A new study has been released by Market Tools, a company specializing in Enterprise Feedback Management. The Market Tools study conducted in September 2011, to over 330 companies with revenues over $10 Million, yielded some interesting results.
Market Tools has introduced an interesting term, Enterprise Feedback Management: an organization-wide approach to continually capturing feedback across many touch points, then taking the next step to put that feedback to work for increased competitive advantage). (Editorial Note: what an interesting title for combining all aspects of customer satisfaction into a single term).
1. 23 % of companies did customer service and support on Facebook
2. 12% of the organizations provided customer service and support on Twitter.
3. 34% of senior executives in this firms were aware that customers and prospects were complaining or commenting on their company, brands, products or services. Less than a quarter of this group were consistently responding to these discussions.
4. About a third of executives said they had an increased focus on using social media to obtain customer feedback compared with this time last year.
5. 34 % of Customer Service and Support organizations engaged actively in social media, behind Public relations – 44% and corporate and product marketing – 42%.
6. 68% of those surveyed had an active social media presence: 48% on Facebook, 24% on Twitter and 17% on a company owned blog.
7. 22% of the CEOs actively participate in social media. The CEOs prefer Facebook (68%), 44% on company blogs and 35% on Twitter
1. 95% of companies think Customer Satisfaction is very or extremely important. That means there are 5% who don’t think Customer Satisfaction is important. That’s incredible! And it is a big number!
2. Only 36% of those surveyed had a formal ‘Voice of the Customer’ program implemented, gathering data about customer satisfaction and analyzing it for trends.
3. Of those companies who do have a customer feedback process, the reporting to management was provided quarterly or even less frequently.
1. As we look at these results, we need to remember that the sample used in this survey is large organizations over $10 Million.
2. Executive awareness of the impact of social media is improving year over year. This is encouraging as one of the key determinants if a customer satisfaction program will thrive and drive action with in the organization, will only take place when Senior Executives are involved.
3. Executive involvement is increasing year over year. This is also a positive trend.
4. I am surprised that Twitter is used to much less than Facebook for customer service and support.
5. The process of Reporting customer feedback data on a quarterly or less frequent basis is disappointing. Social Media flare ups can take place quickly. But if customer feedback only reported quarterly or less, the impact of quickly spreading customer complaints could make the situation much worse than if it is responded to quickly.
What is your opinion on these findings? Leave your comments below.
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