It can’t be denied that customer feedback is invaluable! It helps a company to see what it is doing correctly and what needs to be changed, what customers love about the products and what they hate about them too. Moreover, it has a variety of other small and big influences on the development of a company. Read further to find out more:
1. Customer Feedback drives growth
Did you know that 67% of customers would leave a company if they have had a bad experience with it (Forbes, 2018)? This combined with the fact that acquiring a new customer costs between 4x-10x more than retaining an existing one shows how important customer experience is!
Collecting and analysing customer feedback and implementing changes based on it leads to better customer experience. It also increases customer engagement and loyalty. This, in turn, results in higher sales, more revenues and company growth. Therefore, make sure that you incorporate customer feedback so that your customer satisfaction levels and your sales will be high.
2. Customer Feedback drives changes
Collecting and measuring customer feedback is only the first step. You need to consider the customer insights from all points and implement changes to reflect those. For example, ask your customers on specific changes you are considering and see if they like them or not. Thinking of redesigning your website? Then ask your customers if they like it and find it easy to use! Considering removing a feature of a product? Send a survey first to see how many people are still using it! Making changes to your packaging? Send a poll with your final design choices and see which one your customers prefer!
These are only a couple of examples of what changes you can make based on the customer feedback you receive! The most important point is to involve your customer in the product development process, so that they would feel more invested and valued.
3. Customer Feedback helps you discover new opportunities
Another advantage of asking your customers for feedback is that you could discover new opportunities which you have never considered before. Therefore, send surveys with questions such as “What would you improve?” or “What products do you wish we offered?”. In addition, ask your customers why they have decided not to buy from you or if they have switched to a competitor, what urged them to do it. All these open-ended questions will help you better understand your customers’ behaviour and discover new business opportunities!
In conclusion, collecting and analysing customer feedback might seem simple at a first glance, but the benefits you get from it are long-lasting. Customer feedback might make the difference between being an average company and being the market leader!