OPINION: Ignore customer feedback at your own peril

Customer feedback has always been—and will continue to be—a critical asset. When harnessed effectively, it drives innovation, deepens customer loyalty, and secures a competitive advantage.

A report released last month by a US-based consulting firm states that 90 percent of customers read online reviews before visiting a business website, and 88 percent trust these opinions almost as if they were personal recommendations. Other surveys show that the success of a business is often based on how it interprets customer feedback.

According to Forbes, customer feedback should be seen as an ongoing conversation that provides insights into the evolving needs and expectations of the audience. By fostering this conversation, businesses can create products and services that resonate with customers, increasing satisfaction and loyalty.

Research shows that for every satisfied customer, there are 26 unhappy consumers, yet businesses address only four percent of customer complaints. By collecting and acting on feedback—by listening to the voice of customers—companies can address the needs of unhappy customers, which increases customer satisfaction scores.

Businesses have always been collecting customer feedback. Verbal and direct feedback has been used for years. However, in today’s competitive environment, businesses must provide their customers with a seamless and personalized experience. Some businesses prefer traditional surveys, which provide valuable insights into customer experiences such as satisfaction, product features, or customer service, and are typically conducted via email or phone calls.

Others target focus groups, asking them to comment on a good or service. These involve one-on-one conversations with individuals over the phone or in person.

In the spirit of cost-cutting and efficiency, online surveys embedded on a website or shared on social media provide the quickest feedback at almost no cost. This has replaced phone calls, which were more common in the early 2000s.

However, in a highly digitized and innovative world, chatbot customer services designed to elicit information and ask specific questions about products, services, or user experiences are now widely used. Chatbots provide organizations with an affordable option to gain real-time customer insights, and they can be accessed 24/7.

At Jubilee Health Insurance, we employ a cocktail of methods specific to our diverse clientele. As internet penetration continues to grow in our markets, we are cutting back on paper feedback in line with our commitment to our environmental conservation charter.

The feedback we receive has enabled us to roll out some of the best products in the market. This has been crucial in our ongoing "Always With You" program, launched in mid-2024. This value proposition aims to make healthcare more accessible and convenient for our customers.

This initiative allows customers to visit their local pharmacy branch for a teleconsultation with a doctor, ensuring they receive the medical attention they need without the added hassle.

Besides customer satisfaction, a clear feedback and response platform fosters brand loyalty. Research shows that 86 percent of loyal customers recommend the company to friends or family, 66 percent write positive reviews, and 46 percent remain loyal even after a negative experience.

Customer feedback is also invaluable for marketers. A whopping 85 percent of marketers indicate that collecting and analyzing customer feedback helps businesses identify common pain points that need to be addressed.

Companies can also spot patterns and trends in customer feedback, such as recurring complaints or improvement requests, and turn them into actionable insights. Given the impact on customer success and the potential for revenue development, organizations can use consumer data to prioritize areas for improvement.

As business leaders, we must recognize that every piece of feedback is a window into our customers’ evolving needs and expectations. Ignoring these insights isn’t just risky—it’s a missed opportunity to lead and transform.

As we head into 2025, let us rethink how we approach feedback. Instead of resisting criticism, let’s embrace it. The most successful companies are those that turn negative feedback into positive change.

Customers don’t always leave because they found a better alternative—sometimes they leave because they feel unheard. Let’s ensure they don’t have to. The future belongs to those who listen. Let us embrace customer feedback as the cornerstone of innovation and growth—because ignoring it comes at a cost no business can afford.

The author, Monica Chege, is Head of Marketing and Communication ~ Jubilee Health Insurance.