Often described as your greatest source of company learning, the value of customer feedback is unending.
No other source of information enables you to unearth otherwise unknown issues or serve your customers quite like hearing directly from those who engage with your business.
Feedback is the window to understanding what it is about your products or services your customers most like.
From here you can double down on the good, and easily eradicate the bad.
“Customer feedback has become one of the primary drivers of long-term growth.”HIVER
In effect, the value of customer feedback is a cheat code.
A direct source on how to level up internally and improve your offering to maximise external enjoyment.
Why Customer Feedback Matters
Many companies find themselves losing sales or failing to maintain a loyal customer base simply because they have not taken the time to listen to their customers.
Listening, and applying the insights you glean, is the best way to move a business forward.
Feedback ensures you align your product offering with exactly what your target market truly wants.
In other words, your customers are there to tell you precisely how to succeed.
“If companies can successfully identify what their customers find important, they can react faster, more flexibly, and more effectively to both changes in the market, and customer expectations and needs.”Zenloop
For any business, irrespective of size and sector, it pays to keep customers happy.
The value of customer feedback is so important as it allows a company to
- Improve products and services
- Measure customer satisfaction
- Demonstrate how much you value customer input
- Improve the experience and journey through every stage of your cycle
- Increase retention rates
- Improve internal crisis management capabilities
“If you want to stay on top of things you should put your customers in a centre of your business and treat their feedback as the most valuable source for information in your company.”Start Question
Putting Valuable Feedback Into Practice
It’s one thing collecting feedback, but the companies that truly exceed expectations are those who know how to action their insights and put theory into practice.
The feedback you collect should dictate your future strategy.
Whether that is specifically for social proof and to encourage other people to use your product, or, to learn about where you can grow as a business.
Feedback fosters development. And development fosters growth.
“If companies are able to incorporate customer feedback into their product range successfully, they have certainly come very close to the ideal market-fit.”HIVER
Putting the feedback you gather into action, and making real change can allow companies to
- Polish their image and reputation
- Gain an edge over the competition through up to date business insight
- Gather market research to stay one step ahead and generate iterative innovation
- Optimise customer facing processes
- Strategically align the company and the customer
If you’re looking for new ways to get ahead, you have all the insight you need a conversation away.
It’s time to talk to your customers.
Ready to explore how Anthill can enable your organisation to see the value of customer feedback? Schedule a demo today.
Intrigued to learn more? Check out our Insights Hub to keep your business at the cutting edge.
April 12th, 2022-