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Richmond Events US Business Panel Research - US Economic Outlook Report


The latest Richmond Events' business panel report is now available. Please read on for headline findings and to download the full report.

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Richmond Events US Business Panel Research - Employee Engagement Report


The latest Richmond Events' business panel is now available. Please read on for headline findings and to download the full report.

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Richmond Events Business Panel Report - Economic Outlook


Key Findings Include:

  •  Only 4% of the panel expect the economy to grow significantly over the next 12 months. However, almost 2/3 expects it to have shown some signs of growth.
  •  The figures for 3 years’ time are much more optimistic. 19% of the panel expect the economy to have grown significantly whilst a further 71% expect it to have grown marginally. Only 3% expect it to shrink a little.
  •  The highest proportion of the panel has increased headcount and may do so again, with a further 8% having increased it but not expecting to do so again. Areas showing particularly strong growth include IT, sales and marketing. 
  •  69% of the panel feel their revenues will increase over the next 12 months with 59% feel their profits will do likewise. This further reinforces some of the renewed optimism within this year’s results.
  •  37% expect to see their budget increase compared to 19% who expect it to see it go the other way. The rest, 44%, don’t see it changing.
  •  20% of organizations expect to move some part of their business outside the US over the next 2 years. The most popular destinations are South / Central America and India.

Download the full report.


Richmond Events Business Panel Report - Customer Service


Headline findings include:

  • 29% of organizations have a dedicated customer services manager / director ultimately responsible for their customer service.  15% of organizations leave customer service in the hands of the sales director whilst 13% do likewise in the hands of the operations director
  • 39% of the panel have seen an increase in their customer services budget over the last 12 months, with only 9% seeing a decrease.  19% of organizations don’t have a specific customer services budget.
  • 89% of organizations measure customer satisfaction levels, 59% on an on-going basis and 30% occasionally.
  • 20% of organizations say they achieve continuously excellent customer satisfaction levels whilst further 53% say they are, on the whole, good.  Only 4% admit there’s room for improvement.
  • Only 1 in three organizations say their customer satisfaction research is central to their on-going strategy, though a further 40% say some changes are implemented depending on the results.  Almost 1 in five organizations admit to there being a gap between the research and acting upon it.
  • ¼ of the panel say their organization gives customer service training the highest importance, whilst a further 46% say they give it ‘reasonable’ importance.
  • Almost ½ the panel admit that whilst social media currently plays a limited part in the whole customer service mix, it is becoming more important.  13% say it’s currently central to it, though this figure is likely to increase.
  • Given a list of options, the panel rate their organizations’ performance highest in terms of dealing with product / service information queries and reputation management. 
  • The most important area to an organization in terms of their customer service offering is handling complaints quickly and efficiently.
  • Over ½ the panel claim they give their customer service staff as much decision making responsibility as possible, whilst 34% say their organizations offer a genuine career structure with recognised promotion opportunities.
  • The 3 areas that are seen as the most important qualities looked for in a customer services employee are a strong work ethic, a team player and product & service knowledge. 
For full report http://revents.info/l/6qD

Richmond Events' Bussiness Panel - Competition


Headline findings include:

  • On average our panel’s organizations have 14.7 competitors in the US, a further 14.5 in the Western Hemisphere and 17 throughout the wider world. 
  • Their most significant competition comes from close to home, with 89% of the panel saying it’s from within the US.  This is followed by the European Union and China / East Asia. 
  • The top 3 areas of competition that organizations face are on price, technology and quality.
  • 94% of the panel agree that competition results in better products and services which in turn results in more choice for the consumer.
  • 70% of the panel say in some instances their R&D program is based on observing what their competitors are doing.
  • Only 6% of the panel feel their organizations have been the victims of unfair competition.  However they feel 10% of their competitors have been likewise - sometimes from themselves!
  • 52% of organizations face competition from internet only businesses.
  • Over half of the panel’s organizations have successfully bought a competitor, with a further 5% trying but failing.  Only 10% have been bought themselves.
  • The top 2 reasons for an organization increasing its market share over the past 5 years are taking sales from competitors and a major product innovation / development.
For full report http://revents.info/l/6qt

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