Retaining customers is a lot less costly than replacing them. You can retain customers with an experience that builds a positive image of your company and brand.
In many cases, however, customer service is only reactionary. Customers only see efforts to fix problems, instead of a proactive approach to improve the customer experience.
You need to know how customers feel about their experience at all the touch points along the customer journey. Customer feedback should be collected and analyzed at various times and touch points to provide information that can help improve your AR department. Leverage the benefits of customer feedback with the following tips.
Feedback Timing
The timing of customer feedback depends on the type of feedback you want.
- Short-term impressions – Ask for feedback at different touch points including: after they contact customer service, use your website or make a purchase online. This gives immediate reactions to the processes used.
- Long-term impressions – Request feedback at longer time intervals, every six months or annually, to analyze customer perceptions, loyalty and advocacy.
Feedback Type
Feedback can be collected in different forms depending on the type that you want.
- Customer Satisfaction Score (CSAT) – CSATs provide a measure of short-term satisfaction.
- Net Promoter Score (NPS) – NPS is a measure of the likelihood customers would recommend your product or company. It gives insight into customer satisfaction, loyalty/retention and advocacy.
Other feedback can be gathered without surveys.
- Resolution times – Shorter is better.
- Monthly recurring revenue – Consistent and growing is what you want to see.
- Customer churn rate – Too many customers lost is a strong indication of an unfavorable customer experience.
Feedback Collection
Collect feedback via the channels customers interact on most frequently.
- Social Media
- Telephone – automated surveys
- Mail surveys – May be the only way to reach some customers.
Digital accounts receivable solutions can help gather and analyze the information needed to improve your AR department and increase customer satisfaction with their journey through your AR processes.
Digital Solutions
Accounts receivable and accounts payable cloud-based solutions with customer/vendor portals and digital processes keep vendors and customers connected whether they work remotely or not.
With a connected accounting solution for your accounts receivable and accounts payable teams to coordinate work with customers and vendors, you can go digital and enjoy the benefits of office automation.
Lockstep, a leader in cloud-based connected accounting solutions, can help you boost productivity and optimize cash flow with:
- Digital Onboarding – Collect master data directly from your customers and vendors
- Accounting Inbox – Make it easy to divvy up work and track progress
- Smart Automation – Automate menial task with accounting integration
- Online Accounts – Give customers and vendors online access to their accounts
Lockstep is an experienced software partner that can help you increase efficiency and accelerate cash flow.
If you would like to learn more about how you can benefit from connected accounting solutions, please contact Lockstep at www.lockstep.io
