Calculating ROI on Customer Feedback Programs: It’s a Two Way Street
By: Marc E. Carlson, RRP
CustomerCount© Business Relationship Manager
I often hear this question: “What kind of ROI can we see from using your enterprise customer engagement solution?” My answer is, it depends. It depends on whether or not key stakeholders will actually view the customer data and act on it. You can collect all the data you want on specific customer populations, but if you don’t put that data into a plan of action there will be disappointment coming from the top of your organization.
In some cases, individuals work hard to sell the idea of implementing a customer feedback program within their department or business unit up the ladder to executive management. That’s half the battle. Once the investment is approved, the real work begins. I can’t throw out a ROI number because I don’t know if the company will truly use the information we provide them on a timely basis. We even send reports instantaneously to decision makers by email so they do not have to log in to our customer site or ask a direct report. But do they look at it?
A customer feedback program is just like any other tool. It’s a two way street. You get out of it what you put into it. Spend the time to review current data coming from your customer feedback vendor. If you do not receive reports via email on a periodic basis, maybe you should inquire about having that routine established. It will make your life much easier in identifying opportunities and possible shortfalls.