolve their concerns.
Then take this useful information and funnel the issues directly to front-line employees and managers implementing any necessary changes. Share your net-promoter number throughout your organization.
Taking all of these steps will increase the number of your promoters and turn passively satisfied customers into advocates, which is the only path to profitable growth.
Suppliers will be provided the ability to respond and are encouraged to comment on user reviews. In the event a supplier deems a review inaccurate, MICE.com will require follow up from the user. If a user abuses the reviewing process, they will lose the privilege to post reviews. Additionally, our review policy states that there will be no anonymous reviews and suppliers are forbidden from posting self-reviews.
Suppliers aiming to achieve first-class service and boost group business that is sustainable and profitable while gaining loyalty among new and existing customer’s begins with creating your company listing and inviting your loyal base to review your products and services on MICE.com.
When your loyal customers write reviews they will indicate that they have received good value and recommend your products and services. Simply put, suppliers with the highest net-promoter scores will attract the most new buyers. Be a leader in the industry by intensely building your customer relationships through MICE.com.
Information and source provided by Frederick F. Reichheld, Harvard Business Review