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Customer Feedback: 4 Benefits You Can't Afford to Ignore

Customer Feedback: 4 Benefits You Can't Afford to Ignore

Marketers are always trying to understand who their target demographic is and how they can most effectively align their products and services to meet the needs of that demographic. But smart marketers know that the most effective way to answer these questions is to speak directly with customers via feedback channels, using gathered insights from those channels to grasp, improve, or develop a better understanding of the customer and what he or she is looking for.

Savvy marketers understand that customer feedback is the only way to successfully market their business which is why nearly 85% of them regularly gather feedback after a customer interaction or encounter, using feedback for the general purposes of: (1) designing more relevant marketing campaigns; (2) delivering personalized offers; (3) improving customer support; and (4) winning new customers.

Here are four specific reasons why routinely gathering feedback from your customers is sure to benefit your business.

1/ Use feedback to turn bad experiences into positive ones

Bad experiences happen. Mistakes are made, customers feel dissatisfied and, consequently, they take their complaints to social media: roughly one million people tweet about customer service each week with 80% of those tweets negative or critical in nature. But, no matter the reason, you can take this as an opportunity to improve your reputation. Engage your disgruntled customers, listen to their concerns, admit whatever mistakes you’ve made, and let them know that you intend to fix the problem immediately.

A prompt, courteous response to negative feedback often works in a company’s favor:  33% of customers who receive a response after posting negative feedback on social media follow up with a second, positive review, with 34% deleting the original negative review.You will not only protect your brand’s reputation but your relationship with existing and future customers who will be impressed by how well you deal with problems.

2/ Include customer reviews on your website and mobile app

Customer reviews are one of the resources shoppers trust most when they are researching new products and services: 90% of online customers are influenced by reviews, particularly the good ones. But don’t be afraid to also include those which offer negative or constructive criticism: one study has found that consumers experience 70% more trust in a brand when they see a mix of positive and negative customer feedback.

If your customers have something to say about your products or services, it’s a good idea to showcase their opinions across all of your digital touch points. To solicit feedback, make it easy for customers to access review forms or feedback surveys, and always let them know how much you appreciate their taking the time to provide you with feedback.  Ultimately, showcasing their feedback is a smart way to drive conversions. It not only increases engagement but also promotes trust and loyalty.

3/ Collect actionable insights to improve the customer experience

Improving customer experience should be a top priority for any business. Asking your customers what they want, closely monitoring their transaction histories and channel preferences, and using these insights to create an incomparable experience is, without a doubt, the best way to stand out from your competition. In today’s business world, competition is fierce and, if creating a superior customer experience isn’t your top priority, it should be.

Maximizing satisfaction across the customer journey could potentially: (1) increase customer satisfaction by 20%; (2) lift revenue by up to 15%; and (3) lower the cost of serving customers by as much as 20%. Taking a close look at your customer experience across every touch point to ensure that you are delivering the experience they actually want will demonstrate your commitment to your customers and your desire to provide them the highest level of support.

4/ Use feedback to create a better value proposition for your customers

If you are simply guessing at what your customer want, there is a good chance you’re not giving them what they’re actually looking for. You have to ask your customers what they desire if you’re going to stop them from moving to a competitor. And make no mistake: they will have no problem switching to a competitor if you can’t fulfill their needs.

In fact, 46% of U.S. consumers say they are more likely to switch providers today than they were 10 years ago, citing everything from price to inefficiency to bad customer service as reasons for abandoning a company. Therefore, it pays to find out what your customers value most and to deliver that value every time they interact with you. No business can afford to overlook the importance of value especially when you take into consideration that 86% of customers say they will spend more with a company that can deliver a better experience.

For all of these reasons, customer feedback is sure to enhance your reputation, revenue, and loyalty. Businesses who actively engage their customers  – and, importantly, actually listen to what their customers tell them – will rise above the competition thanks to a truly unparalleled customer experience.

Download Ebook How Top Fortune 500 Companies Increased Their Performance Using Customer Feedback