Improving customer feedback management could provide boost to industry
Findings from the Barclays Feedback Economy report has indicated that by improving how customer feedback is used, the UK hospitality and leisure industry could boost the UK economy by £3.2bn over the course of the next ten years.
Managing customer feedback is becoming increasingly important with 59% of consumers saying that online feedback helps them to determine where they visit and 45% are more likely to leave a review today compared to 18 months ago.
Younger consumers use reviews the most, with 70% of millennials saying that reading reviews play a role in their decision making. Businesses also value the feedback with nearly 60% reporting a boost in bookings as a result of positive feedback left by customers.
A more successful hospitality and leisure sector has the potential to add an extra £2bn to the UK economy with the impact on the sector’s large supply chain contributing a further £1.2bn. This economic benefit will be achieved by improving how businesses such as accommodation providers and other travel & tourism businesses, monitor, manage and respond to their customer feedback. Putting processes in place to better manage customer feedback will create a more responsive sector, attracting more overseas tourists and encouraging domestic visitors to stay longer and spend more, increasing spend per head and benefitting the sector’s wide supply chain.
Head of Hospitality and Leisure at Barclays Mike Saul, said “The rise of feedback sites has been a disruptive force within the hospitality industry over the past decade. Our research reveals that those working in the UK hospitality and leisure industry feel that these faster, easier and simpler feedback mechanisms are a good thing for the industry – resulting in more agile businesses better able to serve the evolving needs of consumers.
UK consumers are more likely to use and leave feedback than ever before. Barclays’ survey reveals that three fifths (59%) of UK consumers state that reading other people’s reviews plays an important role in helping them decide where to visit or stay.
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