Better customer feedback management could boost revenue by £2bn

In a new report, Barclays predicts that if businesses become more responsive to online feedback the hospitality and leisure sector can add £2bn to the UK economy with the impact on the supply chain contributing a further £1.2bn.

Source: Better customer feedback management could boost hospitality | The Caterer

Add that to the 2015 report, by workforce charity People 1st, showing that a 1% uplift in productivity could generate £1.4bn of extra revenue, and it’s plain that there’s more upside than downside for organisations that focus on Customer Experience.

Why?

Because focusing on Customer Experience means focusing on:

  1. The team that delivers the experience – meaning, more engaged, more proactive, more productive people on your front line
  2. The customer who is on the receiving end of the experience – meaning, customers who feel more valued, spend more, and are more loyal

Once you have adopted a Customer Experience mindset and strategy, you will find it easier to work out the systems and processes needed to deliver the experience and unlock all that potential extra revenue. You can then write better briefs – for training, for technology, and for physical environments.

It all adds up to a better investment strategy – which is a far better strategy to have than only a cost-cutting strategy.

What to Do Now

Let’s talk about the challenges and opportunities facing your organisation.


Many of the UK’s most prestigious Retail, Tourism and Hospitality brands, including Hamleys, the Royal Collection, Historic Royal Palaces, the National Trust for Scotland and The O2 have employed or partnered with Stephen Spencer to create or transform authentic, innovative and profitable customer experiences.

Stephen created “the most successful souvenir shop in Britain” (according to Mary Portas) for Her Majesty Queen Elizabeth, ran a rock ‘n’ roll museum for legendary promoter Harvey Goldsmith, and developed the team that opened London’s first cable car, linking two of the busiest London 2012 Olympic and Paralympic venues.

As well as his formal and consulting roles Stephen co-founded two major public/private sector initiatives to drive business creativity and customer experience – The Tourism Innovation Group and Pride & Passion for Scotland, and I led the development and management of a radically different approach to customer service training for the Scottish tourism and hospitality sectors.

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