A fun, easy and rewarding way for consumers to give their 2 cents worth.

My2Cents Feedback platform for retail businesses helps create deep, lasting relationships with customers that can be used to address issues and implement improvements, big and small, that enhance the vision and strategy of the organization. My2Cents helps generate the insight that improves customer and employee loyalty, reduces operational costs and improves organizational effectiveness.
Forrester Research recently released a report on Enterprise Feedback Management (EFM) for the Customer Experience Professionals.
Forrester defines EFM as: A system of software and processes that enables organizations to centrally collect, analyze, and report on feedback from key customer groups and tailor insights for various internal users.

EFM solutions help Voice of the Customer programs scale up Voice of the customer (VoC) programs are inherently complex, especially when they cross channels and organizational boundaries. To make them effective, customer experience professionals gather feedback from a range of sources to get a full picture of customers perceptions. Then they make the feedback relevant and usable for a range of employees with a variety of needs to drive customer-centric decisions. Enterprise feedback management (EFM) solutions help customer experience professionals manage this complexity by centralizing and automating essential VoC activities (see Figure 1).

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Sources: Forrester Research Gartner Research Maritz Research

Ed Thompson vice president and distinguished analyst at Gartner: In 2012, CRM executives are faced with the challenge of taking social more seriously not as just another channel, but as a whole new way of doing business, . Gartner predicts that by 2014, refusing to communicate with customers via social channels will be as harmful to the relationship as ignoring their emails or phone calls is today.

Prior to launching its mobile solution, My2Cents conducted a comprehensive consumer survey to understand consumers needs their thoughts and feelings towards retail businesses in order to get better insight on the following:

How do they feel about feedback?

Are they willing to help?

Are there any obstacles in the relationship and/or communication?

Sources:

Forrester Research

Gartner Research

Maritz Research

My2Cents Survey
Questions were asked of both male and female with an average of 80 responses and no less than 60 responses per question. QUESTIONS ASKED
If you had an idea about an improvement of business would you tell it to the owner?

RESULTS
66%

CONSUMER COMMENTS
It shows initiative Always share great ideas Yes I just don't expect the owner to share in my idea For profit, yes. Otherwise no. Id keep it to yourself If I'll be rewarded No. They will most likely ignore me No. I'm sure egos are at stake I would a great chef would consider what you have to say Sure change up is always good to have Yes. They might not like it but they need to know Na. I just would stop using that store 100% yes. IF you don't tell the problem will never be solved.

Would you suggest a change in a recipe to the chef if you thought it would make it better? If you had a bad experience at a store would you voice your opinion to the owner?

68%

80%

70%
Do you like to praise good service?

Always! People work hard for da money Of course a job well done deserves some appreciation

Ever had a bad experience at a shop and never told anyone?

44%

Do you like surveys?

55%
As long as they aren't ridiculously lengthy No I never respond

75%
Ever left feedback for a business?

Sure if they require constructive criticism Only when someone hands me a card and asks me to fill it out Yes, but never went back to see if they had made any changes No, prefer to see who's saying what and letting it be known who I am Depends who I am giving feedback and if good or bad

Do you prefer giving your feedback anonymously?

Sources: Forrester Research -

51%

Gartner Research

Maritz Research

QUESTIONS ASKED
Ever wanted to give someone your 2 cents but didn't?

RESULTS
78%

CONSUMER COMMENTS

Before going to a place do you use Yelp?

85%
Never used it In a new place

Do you think your making a difference when you give a business feedback? If you had an issue at a hotel would you ever come back? I would rather speak with the store owner about my experience than tweeting it? Do you think businesses want to hear about your good, bad and ugly? I'd rather email a business directly than tweet about it? Would you rather use your phone to provide feedback than filling out a form?

51%

Nah don't think so I try to but how would u know unless it changed something they did

69%

Yes, if they tried to fix the problem Not unless I had to No, there are too many options

70%

Yes, that is much more mature and quite frankly the way to go about it Yes, but then tweet if not resolved

64%

71%

71%

51%
Do you fill out comment cards?

Sometimes when I've had a really bad experience At timesThey need to hear the good as well I do if the service has been exceptionally good or exceptionally bad

Would you be more open to giving your opinion if you got rewarded $$? Do you think your making an impact when you tweet about a business?

59%

58%
Nope, it's all stupid Depends on who's following U.

Sources:

Forrester Research

Gartner Research

Maritz Research

Survey Analysis:
The above results confirmed the following findings

CONSUMERS WANT TO GIVE THEIR 2 CENTS

CONSUMERS DONT LIKE CONFRONTATION

CONSUMERS DONT THINK BUSINESSES CARE TO LISTEN

CONSUMERS DONT HAVE A COMFORTABLE COMMUNICATION CHANNEL WITH THE BUSINESSES

Sources:

Forrester Research

Gartner Research

Maritz Research