Research Shows Closing the Feedback Loop Leads to Increased Satisfaction Ratings, Harvard Business School Study Reveals Higher Yelp Scores Yield 5 to 9 Percent Revenue Increases
This article originally appeared on Business Wire, June 19, 2014.
SANTA CLARA, Calif.–(BUSINESS WIRE)–DropThought Inc., the leading instant feedback platform that enables businesses to gather, understand and respond to customer feedback, today announced its partnership with Clover and its launch in the Clover App Market. Clover is a point-of-sale (POS) system currently deployed in small and mid-sized businesses in the U.S. and abroad. Clover customers can now download the DropThought instant feedback solution from the Clover App Market.
“DropThought offers an enterprise-grade solution that combines instant feedback and powerful analytics,” says Mark Schulze, Vice President of Business Development at Clover. “Understanding one’s customers is critical to running a business. Traditionally only very large businesses could spare the expense to build sophisticated feedback solutions. With DropThought and Clover, that all changes – it’s a solution that is available to businesses of all sizes, today.”
Customers have the choice to provide feedback either on the Clover signature screen or via email, text or print receipts. Moreover, customers can always choose to stay anonymous when sharing instant feedback.
According to Professor Baba Shiv, Professor of Marketing at Stanford’s Graduate School of Business and Board Member of DropThought, “Research shows that customer emotions become permanent with time. It’s best for an effective intervention to take place as close to the experience as possible.” If businesses are proactive in seeking and acting on customers’ instant feedback in a timely manner, they will not only retain existing customers but also add new ones through positive word-of-mouth.
In a recent test at three restaurants over a 16 month period, negative Yelp reviews dropped between 8 percent and 17 percent in the eight months after DropThought instant feedback was introduced as compared to the eight months before DropThought.
A one-star improvement in Yelp ratings translates to a 5 to 9 percent revenue increase, according to research conducted by Dr. Michael Luca, assistant professor of business administration at Harvard Business School.
With DropThought, businesses are able to close the loop with their customers. Business owners and managers get instant alerts on customer issues through the DropThought Manager mobile app and can respond to customers directly from their phones. The DropThought Manager app is available for free on the Apple iTunes and Google Play. Businesses can also view customer feedback and trends in realtime from anywhere on their DropThought web dashboard.
“DropThought is on a mission to help businesses increase revenue and customer loyalty by plugging the feedback gap and utilizing instant feedback to focus on issues that matter most to their customers,” says Karan Chaudhry, CEO and Co-Founder of DropThought. “Our partnership with Clover turns instant feedback from a novelty into a mainstream capability that businesses are growing to expect.”
As part of its premium offering available in the near future, DropThought plans to offer Clover businesses more value-added features like DropThought’s instant social media marketing and online reputation management solution and customer comments analytics to show advanced customer trends.
Businesses using Clover’s point-of-sale device can take advantage of DropThought’s 30-day free trial then opt in for $10 a month. More information can be found here.
About DropThought
DropThought’s Instant Feedback Platform empowers businesses to engage with their customers and employees in real time to gather, respond, and understand feedback that leads to improved experiences and higher satisfaction. DropThought currently serves several of the world’s largest companies. It is headquartered in Santa Clara, California.
Website – http://www.dropthought.com/clover
Twitter – https://twitter.com/dropthought
About Clover
Clover Network, Inc., is transforming businesses with Clover Station, a cloud-based point-of-sale device, and the Clover App Market, which enables developers to distribute their products to merchants using Clover. More information about the company is available on clover.com and more information about the Clover Developer Program is available at https://www.clover.com/developers
Contacts
for DropThought
Tim Johnson, 415-397-7600 (T)
415-385-9537 (C)
tjohnson@upraisepr.com
or
for Clover
Mark Schulze, 415-215-9332 (C)
mschulze@clover.com