What is the Feedback Economy?

Our digital reputations have become our most valuable currency

In this ultra-digitalized era, new technologies have emerged, allowing customers to connect directly with companies unlike ever before. Suddenly, anyone can get in touch with companies in a simple tweet and review websites reign. This both stimulates the urge for people to voice their opinions, and it forces companies to respond. Ignoring feedback, complaints or unfair service is no longer an option. Customer-centricity has become the beating heart of any serious business undertaking. Today, companies that know how to tune in to the Voice of Customers are those mastering the Feedback Economy. Read on and learn how.

what led to the feedback economy?

The digital revolution opened the gate for customers, empowering them to leave their feedback anywhere, any time.

With rising expectations, businesses were driven to include feedback in both daily and long-term decisions.

The combination of these two forces shaped what we call the Feedback Economy, an economy driven by feedback: opinions, comments and reviews.

Curious how your company can win in the Feedback Economy?

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The cost of ignoring feedback

How is the Feedback Economy benefiting winners and leaving behind the rest?

The Feedback Economy presents a vital opportunity for companies to either succeed or fall flat. With consumers looking to others to decide how they feel about a brand, feedback holds immense power in determining where customers give their business. In fact, 93% of consumers say online reviews impact purchase decisions. While companies earn the chance to improve from continuous feedback, they must also deliver what customers expect in return. Companies that ignore the reality of the Feedback Economy are at a greater risk of revenue loss: losing customers, visitors and even employees.


it's in the numbers

Here are the top three drivers for companies to wake up to the Feedback Economy:

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73%

Meeting customer expectations in order to delight customers & drive value

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49%

Developing an ongoing strategy toward improving omnichannel delivery

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56%

Addressing and resolving customer conflicts in a better way


How can you succeed in the Feedback Economy?

Tune in to the voice of your customers

In the fight for new revenue in an evermore competitive environment, companies must grab the opportunity to differentiate by focusing efforts on a customer-centric approach. This means tuning-in and listening to the Voice of Customers (VoC) by capturing feedback on digital channels.


These industry leaders have already paved the way in the Feedback Economy

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In just one week, PSG scored an additional revenue of 150,000 euros by gathering feedback through a targeted survey and tackling major website bugs.

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KLM found that its Silver or Gold members were unable to change their seats for European flights. After spotting and correcting the issue, KLM immediately saw an increase in sales, equating to approximately 30 more seats booked per day.

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Following a redesign in Build.com’s returns funnel, the company checked in via survey to see how satisfied its customers were. Build.com found its CSATShort for 'Customer Satisfaction', a commonly used key performance indicator used to track how satisfied customers are. Find more abbreviations in our glossary score had increased by almost a full point on a 5 point scale.

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