According to a recent Nielsen study, 68% of consumers are brand switchers. As companies struggle to provide a continual and consistent consumer experience across various touchpoints, the brand loyal consumer is quickly becoming an endangered consumer species.
What drives customer loyalty and satisfaction? A variety of factors. But customer experience stands towards the top of the list. It’s no secret that a positive customer experience nets a satisfied customer while a negative customer experience breeds dissatisfaction and often affects retention rates. The struggle to perfect the customer experience is draining—not only to the consumer but also to a company’s bottom line. In fact, the average company loses roughly 10% of its costumers each year, and acquiring new customers costs five times more than retaining existing customers, according to the book Leading on the Edge of Chaos.
With this in mind, the key to gaining or keeping a buyer is to ensure their touch points with a brand are seamless and flawless. Customer experience is today’s newest business benchmark and a crucial factor to earning buyer loyalty.
As a leader in measurement, Nielsen is collaborating with ResponseTek, a top customer experience management (CEM) software provider for enterprise brands, to create an integrated customer experience solution: The Nielsen Listening Platform. This powerhouse combination enables companies to measure real-time customer feedback on important interactions across a variety of channels, including in-store, online, call centers and others, ultimately creating a more consistent and delightful experience for the end consumer.
The Value of Real Customer Feedback in Real Time
The Nielsen Listening Platform measures and analyzes customer feedback as it happens while providing key performance indicators to ensure customers are satisfied. The closed-loop feedback system proactively manages corrective actions through automated alerts and workflow management. And because communication is critical to correction, dashboards enable learning to flow throughout the entire organization, from senior management right down to the frontline.
The platform also provides context and best practices through industry-wide benchmarks.
Taking Action in the Moment of Truth
Every brand has a “moment of truth.” This moment is when a deficiency—a gap between the brand promise and the actual customer experience at a touchpoint—is detected through the platform. It’s also the moment when you pull in the experts. Leveraging our analytic expertise, Nielsen’s consumer insights researchers help identify the key drivers of the customer experience and determine which countermeasures will correct any concerns while customized reports quickly show who and what you need to know.
And to ensure the countermeasures are activated successfully, Nielsen’s Business Process Improvement (BPI) can be used to deploy the processes and system changes that lead to an enhanced customer experience.
When the results are quantified, it becomes clear that U.S. companies can’t afford not to listen. Among companies who have leveraged the Nielsen Listening Platform capabilities alone, the results are powerful.