The rise of a more competitive market, innovation and technology, and more empowered users have resulted in a growing need for companies and organizations to adapt with the digitally savvy consumer while maintaining customer trust and providing excellent customer service.
As a response, brands and companies have sought new ways to address changing customer needs and meet expectations. Customer engagement is on the upswing, as companies explore innovative ways to address customer needs to connect and engage with their customers better. However, there is no room for complacency – a white paper stated that new challenges are surfacing, requiring companies and brands to redefine their strategies to better leverage social media, provide customer support, and ensure airtight security policies to ensure overall customer satisfaction.
Understanding Consumer Needs: Business Insights Lab
To unveil the new dynamics of consumer satisfaction, the TP Business Insights Lab developed its proprietary Global Insights Survey[1]. The survey has been helping companies and brands understand and anticipate changing consumer behavior through data-driven insights.
Here are a few highlights taken from the survey.
Customer satisfaction reached the highest rating in the last five years
According to the white paper that fully explores the Global Insights Survey, overall satisfaction with brands reached 8.2 on a scale of 0 to 10 in 2022 – a two percent rise from 2020, with 52% of consumers expressing a high level of satisfaction (9 or 10). The top five sectors with the highest customer satisfaction are Games Consoles, Personal Care, Payment Methods, Hotels, and e-Retail.
Key trends in customer perception and behavior
52% of consumers can be considered “promoters” and only 19% can be identified as “detractors,” leading to an Advocacy score of 33%. This represents an increase of seven percentage points since 2020. Loyalty, another marker of customer perception, is also increasing: 57% of consumers intended to remain customers of a brand, company, or a service over the next year.
The highest loyalty scores can be found in these sectors: Payment Methods, e-Retail, Food Delivery by App, Personal Care, and Banking.
The value of customer support
The role of customer support in driving customer satisfaction continues to strengthen. A positive customer support experience affects loyalty – according to the survey, consumers with a positive experience when contacting support have a higher loyalty intention.
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More than two out of five consumers now prioritize good customer support from the brands they buy from. And one in three are willing to pay more for it.
– Global Insights Lab Survey
The power of social media
The growth of social media channels has made it easier for consumers to rant – or rave – about brands and companies. Social media has become a place where consumers are free to promote or detract products, services, and poor personal experiences from customer support. In fact, the survey reported that 40% of consumers said that they posted or reposted about their brand’s customer support on social media. Thus, brands and companies must elevate customer support and also create consumer response strategies that aim to protect brand reputation and keep customers happy.
Download our white paper “ Unveiling the New Dynamics of Consumer Satisfaction” in full to discover valuable insights taken from the TP Business Insights Lab’s Global Insights Survey.
[1] The latest edition of the Global Insights Survey featured consumers from 16 countries across 20 sectors, totaling over 86,000 responses.
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