Customer feedback has always been a crucial aspect of one’s business
growth. As someone who is providing a product or a service to people,
understanding how the receiving end feels about what value they are
getting from your product or service can not only help you understand
the points of improvements, but also gives a sense to your customers
that you value their opinion and are willing to provide them with the
best.
Let’s give a closer look to how “effective” customer feedbacks are and
understand how it might help you grow as a business.
1. A happy customer can be a free advocate for your business
Humans have a tendency to share their good experiences with their
peers. When you have a happy customer, its very likely that they are
recommending you to their friends and family, for if they need your
product or service. Who doesn't need new customers right?
Being able to provide best to the customers is almost the primary
focus of any business who intends to grow in what they are doing.
All things come naturally when you have a growing number of people
who are willing to buy your product or service. Feedbacks can help
you know whats making your customers happy and what might be setting
them off and work on the pain points.
2. Being present to take feedback can work in building a Goodwill
Just like sharing a good experience, people have a tendency to speak
about their bad experiences as well. When you as a business fail to
meet expectations of a customer at some level, the first instinct of
your customer could be telling you what they didn’t like. This not
only can help you improve your offerings, but also stop them from
spreading the bad word among their peers and even social platforms
which in turn could hurt your business’s reputation.
When you listen to a customer who has been through an unpleasant
experience with you, it projects a sense of ownership and a will to
provide them with the better. This way your business’s reputation is
preserved and you potentially kept the customer with you for the
next time as well.
3. Know what to build
Businesses who tend to sustain themselves have one thing in common,
having the ability to adapt to people’s needs. But how does one know
what do their customers want ? Taking a guess or building thing in
ego of I know it all can be fatal to a business’s existence, let
alone growth.
By listening to customers at the right time, from the right places,
you can almost mitigate the probability of loosing your business
because of “nobody wanted what you were providing”.
4. Make better business decisions through data
When making a decision, its important to understand whats working in
the business and what needs iteration so that you can be on top of
your future plannings. Data has become the most valuable asset in
the last decade and is the primary driver to adopt any strategy for
growing a business. Having an efficient feedback and analytics
system can help you collect and understand all thats happening with
your business among the people you are selling to. This in turn can
help you build your strategy for growth and produce positive
outcomes.
5. Build Customer loyalty towards your brand
When you listen to a customer’s feedback and act on it with all the
intention to improve their experience with you, most often than not,
you foster a sense of loyalty with your customer and this in turn
can keep the customer with you in the long run.
6. Understand market trends
Customers in present day show an extremely dynamic behaviour when it
comes to consumption. Whether its a commodity product or an online
service etc., trends have shifted in favour of customers being more
inclined towards businesses providing them with the best value in
time. What this brings for businesses is a set of challenges to
understand the customer behaviour and preferences. Feedback could be
the best tool for getting on with understanding this behavioural
pattern and can help business deliver in real time to their
customers needs and keep up with the market requirements.
Apart from all thats mentioned, there are an infinite number of
benefits a business can derive from customer feedbacks that could vary
from knowing if their last product is being loved by the customer to
understanding what business locations are not performing up to their
expectations with the reasons why. The limitations of feedbacks as the
data to improve your business goes beyond the horizons and you can
leverage them to reach upto an extreme potential with the right
intention to act upon them.
Feedvise is built with the same vision and we are dedicated to provide
the best that you as a business might need to understand your
customers and grow your business. And yes we appreciate your
continuous feedback as well to work on what works for you :)
