Companies employ a variety of techniques to collect customer feedback, such as written forms, telephone surveys, online survey, focus groups, etc. Customer feedback does offer competitive advantages but it’s not the data that creates this advantage. Rather, how you utilize the data makes all the difference.
Most companies will solicit feedback from their customers, but only a few of them make anything out of it. Even fewer companies take action on it and get back to the customer to communicate that they taken action on it. Companies should understand that the dialogue they have with their customers is akin to a lifeline.
Mentioned below are some reasons why customer feedback is important.
It enables communication between the company and its customers
As businesses opt for the online model, there is less face-to-face interaction with their customers. In a brick and mortar store, you can really communicate. You can ask your customers about their likes and dislikes. They will often give you suggestions to improve your process. In the online business setup, there is no such face-to-face communication. If you don’t communicate, you won’t understand what your customers actually want.
Business flaws are uncovered
Sometimes, your prices may be too high or there may be some problem with your website. Feedback from your customers can let you know about these problems. Customers are also usually not interested in discounts and other monetary incentives when they share feedback with you. They want to see that your business implements their guidance and they benefit out of your services. They want to be heard and respected.
Acting on feedback can get you loyal customers. One way to increase your number of customers is to identify loyal customers and ask them why they returned to choose your company. Use the feedback to improve your business process. To keep making intelligent connections, you have to listen to your customers and observe their behavior as well.
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