The business benefits of always-on client listening
While these barriers are commonplace, they can all be overcome. The solution requires a change in culture and process. But the shift doesn’t need to happen overnight. Feedback intelligence creates a flywheel, that over time builds momentum across the business.
It starts with improving the efficiency of the insight creation process. Creating richer and fresher insights makes reports more compelling. With a stronger evidence base, insight starts to replace assumption. As teams get on the same page, it becomes easier to align experiences across offices and business lines. Clients notice the change, and the volume of positive feedback goes up. This in turn adds momentum to the flywheel.
But what about the bottom-line impact?
In short, moving to always-on client listening helps firms protect and grow revenues. Having access to continuous feedback intelligence creates a competitive advantage by enabling faster and more informed decisions. These decisions lead to:
– stronger client relationships
– more sales and referrals
– a greater share of discretionary spend; and
– reduced complaints, and the protection of recurring revenues.
Benefit 1 – stronger client relationships
Always-on client listening gives you the opportunity to pick up and respond to issues faster. The same goes for discovering delightful experiences you can replicate. Furthermore, it provides the opportunity to learn across clients. For example, two or three clients in the same industry or business line mention the same thing. Now the other clients teams can hear about it straight away. All teams get an early heads-up, and the opportunity to proactively ask their clients about it.
Benefit 2 – more sales and referrals
People only refer services that have delighted them in some way. This delight comes from brands that consistently meet or exceed their expectations. This consistency is key. Before people refer a firm, they have to believe that it will deliver on their recommendation. To boost your word-of-mouth marketing, you need to see how often your firm delivers experiences worth talking about.
Benefit 3 – increase share of discretionary spend
Whether a firm is part of a formal or informal panel, the goal is to be the first choice for discretionary work. By combining feedback from across the client journey, you can see a bigger picture. Continuous feedback surfaces new needs faster. Not just the needs of that specific client. Trends can be spotted across business lines and client sectors.
Benefit 4 – reduced complaints, and the protection of existing revenues
In their future of CX report, PwC found that 1 in 3 customers will leave a brand they love after just one bad experience. 92% would completely abandon a company after two or three negative interactions. While it’s easy to dismiss this because “B2B is different”, that’s not entirely true. Every B2B client is also a consumer of B2C experiences. Post-pandemic, where B2C brands lead B2B buyers expect their service providers to follow.
To protect existing revenues, connect complaints data to your other sources of feedback. Analysing complaints data helps you to discover the root causes of a complaint. Overlaying feedback data then enables you to discover the ‘early warning’ signs. This makes it easier to identify and respond to issues before they become complaints.
“The Managing Partner and the Board have come to realise the importance of client reviews and testimonials. We’ve had a lot of clients mention that they’ve come to us because of our client service (word of mouth referrals) and because of the google reviews that we have.”
Marketing Director, Law Firm – Voice of the Client Benchmarking Study, June 2021