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Media monitoring helps decipher feedback vs. Word of Mouth

Media monitoring helps bring together the full picture of customer sentiment and public opinion. Do you assume that “no news is good news” when it comes to customer satisfaction? This would be a mistake, because despite what you may think, most disgruntled customers don’t complain to a company directly. However, they do certainly tell their friends and social networks.

Consider these startling facts:
• An unsatisfied customer will tell between 9 and 15 people about their experience. (Source: ProvideSupport.com)
• 13 per cent of unsatisfied customers tell more than 20 people about their experience. (Source: ProvideSupport.com)
• A typical business hears from 4 per cent of its unsatisfied customers. (Source: HelpScout.net)
• For every customer who complains, 26 others don’t speak up. (Source: HuffingtonPost.com)
• News of bad customer service reaches more than twice as many ears as praise for a good service experience. (Source: HelpScout.net)
• 89 per cent of consumers have stopped doing business with a company after experiencing poor customer service. (Source: Salesforce.com)
• A customer is four times more likely to buy from a competitor if the problem is service related vs. price or product related. (Source: Salesforce.com)

These statistics basically tell us that most businesses are not even made aware when a customer is upset with them. Media analysis and media intelligence is more important than ever because not only does customer service reign supreme, but so does social opinion. Monitoring what is said about your company has become a vital part of how businesses stay on top of managing their own success, and a big part of that is monitoring customer satisfaction.

Staying on top of customer satisfaction
The customer experience is central to the continued success of any business. Media monitoring helps you understand the pulse of your customers’ sentiment. In addition to utilizing tools and services from companies that help monitor your keyword mentions there are many ways to get your customers opinion, some more direct and some indirect. Here are 5 more ways to keep on top of customer satisfaction:

1. Polls or Surveys: Often times, companies forget to directly ask for their customers’ opinions. Specifically look at expectations. Don’t be afraid to ask the hard questions. It seems like polls and surveys are the obvious choice when asking customers for their thoughts. The best way to make this successful is to get an accurate and full picture of sentiments by planning ahead and first outlining what you want to know before creating the questions. Polls and surveys also convey an important message to your customers. It lets them know that their opinion is important to you and that you are willing to listen and make improvements. When you truly discover the “voice of your customers” you begin to understand enough about what they want to make adjustments and continual improvements.
2. Online Reviews: Online reviews are one of the best ways to get an unbiased opinion. Of course, as illustrated by the statistics above, it can be more common to get negative results in reviews. However, encouraging and asking for all customers to review their experience or your product or services does not always mean that negativity will prevail. In fact, most companies see a larger percentage of positivity in reviews and it can be a tool that helps you identify problems and weaknesses within your company.
3. Analysing Website Analytics: Specifically your analytics’ exit pages and abandonment rates can help you determine what your website visitors like and dislike.
4. Assess your competition: Your competition’s strengths and weaknesses can often alert you to your own.
5. Prioritize Customer Service: Finally, and the most important aspect, is delivering an excellent customer service experience. That will transcend all other aspects of business and ensure continued success. What do we mean by prioritizing customer service? All employees across all departments of your company must be trained in delivering the best customer service experience possible.

If you still do not see how important this one aspect of business is, consider these statistics about customer service:
o 78% of customers who participated in a Genesys Global Survey said that competent customer service reps are most responsible for a happy customer experience.
o 3 in 5 Americans (59%) would try a new brand or company for a better service experience. (Source: HelpScout.net)
o 7 in 10 Americans said they were willing to spend more with companies they believe provide excellent customer service. Source: (HelpScout.net)
o 55% of consumers would pay more for a better customer experience. (Source: ProvideSupport.com)
o 70% of buying experiences are based on how the customer feels they are being treated. (Source: McKinsey)
o 91% of unhappy customers will not be willing to do business with you again. (Source: Lee Resources)
o Resolve a complaint in your customer’s favor and they will do business with you again 70% of the time. (Source: Lee Resources)
o 89% of consumers have stopped doing business with a company after experiencing poor customer service. (Source: Salesforce.com)
o 33% of consumers would recommend a brand that provides quick responses, even if the responses are ineffective. (Source: Nielsen-McKinsey)

Conclusion and Takeaways
The main theme here is that customers will show their gratitude for your good service with their continued and repeat business as well as word of mouth. Monitoring media can keep you in tuned with customer opinion and help your business succeed.