|By Business Wire||
|February 25, 2014 08:05 AM EST||
Mindshare Technologies, a leader in cloud-based Voice of the Customer (VoC) technologies, today announced it helped increase customer retention and reduce customer churn for one of the nation's largest video, high-speed Internet and phone providers to residential customers. Through its survey callback requests, Mindshare Technologies helped create an opportunity for the U.S. media giant to recover an estimated $23 million in revenue annually.
“It is exciting to see our technology leveraged by one of the biggest cable TV and broadband providers to save at-risk customers and generate significant revenue recovery opportunities,” said John Sperry, CEO of Mindshare Technologies. “At a time where options are high and penalties for defecting are low, service providers must place a premium on keeping customers. We are thrilled to have helped this dynamic company find new, innovative ways to connect with – and retain – customers who were considering leaving.”
Mindshare Technologies’ customer feedback technology was installed within several of the company’s regional customer care centers to provide immediate customer feedback following each interaction with call center representatives. Customers were given the option to complete a brief, automated survey following their interaction with a representative.
If a customer entered a negative response, they were asked if they would like to speak with a manager regarding their issue. Managers were then immediately notified of customer callback requests. The notification included all of the customer's survey responses, so that managers could immediately follow up in an informed fashion.
Approximately three percent of all surveys contained a callback request, which equated to roughly 1,000 recovery opportunities per month. According to research done by Pulitzer Prize-winning reporter, David Cay Johnston, the average cost of a bundled Internet package is $160 per month. At this rate, the average annual value of each customer computes to $1,920 per year. With an estimated 12,000 callback requests in a year, Mindshare Technologies’ VoC program presented the company with the opportunity to recover $23 million in revenue annually.
Mindshare Technologies’ advanced VoC text analytics technology enables companies to obtain a comprehensive view of customer and employee feedback in real time via open-ended phone and online surveys. The largest provider of cloud-based VoC solutions for the contact center industry, Mindshare Technologies drives operational improvement for brands in more than 125 countries throughout North America, Latin America, Asia and Europe.
About Mindshare Technologies
Mindshare Technologies is the largest provider of cloud-based VoC solutions for the food services, retail and contact center industries. Using a proprietary customer review platform, Mindshare collects feedback in real time to help companies retain customers and increase profits. As a full-service partner, Mindshare provides tactical instruction, strategic guidance and customer experience consulting to global brands and multi-unit operators. For more information, visit www.mshare.net.