What does customer feedback mean to you? Is it simply a box-checking exercise? What happens to the feedback once your company collects it? Does someone actually review all the information? Are you using it to drive change in your business?
Slowly but surely, organizations are starting to realize that feedback is more than customer complaints and outlandish suggestions. It’s a tool that can have significant impact on the company’s bottom line. This is illustrated by the fact that while overall IT spend is down, IT spend on voice of the customer and other feedback programs is on the rise. A report by market research firm Gartner Inc. ("Predicts 2009: CRM Customer Service and Support") predicted that feedback management technologies will be the top investment made in 2009 to improve the customer experience. This dovetails with a survey from Aberdeen Research which found that in this recessionary time, when many companies are curtailing their IT spend, 41 percent of survey respondents indicated that their budgets for customer feedback management initiatives will increase in the next fiscal year.
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