Cvent Partners with Aberdeen on New Study Offering Insight into Customer Feedback Management Programs
Report Details how Organizations can Build, Improve and Maintain a Successful Voice of the Customer Program
April 02, 2012 – NEW YORK and MCLEAN, VA – Cvent, a leading provider of cloud-based web survey and feedback management solutions, has sponsored a new study from The Aberdeen Group, titled "Customer Feedback Management: Leveraging Voice of the Customer to Amplify Business Results." Derived from a survey of 271 organizations that are actively using customer feedback management programs to capture the voice of their customers, the study identifies how "Best-in-Class" companies capture, manage and use customer feedback data in order to accomplish improvements in key measures.
"It's been said that you can't manage what you don't measure, and that is especially true in regards to customer feedback management," said Lee Orr, Senior Director of Feedback Management at Cvent. "This Aberdeen study confirms that adopters of customer feedback programs are clearly outperforming organizations that do not have a formalized feedback initiative."
Key findings of Aberdeen's study include:
- Approximately half of the respondents are turning to Voice of the Customer (VOC) programs to gain a greater mind share within, and wallet share from, their target accounts; with 34% also identifying rapidly changing customer expectations as a challenge that is driving their VOC initiatives.
- 41% of Best-in-Class companies support their relevant stakeholders with a single source of accurate and timely customer feedback; companies that use this feedback to collect insights in key areas of improvement recognize more than double the year-over-year improvement in Return on Marketing Investments (ROMI).
- The primary sources of most customer feedback data are call centers, direct surveys, social media, and Voice of the Customer and Customer Experience Management (CEM) solutions; with the latter being used by 42% of over 700 companies that have formal customer management programs in place.
- Voice of the Customer programs have a direct impact on an organization's return on investment (ROI), with Best-in-Class organizations contributing $33 million to their top-line revenues; "Industry Average" companies experiencing a $7 million loss; and "Laggard" organizations suffering from $155 million in lost revenue.
- The report notes that such losses could have been avoided by adopting the best practices required to implement successful VOC programs. It then identifies several "steps to success," which can be put in place to maintain and improve the financial health of a business.
"The ability to listen to customers in an effective way requires businesses to identify each organizational touch-point used to engage with clients," said Omer Minkara, Senior Research Associate, Customer Management Technology at Aberdeen Group. "While this might be a tedious exercise, especially for large businesses, the results will help organizations determine key source(s) of customer feedback. One of the ways to accomplish this objective involves creating a dedicated cross-functional team involving key individuals across multiple departments in order to map out all the interaction points, and any potential linkages between these touch-points."
Download a free copy of the study, compliments of Cvent, here.
Founded in 1999, Cvent is the world's largest meetings and event management technology company and has 1,400+ employees worldwide. Cvent offers web-based software for online event registration, meeting site selection, event management, mobile apps for events, e-mail marketing and web surveys, and helps more than 10,000 clients in 90 countries manage hundreds of thousands of events, surveys and e-mail campaigns. Cvent's client base includes corporations from every major industry, associations, universities, and non-profit organizations. For more information, please visit www.cvent.com, or connect with us on Facebook, Twitter or LinkedIn.