Study reveals what companies in Phl need to do to win in 2022

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on whatsapp
WhatsApp
Share on email
Email

Poor customer service costing companies up to US$42 billion annually, 57% of Filipinos plan to look for a new job next year

By Victoria “NIKE” De Dios

Like it ot not, there is a growing competition in the business. Needless to say, business owners don’t even talk or think about the growth yet as the world continues to deal with the challenges created by the pandemic. The issue now is how to survive the business from hereon forward.

As we face another year to come, many comanies conduct their own business review, to see how did they fare in the past two years vis à vis the mutating coronavirus variants that inevitably affected the business performance.

In the recent study conducted by Qualtrics, nearly all consumers in the Philippines (94%) said they were dissatisfied with their experiences as customers in 2021, according to the Qualtrics 2022 Global Consumer Trends report launched today. This could be costing businesses up to US$42 billion in the country annually. 

Customer service support and prices and fees were the most common areas consumers wanted businesses to improve. Expanding the capabilities of products and services was also called out for improvement. More than three-quarters of respondents said businesses need to care more about them (79%) and get better at listening to their feedback (80%).  

Some 79% of respondents said they would spend more with a company if they were treated better. The value of experience is further highlighted by additional research from the Qualtrics XM Institute, which found Filipino consumers are 3x more likely to re-purchase, trust, and recommend a company after a positive customer experience. Two-thirds (64%) of respondents said they have cut spending after a poor customer experience.

It’s not just the consumer businesses need to worry about in 2022

Employee experience will be important in attracting, retaining, and developing talent next year, with more than half of respondents (57%) saying they plan to look for a new job in 2022, according to Qualtrics’ Great Resignation or Great Opportunity? study. The main reason people said they are looking to leave is for more growth opportunities (69%). Other reasons included salary (41%), stress (26%), and wanting to do more purposeful work (21%).

For those planning to stay with their employer, respondents said work/life balance was their main reason for staying (63%). Having purposeful work (35%) and growth opportunities (31%) were also important.

“As organizations across the Philippines accelerate their digital capabilities, addressing the disconnect between what customers and employees want and what’s actually being delivered must be prioritized. Experience is now critical to every function and department, and those companies that rapidly embark on journeys to transform the experiences they deliver in order to meet current and evolving needs are set to win an outsized share of the market,” said Mao Gen Foo, Director of Sales for Southeast Asia, Qualtrics. 

Mao Gen Foo, Director of Sales for Southeast Asia, Qualtrics

“By continually listening and taking action on what matters to customers and employees, businesses can address the macroeconomic challenges they’re currently facing—such as talent shortages, supply chain disruptions, and rising costs—in a sustainable and meaningful way,” added Foo.

New Product Innovations and Investments from Qualtrics

In response to growing demand for its experience management (XM) technologies across Asia Pacific and Japan, earlier this year Qualtrics opened a data centre in Singapore. The company also announced plans to hire 1,200 new employees across the region by 2024.

Qualtrics has launched a number of new innovations for the XM Platform™ in recent months to help organizations build deep, personal relationships with customers and employees, authentically, and at scale. 

New products include Experience iD, which brings in capabilities from the recent acquisitions of Clarabridge, the leader in conversational analytics, and Usermind, a leader in journey orchestration, to enable companies to personalize experiences at scale. Experience Design for Hybrid Work and Workplaces helps organizations create new work experiences that enhance productivity, innovation, and growth across hybrid and physical workspaces. 

To learn more about Qualtrics, please visit https://www.qualtrics.com

Tags: