5 Strategies to Profit from Customer Feedback

If you aren’t regularly gathering customer feedback,
then you must read our 5 top tips
for making customer feedback pay.

Getting a handle of how customers view your product, support and brand is invaluable. That is why, successfully utilizing customer feedback is a must for any company looking to navigate the treacherous waters of today’s business world.

If you are one of those people who understands that customer satisfaction is a vital ingredient of business success then you already know the value of feedback. That is great! If you however, are not quite sure whether asking for feedback is worth the time and effort then this short article will absolutely change your mind!

Understanding your customers and improving your offering must be an all-time priority in your business. Feedback holds priceless information, specific to your company that will not only help your business grow but it will also elevate you in the eyes of customers.

The benefits of bringing the voice of the consumer into the business are numerous however (we have to be honest here) gathering of responses could be a lengthy process. But, to keep you motivated – here are the top 5 reasons why it’s absolutely worth putting in the time effort into collecting customer feedback!

Strategy 1 – Build products and services that your customers want

To begin with, feedback is helpful to determine what the overall needs and wants of your target customers are. While the specific desires of each and every customer may differ, the clients of your specific industry will typically have a common list of preferences and demands. By gaining an understanding of what their expectations are, you can easily navigate your company to meet those requirements. Even if you think you are on the right track, it wouldn’t hurt having the reassurance.

You can then take this information and create products and services, you already know that your customers want. By refining old products and services or creating new ones, you can open up whole new revenue streams and become more profitable.

Strategy 2 – Find out if you are missing the blindingly obvious

Feedback allows you to correct deficiencies and inefficiencies. Maybe your customers have spotted something that you have failed to notice? In this case, encouraging feedback allows you not only to improve, but it also to decrease costs due to ineffectiveness.
Sometimes you get so close to your business, you can’t see the wood for the trees. Often your customers are the best people at pointing out inefficiencies that you overlook, they can help you get better, in return they get a better service and you get a more efficient operation.

Strategy 3 – Get your customers involved and increase loyalty

Feedback increases customer loyalty. Ensuring your customers are satisfied and demonstrating that your priority is to provide them with the best possible product and service is a win-win scenario!

Customer opinions will help you see your business from the client’s point of view and in turn they will feel valued and appreciated. It is a way of saying, ‘Thank you for your custom. Tell us what you think. We would like you to help us in the shaping of our offering. Your opinion is valuable to us!’

This will most certainly engage your customers with your brand and it will make them feel important and involved. Your clients feel significant when you treat them as such. So, never let someone feel ignored or that their feedback is insignificant.

To get the most out of this tactic, make sure you don’t make it feel like a faceless call-centre activity, the more you can make it feel like a 1to1 exercise, the more benefit you both will reap.

Strategy 4 – Use feedback to spot the next trend

Feedback helps you spot new opportunities and detect emerging industry trends. For example, if your clients come back unhappy that you do not offer online purchasing, maybe you should consider adding this to your mix. Maybe this is a new business prospect for you, or maybe this is something your competitors already do. Either way, in order for you to stay competitive and keep your customer happy, you should listen to their suggestions.

Specifically ask questions about their future plans, if they have seen or experienced anything elsewhere that they would also like from you, leverage the power of the crowd to spot new trends.

Strategy 5 – Avoid launching products or services that bomb

Gain reassurance. If you are about to introduce a new feature to your offering, asking for feedback can help you by giving you an early insight into how this new aspect of your product or service may be perceived.

Additionally, if someone makes a suggestion via feedback and you don’t have to commit to the change straight away. Only make changes when there is enough data (feedback responses) supporting them.

It is a great idea to get feedback regularly, often before a product or service is ready for full release, you only have to look at companies like Google who release products well before they are fully ready, they take customer feedback then refine their offering to suit their user’s needs.

We have only scratched the surface here, but you can see how customer feedback can benefit your business.
Our personal experience, revamping our brand and packages, was based on the feedback we received in the months leading up to us committing to these changes. And not to brag or anything, but we have had some pretty positive reviews so far. So why won’t you go ahead and do the same?

You may be pretty happy with the products and services you offer, but have you asked your clients about their views? Go ahead and give this a go!

Just remember, the very best incentive for a customer to give feedback is that you act on the responses they have taken the trouble to provide. Surely that’s what they are hoping for when they invest time replying. Hence, don’t ask for feedback unless you are committed to change. Prove that customers’ opinions really matter to you.

Please let us know what you think below.  We value your feedback!

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