Do you listen to your customers often? No? Well, you should.
You may think that you deliver one of a kind product/service. You probably do everything that is possible to satisfy your customers. Surely, you take care of them like kings and queens. Your R&D department also seems to be coming up with newer and better features.
But, How would you know – if that’s worth it? If your customers are happy? OR even if they liked or disliked something?
As an entrepreneur, leading with innovation is really important. But concurrently, you also need to keep your ears to the ground. Meaning, besides providing a solution, you also need to collect some reviews from your customers. The logic here is obvious – if you helped a man out with something, won’t you ask him if it worked?
To support the idea better, let us tell you the five major reasons why customer reviews are worth your investment.
1. Tell you, what customers like and dislike
For any business, the most important thing is its customer satisfaction. Knowing what works for your customers and what not, is very crucial. With customer reviews, you can easily learn what your customers enjoy about your product/service and what they loathe about it. However, once you know what your customers are craving for, you can always serve them better.
2. Tell you, where you stand
While you’re struggling to make your place in the market, it may get hard to track your position. Customer reviews, however, can help you apprehend your status in the market very accurately. Take it as a free industrial analysis, that someone did for you. With it, you can have a clear idea about the strengths and weaknesses of your product/service as compared to your competitors, from a customer’s viewpoint.
You may not be able to know what you’re doing wrong from within. But, a customer who is looking at you from the outside can easily point out your mistakes. This can not only help you make amends accordingly but can also help you in learning the market trends.
3. Help you in improving your products/services
A business can reach new horizons of success if it continuously looks for opportunities to improve its products and services. Customer reviews, whereby, are a free source of research & development that you can leverage. They don’t present you with test cases or “what if” situations. In fact, they tell you what actually went wrong with your product/service, so that you could make that right. Therefore, if you listen to your customers consistently, you can always stay updated as to what’s working for them and what’s not.
4. Create a sense of compassion
Another reason you should be investing in customer reviews is that it creates a feeling of mutual compassion. If you give a voice to your customers (that they know is being heard), it would create a very positive impact on your business. When your customers see that you are giving value to their opinion, they begin to trust you even more. Besides, when a customer feels like a part of your business, know that there’s just good news for you.
5. Increase your brand’s credibility
This is the prime reason behind the importance of customer reviews, that today’s businesses need to understand. The above 4 reasons discussed that what you could do with customer reviews. But, this reason is important, as it’ll tell you what customer reviews can do for you, on their own.
Customer reviews play a significant role in the online reputation of a brand. According to a study conducted by Spiegel Research Center in 2017, it was found that nearly 95% of shoppers read online reviews before making a purchase. So, if you get successful in gathering a good amount of reviews, don’t be shy to display them online. Because a brand with a higher number of reviews online has more chances at gaining new customers than a brand with lower or no reviews.
To conclude the discussion, customer reviews are a great source for the brands to increase their revenues. When a brand consistently listens and responds to customer reviews, it creates a learned atmosphere for both the parties. Whereby, the brands know what’s working for their customers and what isn’t. And, the customers know that they are being listened. This thing allows the businesses to make peculiar improvements in their products/services to best suit their customer needs. Such improvements lead to customer satisfaction which ultimately leads to higher profitability levels for the business.
Also, check out our previous blog to know our opinion on “Where Will Customer Reviews Be 1 Year From Now?“.