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How AI Helped an Auto Manufacturer Achieve 81% Customer Retention Rate?

How AI Helped an Auto Manufacturer Achieve 81% Customer Retention Rate?

Long story short

Knowing how your customers feel about your product is very important to improve their experience, retain leaving customers, increase customer loyalty, and save your brand reputation. With this goal, a leading commercial vehicle manufacturer regularly conducts customer surveys.

But with tons of feedback collected from multiple channels, it was impossible for them to measure accurate customer satisfaction. They implemented an AI-powered customer satisfaction survey system and achieved remarkable results.

Meet our client! 

A subsidiary of one of the Fortune 500 companies, who is a leading name in the automotive landscape since 1998. They manufacture trucks, buses, and construction equipment and operates across 18 countries.   

The Goal: Improving Customer Experience 

Giving a great customer experience to the customers is the topmost priority of any business. But without knowing customers’ opinions about your products or services, taking any action is like a shooting in the dark. 

Our client was well aware of this, and they aimed to take the right approach. Customer satisfaction survey served as a direct window to know if their customers are satisfied with their products. It also let them know how likely they would recommend their products to other people and how loyal they are with their brand.

This understanding helps them in making effective strategies to retain unsatisfied customers, measure customer lifetime value, cost to serve and customer acquisition. 

Major Challenges They Faced

1. Hours Spend on Creating Survey Forms

Manually creating survey forms is a lot of work as there are various factors to considers. From selecting the right questions to making it engaging and unbiased. This is just for one survey. Imagine creating survey forms for a multiple customer groups and locations. A lot of time and efforts is required especially when each has different set of questions. Organizing questions at multiple excel sheets and cut, copy, pasting every time a new survey form is created, was a headache. 

2. No Unified Insights to Assess Customer Satisfaction

From customer relationship management tool to customer feedback management tool, not just one tool was used to collect and store feedbacks. Getting unified insights from all these tools was difficult with sheer volume of feedback they receive at the end. Problem was bigger with unstructured feedback that they receive in form of comments or conversations on social media platforms. Analyzing true emotions behind those words was the biggest challenge with conventional survey methods. 

Overcoming All Challenges at Once with Artificial Intelligence

We developed an AI-powered customer satisfaction survey system for the client converting their challenges into opportunities. Here is how implementing the system delivered results that could not achieve earlier. 

Automatic survey creation 

A task that took them hours is done in minutes by only drag-and-drop the questions in the selected template. The best part is they don’t have to find relevant questions or extract data for each survey from multiple excel sheets and tools. The survey system automates the entire process. It also has a question bank with features to add, edit, or delete irrelevant questions. It syncs with all the essential tools to extract data in seconds.  

The intelligent survey design let them create engaging surveys and display questions based on customers’ previous response. It also has multiple language options allowing customers to answer in their preferred language. 

Today, our client’s team creates over 100+ survey forms for targeted locations in less than an hour. Personalized surveys reduced customer dropout rate helping our client collect relevant feedback. 

Automatic survey distribution on multiple channel

Email, chatbots, text, SMS, website, social media platforms, there are various channels where audience connect and communicate with the brand. Sharing surveys at each channel is difficult if done in conventional way. Customer satisfaction survey system eliminates this trouble by integrating multiple channels at one platform. They can now distribute surveys wherever and whenever they want to. 

Real-time insights on customer responses 

Automated reports and dashboards helped our client makes the most of feedbacks. They now have clear insights on the customer responses, CSAT trends, and yearly performance of surveys. These representations made net promoter score and CSAT score calculation easier than before. 

It also helped in analyzing the exact areas or problems that frustrate most of the customers. These real-time insights are then shared with relevant departments to promptly address their concerns. 

Accurate and predictive CSAT scoring 

Calculating CSAT score from the tons of responses is a difficult task when done manually. A lot of effort goes into aggregating and interpreting data from multiple sources and survey forms. Manually sorting through this complexity lead to errors making it difficult to identify patterns or trends.  

AI system made this complex analysis and calculation easier, faster, and error-free using machine learning algorithms. It automatically calculates CSAT score from current feedbacks and also predict the likely satisfaction level of customers in the future. 

With the help of this system, our client achieved 4.4 CSAT score on the scale of 1 to 5. 

Increased customer retention rate

Less satisfied customers quickly move on to the competitors, bringing a direct loss to the business. However, predicting customer churn rate from text-based feedback was hard for our client considering the volume of feedback they receive at multiple touchpoints.

With AI system’s predictive analytic capabilities, understanding customer sentiments from unstructured data became easy. They could also identify hidden patterns and trends in that data to measure the possibility of customers leaving. 

This critical insight let our client tap into such high-risk customers and prioritize their needs. As a result, customer retention rate jumped to 81% from 63%. 

It’s Time to Upgrade!

Customer experience can make or break your business. But you cannot predict how they feel about your product or services without connecting with them. Invest in a customer satisfaction survey system to understand your customers, improve their experience, and drive business success. Its advanced survey, analytics, and customer experience management capabilities make it a valuable tool for businesses irrespective of their size and budget. 

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