Word-of-mouth is a powerful and robust marketing strategy, but it is twice as powerful in the digital age. Back in the day, when a customer raves or complains about a product or service, they did not have social media to upload their feedback. The internet was not as accessible to everyone like it is today, so although news managed to get around, the dissemination of information was slow, and frankly, news spread through spoken word-of-mouth inevitably reach a decline until it’s long forgotten.
Today, positive and negative feedback are plastered across the internet for the world to see, and they are not going anywhere. Each feedback is critical to a business since they do affect customer buying decisions.
What is customer feedback?
Customer feedback is the response coming directly from customers. Each response consists of information about the satisfaction or dissatisfaction a customer feels towards a product or service. These comments or complaints given to a company are an important resource for addressing the needs and wants of a customer. The information is procured through written or oral surveys, emails, letters, phone calls, or the most popular of all — online reviews from the customer to the company.
Some of the best companies understand just how significant of a role customer feedback plays in business, which is why they make it a habit of listening to the voice of their customers consistently. If you want to get ahead of the competition, you should never stop listening to customer feedback — whether it is positive or negative, prompted or unprompted.
The following are reasons why customer feedback is important to all businesses:
1. Identify weak spots
No business is perfect right off the bat. In fact, even well-known and established companies often realize that certain aspects or departments are in desperate need of improvement. Acquiring feedback from customers gives you direct insight into what works and what doesn’t, and it ultimately shows weak spots that need addressing. There have been countless instances wherein businesses realize from a customer’s feedback that there is a glaring error in their product or service. By listening to your customers, you can remedy a problem before it starts consuming your business.
2. Improve products and services
Introducing a new product or service can be nerve-wracking because although you believe it your business 100%, it does not guarantee that your target market will feel the same. So before you launch a product or service, make sure it’s something that people actually want to buy. Customer feedback is commonly utilized throughout the product development process to ensure that the end product solves a problem or fulfills a need.
The most innovative corporations in the world are outstanding at creating products that meet their customers’ needs while exceeding expectations. Just think of Apple and Samsung. Intertwining product development and customer feedback are the keys to success since they reap strong competitive advantages and earn raving customer advocates.
3. Improve customer retention
Customer feedback is great for retaining customers by means of detecting areas where you should improve. Satisfied customers are likely to do business with you again, while unhappy customers will eventually find other alternatives to your business and leave. Areas of improvement, when addressed, ensure that the same mistake won’t happen again and improve customer retention in the future.
4. Acquire tangible data to make better decisions
In a highly competitive market, business decisions must be based on facts and tangible data, never on loose guesses. Successful businesses gather and manage distinct data that helps them decide on future strategies and adjust each product and service to perfectly fit customer needs. With that said, customer feedback is one of the most reliable sources of tangible data.
Customer feedback will help you understand your audience’s needs more profoundly. Take their suggestions into consideration to that find out where you should allocate your money to get the highest return on investment. You might discover that, for instance, extensive product development is not necessary for your business. Instead, you are in need of more significant promotional methods and exposure. Customer feedback is a valuable source for such data, but you must learn how to translate it into actionable takeaways for your business.
5. Obtain reliable source to information to other consumers
In the age of social media, consumers no longer trust or rely on commercials or expert advice as much to sway their buying decisions. What matters the most today are opinions provided by other customers who have already used a product or service, as they are factual and reliable sources for feedback and information. For instance, when you look for great restaurants or hotels in a city you, you don’t turn on the television or look for billboards to gather information, instead, you go online to look for reviews and opinions. Most companies today incorporate a review system in their products and services, much like Uber and Airbnb. They do their best to detect poor service and excluded them from their business.
Customer feedback is as vital to your business as it is to customers and prospects, so it’s crucial to ensure that both you and your clients can easily access opinions and reviews. After all, each feedback provides you with valuable information as to what your customers think about a particular product or service. Customer feedback can help you create something worthy of people’s time and money, something that exceeds expectations and compels customers to keep coming back for more. Just remember that there’s no such thing as too much feedback — the more, the merrier!
Need help managing your online feedback?
Customer feedback is one of the most critical components of any successful business, which is why it should not be left in the backburner. If you require assistance in managing positive and negative reviews, PrimeView can help you navigate the delicate path of online commentary.
Protect Your Business from Negative Reviews
We all leave honest reviews on different playforms, but we also understand the complications of leaving negative reviews unattended. PrimeView has a team dedicated to reputation management, and they do whatever it takes to safeguard clients against negative reviews. If you seek help managing your online reviews, call us at 480-970-4688 today.