Starting a new business is hard, growing it is even harder! Often if a new business is struggling, there aren’t even any expenses that could possibly be cut. In fact, did you know that more than 40% of all small and medium service-based enterprises go bankrupt in their first 4 years of operations? Don’t take this chance and read below to find out how to increase business with the help of customer feedback.
1.Customer feedback helps you understand your customer
No business can flourish if their products or services are not meeting their customers’ needs. By constantly asking your customers for feedback, you can stay up-to-date on what they think about your company. Ask the hard questions, such as “What did you not like about your shopping experience?” or “What would you change?” so that you can get constructive feedback. Only by adapting and improving your services and products, will you remain relevant in your industry.
2. Customer feedback helps you gain new customers
Nowadays, word-of-mouth is the type of marketing that works the best. By encouraging your customers to post on social media reviews of your company, you ensure that all their friends and family will also hear about it. Thus, you increase your brand awareness and become a household name. Customers no longer trust “expert” opinions, but would much rather read a review by other customers who have tried the product. So take advantage of this and post customer testimonials on your website and watch your traffic increase!
3. Stay ahead of your competitors by asking for feedback
Asking for feedback is something which many companies already do. However, it is never too late to start, especially if your competitors are already doing it. Increase your business by gaining a competitive advantage over other companies in your industry by not only asking, but also replying to feedback. Show your customers that you care about their opinions and you value their feedback. Implement the changes they suggest and you will see them returning to you again and again.
4. Lower your churn rate with customer feedback
As Bill Gates famously once said: “Your most unhappy customers are your greatest source of learning.”
(Psst… Read this article to find out more inspirational quotes about customer feedback)
The customers who are not satisfied are the ones who churn. Therefore, it is your job to find out why! Identify customers which are at risk of churning and ask them what the issue might be. Prevention is always better than cure! However, if you miss some, send them a survey asking them why they left you and most importantly learn from what they have to say!
Increasing your business through customer feedback is easy! Just follow the suggestions in this article to achieve higher revenues and better company image!