Medallia

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As a Founding Partner at WAV Group consulting, I have the opportunity to talk to fund managers about their investments in real estate. Some investors are focused on supporting public companies such as Realogy, RE/MAX and others are betting against them with short positions. The truth is that we do not ever know the position of the investors when they ask questions. We just answer them as best we can. On a call this morning, I was asked a profound question about customer experience in two parts. Part 1. What brand has the highest customer satisfaction rating? Part 2. What brand has the highest agent satisfaction rating? These questions illustrate the importance of the customer experience for investors as they consider their investment strategies. Research from Bain & Company shows that companies who drive loyalty through great customer experience see increased growth and reduced costs.   Also, Watermark Consulting findings show that customer experience leaders dramatically outperform the market. As a leading provider of research to technology firms and listing services, we measure product and service satisfaction. We run a number of consumer panels to find out how consumers value the experience with Realtors® to influence Association strategy, but we have never benchmarked separate brands. I know that Century 21 wins the JD Power Award each year. But that does not tell the whole story. Customer Experience has become a science. McKinsey & Company found that measuring journeys is much more impactful than measuring individual touchpoints. With multiple touch points in a customer journey, they have a cumulative effect on the overall experience.  Benchmarking satisfaction can be helpful, but benchmarking metrics will not tell you where and how to improve the customer journey.  Regardless of a brand’s rank and score, organizations who are growing and innovating are constantly looking for ways to improve.  Simply watching scores will not drive these outcomes. Listening to feedback on the customer experience throughout every touchpoint is not as easy as simply flipping a switch. Many companies talk the talk about listening to the customer.  But actually understanding and acting on the voice of the customer is very difficult.  However, this can be done with the right technology and thought leadership.  As an example, Medallia has spent 16 years building technology and best practices by working with some of the most innovative companies in the world like Mercedes-Benz, Hilton, Farmers and many more.  They measure the […]

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