Understanding the importance of customer feedback data helps a business to feel the pulse of consumer demand and acquire new customers. Data generated from proper market research and surveys help your business to remain a step ahead in the market.
Valuable insights in areas such as customer responsiveness, product feedback and customer loyalty, along with a deeper understanding of buying habits, are some of the pros of creating and gathering customer feedback data. Here are five ways customer feedback data benefits your business from Market.biz:
Improve your products and services
Active solicitation of customer feedback will help your business improve its existing line of products and services. If you listen to your customers, you can create an in-demand product/service line—one that consumers are willing to buy. Use customer feedback data during the product-development process to understand whether your offering solves a customer problem or not.
Companies like Dell, Apple, Microsoft, and Amazon are successful because they delve deeper into understanding what the customer wants and then make an effort to exceed their expectations. As a business, you need to intertwine customer feedback data and product development to create a successful business with a high brand recall factor.
Measure customer satisfaction
Your business may have high sales volume, but how many customers are repeat buyers? What is your burn rate in acquiring new customers? Why is your number of repeat buyers less than the market average? You can find the answers to all these questions through detailed customer satisfaction surveys that will measure how customers connect with your wares, and their willingness to become repeat buyers.
Satisfaction-measurement surveys can be conducted by sharing a survey link via email or through SMS blasts. Or, you can invite customers to participate in your survey for discount coupons and other vouchers. These surveys should be built with rating-based questions to track how happy (or unhappy) your buyers are, and what you can do to improve their experience.
Improve support-team performance
Feedback is a great tool to help your support team analyze and improve their performance. The job of customer support is a thankless one, but sharing customer feedback data with support managers will help them to understand how your brand’s service and support functions are performing.
And these functions are at the forefront of your consumer-facing communications, so sharing feedback with them is critical. It will motivate them to hustle and interact gently, and your business only stands to gain.
Negative feedback you receive will help you and the team to assess what’s going wrong and implement corrective measures.
Generate personal recommendations
Good customer feedback data can generate personal recommendations from your best customers. When you ask for their opinions, your customers feel involved with the growth of your business, and feel they are valued—and are then more likely to promote your business with their positive personal recommendations.
In a recent study conducted by Keller Fay for Reward Stream, it was found that “personal recommendation” is the top reason why new customers choose to buy. Recommendations are important throughout the purchasing process. The study says: “Over 8-in-10 purchases influenced by a recommendation are influenced by people talking face-to-face”.
Make better business decisions
Customer feedback is the holy grail of data—it can be used to make better business decisions, as well as identify brand advocates to improve future marketing research and strategies.
Businesses burn money and time when they make decisions based on inaccurate data. True data insights show how customers perceive the business and its products. This feedback should become the guide for better marketing decisions.
Appreciate and use your brand advocates, identified by customer-generated data. These advocates give you the highest scores on your feedback forms because they know your business deserves it. Reach out and contact them to build mutually beneficial partnerships for business growth.