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Down Economy + Customer Surveys = Valuable Insights?

As discussed last week, customer’s behaviors, attitudes, and perceptions are impacted by the economic downturn.  Surveying customers
provides multiple benefits to assess this impact. 

First, surveying your customers provides a way for your company to assess key metrics pertaining to your customers and their experience with you. 

Second, positive effects result from asking customers about their experiences with your company, namely goodwill resulting from customers feeling their opinion is valued, thus generating positive customer behaviors- retention, profitability, and responsiveness. 
 
Given the growing importance of retaining current customers and ensuring that they have good experiences with you, what questions
should companies be asking their customers? In addition, assessing the way that customers interact with your company can give you
insight to how valuable they can be for you. 

 • Assess actual behaviors, such as purchase frequency and share of wallet. These measures will help you understand how customers are going to act.  

 • Look for behavioral and attitudinal cues, such as likelihood to recommend, number of complaints/issues, satisfaction, perceived value, quality (overall/products/services, etc.)
  o These measures provide insight to how your customers are reacting to the down economy.
  o An increase or decrease in these measures could give an indication of coming changes in behaviors.
 
When looking at the results from these questions, it is important to keep any changes/trends in the context of what is happening not only with your organization but also with your competitors. 

Becca Lewis

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