We all know that companies should value their customers’ feedback, but did you also know that by investing in feedback management you can optimize your returns and expand your business growth? Read below to find out how to win big in the customer feedback industry:
1. Improved customer retention
It is no secret that customers want to feel like they are appreciated by the company. They want to feel like they are not just a way for a business to make money. Asking for and replying to their feedback demonstrates just that: you as a company value your customer’s experience more than anything else. This will not go unnoticed by your customers and they will keep coming back again and again. Ultimately, this will lead to higher customer retention and more incoming business.
2. Improved products and services
As we mentioned in our earlier article “5 Undeniable Reasons to Love Customer Reviews”, both positive and negative customer feedback can help you improve your business. In the past, it used to be that knowing what works with your customer would take a lot of money and time in market research and focus groups. Nowadays, however, customers willingly share what they love or hate about your products or services. All you need to do is to listen and adapt!
3. Emphasize your strengths to win more customers
Customer feedback can give you a clue into how your customers perceive you as a brand and what they love the most about you. Do they rave about your customer service? Then emphasize that on your website and use it as a selling point! Customers are amazed by your fast shipping? Make that known to potential clients who might be in a hurry! One of your products have gone completely viral and is now a bestseller? Put it on the top of your product list and watch the numbers of units sold explode!
Customer feedback can give you an idea about what you excel at and give you a fresh perspective from the point of view of your target audience.
4. Monitoring and controlling
Customer satisfaction surveys have another advantage: they are a great tool for monitoring and controlling. For instance, if the satisfaction ratings with one of your branches are falling, you can easily see what the reasons behind this might be and possibly invest in staff training or restructuring. Another example is if the satisfaction ratings with a product are falling over time and your customer’s experience with the product changes after using it for a while. Then, you might consider extending your warranty or offering replacement services. Even the simple act of asking your customers for feedback after they have purchased and used an item shows them that you care about them beyond the selling point. And this is what makes a business grow!
5. Improve your brand image
Finally, having more positive reviews online immediately boosts your online reputation and brand image. The more satisfied and positive customers you have, the more likely you are to benefit from word-of-mouth referrals. On the other hand, if you have lost customers, asking them for the reasons behind it and showing that you are striving to fix the issues which made them leave shows that you are a company they can trust.