When it comes to improving customer satisfaction, doing customer feedback correctly delivers arguably the single biggest return on investment. There are many other noble initiatives you can take to improve your customers’ experience, but without a good feedback program, they’re just icing on the cake.
How does feedback live up to this promise? Let’s have a look at all the benefits it unlocks:
1. More repeat business
Customers have a choice who they spend their money with. You want them to welcome your offers and promotions, not trash them.
So it’s important to make sure that your customers are happy, so that your marketing doesn’t fall on deaf ears.
2. More new business
Word of mouth recommendations grow your business, and cost nothing.
But giving a recommendation has a high bar – your customers need to really trust you won’t damage their reputation by giving bad service after they recommend you.
So collecting, and acting on feedback helps guarantee that everyone is 100% happy, and will recommend you given the chance.
3. Less lost business
You can ask customers how things are going face-to-face, and they’ll say ‘fine’, even if that’s not what they’re thinking.
Small niggles can build up over time and make customers more receptive to a pitch from a competitor – it’s better to make the grass always greener on your side by making it clear you always welcome candid feedback.
4. Increased online conversions
Publishing case studies and testimonials is evidence that you’re great to do business with. It increases buyer confidence.
You can use the feedback you receive to identify your super-fans, and approach them to develop case studies with.
5. Win in competitive bids
If your business submits competitive bids and tenders for work, feedback has two huge benefits:
First, it’s great to have a body of evidence from your current customers that you’re great to deal with. The feedback people who use a system like this are overwhelmingly positive, so it doesn’t hurt to add a sample to any competitive bid.
But more subtly – when you collect feedback, you have all of your current customers, in their own words, saying what’s important about your business to them.
This will be very similar to what’s important to the prospective customer you’re bidding to – and expressed in a language they’re familiar with. Don’t underestimate how powerful this can be.
6. Stronger reputation
We’ve already touched upon why acting on feedback ensures that customer-by-customer, people are happy to come back, spend more, and refer their friends.
But what’s harder to quantify, and equally important, is the cumulative effects of all this goodwill.
7. Cross-sell & up-sell opportunities
The best time to try selling something new is when customers are happy with you. So it’s a good idea to have an open dialogue with all your customers, so you know who’s happy or not, and why.
One way to delight customers, rather than just make them ‘happy’ is to fix their problems. Which means finding out if they have any problems… Which means asking for feedback.
8. Morale and motivation
Getting praise from a customer gives teams a real boost. It gives them confidence that business is on the right track, and peace of mind that another customer account is secure.
Every time a customer gives praise, someone in your business feels like a hero.
9. Improved skills
Receiving verbatim comments from customers’ means there’s nowhere to hide. All the training courses in the world are no substitute for lessons learned through personal experience.
A tough comment can feel raw, but as long as you learn from it and put things right, you’ll never make the same mistake twice. And it’s easier for the feedback to come from a customer than a colleague, because the person receiving the feedback knows there’s no agenda.
Call without delay +27 11 367 0608 for a meeting to discuss how we can help you!