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Customer Feedback Is Key To Generating Revenue & ROI, New Research Says

According to new research, 87% of CX professionals use customer feedback for its valuable insights to improve their revenue strategies.

Customer Feedback Is Key To Generating Revenue & ROI, New Research Says
Michael Rodriguez

New research from SurveyMonkey shows a dedicated effort to providing high-quality customer experiences (CX), with 89% of C-level executives heavily investing in CX. Eighty-seven percent of CX professionals also claimed that customer feedback holds more importance than ever, as these insights have been invaluable for improving their CXprograms during the COVID-19 pandemic.

The report, titled: CX In The New Normal: Why Agility and Collaboration Are Key To Success In 2021, shows how companies who prioritize CX throughout the pandemic are positioned for long-term revenue growth. The report highlights how internal collaboration and being adaptable has helped companies experience revenue growth.

“Customer retention is the focus for many companies in 2020, but companies that are slow to act are being left behind,” said Christine Rimer, VP of Customer Experience and Advocacy at SurveyMonkey, in a statement. “This research uncovers important areas in which CX programs need to improve in order to achieve a greater ROI in a time of need. It is crucial for the entire organization to adopt a customer-first attitude that is supported with actionable customer and operational data.”

The 1,777 CX professionals who participated in the research spoke to the importance of having agile CX initiatives, as 51% of successful B2B companies have been able to adapt to varying customer needs quickly and generate better ROI.Fifty-four percent of professionals also have seen an increased focus on CX programs from their C-suite executives since the beginning of the pandemic, leading to the current prominence of CX.

Other key takeaways from the report include:

  • 80% of organizations have seen an increase in online interactions since the beginning of the pandemic, and 60% have added new customer touchpoints to meet the demand;
  • Respondents who focus on collaborative CX insights are 67% more likely to experience financial growth;
  • 62% of C-level executives have cited significant CX collaboration across teams;
  • 49% of respondents cite agile and adaptable CX programs as a major sign of company slow-down;
  • Companies with advanced CX programs have experienced financial growth (62%), while companies with no established CX programs experienced the lowest growth (33%); and
  • Companies that experienced “very high” ROI during the pandemic are 3X more likely to cite CX programs as the reason.

For more information on the current trends in CX marketing, check out the full report here.

This story premiered on our sister site, Demand Gen Report.