How Customer Feedback Can Turn Into Your Competitive Advantage
Customers are one of the most treasured assets of a business. Every customer’s opinion matters and plays an important role in crafting a company’s future. Businesses grow and gain a competitive edge over others via different methods, customer feedback being one of them. Customer feedback is valuable for it not only provides businesses with meaningful insights but also proposes contemporary and up-to-date solutions. Reviews from existing buyers encourage your prospective customers to trust your business. Asking for customer feedback gives your clients an impression that their opinions are acknowledged and valued.
Let’s ponder on a few of the perks that customer feedback offers:
Reacquire Lost Customers
Client feedback is specifically critical when an enterprise surveys lost consumers to examine why they are not buying its product anymore. The purpose is understanding and implementing the desired changes to cater to the clients’ needs. For instance, a company that has lost customers can talk to them and examine why they no longer use the product. The company could learn that customers actually do not like paying $19. 95 per thirty days for 10 features, when most of them only used just a few of those features; suggesting there could be a possibility that they may favor a multitier pricing structure. Similar underlying issues remain unnoticed and ignored if feedback is not implemented, which results in a high customer turnover. Focusing on gathering feedback and implementing is essential to reacquire lost customers, and retain existing ones.
Helps You Innovate and Improve Business
Asking customers about their views not only gives you a chance to understand them better but also indicates unidentified loopholes in your business processes. Exposed to such insights, the company is in a better position to judge and fulfill demands of its clients. Customer views are shared company-wide for participation by the customer support staff to ensure implementation and improvements. Make sure that client feedback is used to constantly innovate and improve the products and services your business is offering. For example, discontinuing a product that clients were not happy with, and introducing ones that they demand.
Ability to Gauge New Market Trends
It is necessary to keep tabs of the trends that are in the run and stay up to date on social media. Feedback facilitates you to stay ahead of your competitors. If suggestions are telling you that consumers’ are looking for a particular product, it gives you the chance to come in front and lead the group with a brand new product or service. It helps eliminate redundancy in your products and services, and enables you to better understand the demands of your clients in order to make more sales. In order to ensure quality assurance and standardization, every company should have a social media analyst to study the market patterns and gather responses from as many sources as possible.
One of the best support channels to reach out to customers is live chat. It is one of the most reliable and efficient method for getting feedback, communicating and responding instantly. Offering live chat to your clients on your website and through your mobile app keeps you closer to your customers ensuring better customer satisfaction by understanding what they want.
Builds Positive Brand Image
Asking your customers how they feel about your brand post purchase is important to uphold credible brand reputation. When a client is satisfied, requesting for feedback makes him/her feel valued and important. According to a study by White House Office of Consumer Affairs, it is 6-7 times more expensive to acquire a new customer than to retain an existing one, therefore, it is important to make efforts to increase the number of positive customer experiences. Asking for feedback and then implementing it is likely to result in customers spreading positive word about your business and it also raises the probability of more referrals for the business.