Why customer feedback is important for business growth?

Customer feedback is information that is provided by our clients about whether or not they are satisfied or dissatisfied with a product, service and the overall experience that they had with an organization.

Why customer feedback is important for business growth?

Why customer feedback is important for business growth?

What is Customer Feedback?

Customer feedback is information that is provided by our clients about whether or not they are satisfied or dissatisfied with a product, service and the overall experience that they had with an organization. Their opinions might become your source to know the improvements in existing customer experience strategy, thus adjusting your actions to their needs. Information can be collected in many ways, Here are some:

  • Providing live chat support
  • Get feedback on live chat session
  • Measure customer service performance
  • Monitor social channels
  • Use polls
  • By arranging weekly / monthly surveys.
Why is customer feedback important for business growth?

There are many businesses doing an equivalent job, offering equivalent products and services. We live in a competitive era and It's become very difficult for businesses to survive. Hence, it needs them to take care of quality in each and every aspect. If you want to run your business then you have to do your best to provide the highest quality services to your customers. For desired results you have to find out what your clients or customers are thinking about your company or brand. Without feedback you will never know if the end user is satisfied and how likely they are going to return to you. Following benefits might help out to understand the importance more clearly :

  1. It helps to enhance pre and post services / product quality: Customer feedback is a vision into what's working well about your product or service and what should be done to improve it. Before you introduce a product, brand or service in the market, you always think about customer needs. Marketing research that you simply conduct before introduction gives you a thought if potential customers would be willing to go for it or they might offer you some recommendations on how to improve it. Their opinions make sure that the top product will actually meet their expectations, solve their problems and fulfill their needs.
    happy-client-giving-five-star-rating-positive-review
  2. It helps to measure customer satisfaction: Customer loyalty will discover the success of your business. Feedback may be a medium to know how satisfied your customers are. Their Satisfaction and loyalty may be a crucial factor that determines a company's financial performance. Therefore, you will definitely want to make sure your clients are happy with your products and services. Using rating-based questions you'll easily estimate the happiness quotient among end-clients and consequently predict your company’s economic condition within the future.

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  3. It helps to improve customer retention: You’re better equipped to retain your customers once you have the services / products they expect. It’s as simple as that. Feedbacks can provide you with an entire picture of how your user base feels about your product, or a client about your services. By acting upon their thoughts, you're showing them that they're valuable to you and your business. The Maggi brand is the best example of customer retention. In June 2015 Maggi was banned by the government due to an unacceptable rate of lead. Maggi Two-Minute Noodles, a brand is built over three decades in India and loved by the people such as hikers, students, and employees, etcetera. After this scandal, Nestle decides to work on the strategy, customer feedback and focus on new plans. In November 2015, Maggi came into the market and then what happened? It's become a net that spread all over the market and people used Maggi again. So behind all this scene, the main thing is the Maggi works on customer feedback and retain their customer again.
  4. It provides data to make better decisions in business: Listening to your clients and customers can surely help you strategize better if you are going for advancements in your services. In other words, customer feedback and responses will automatically show you what can work for your end clients better and what is not right for now. As a result, you'll be ready to make wiser business decisions and choose what is going to be your next move from engaging new resources or improving strategy point of view.
    Business-Model-Customer-Retention-Artificial-Intelligence
  5. It helps to identify business’s weak points: The best commentator for your company, products, and services are your customers. By asking them about what they liked and hated about their experience with you, you'd be ready to identify the weak spots in your products and/or services. As a result, you'll be ready to address these weak links and you'll be ready to improve it immediately before it can destroy your business. We can take example of google maps that show how google maps take feedback from their users and work on them. Before some time google maps came up with the AR (augmented reality) direction feature for both android and ios. Main benefits of using AR in maps, because it overcomes the limitation of normal Google Maps – people often get confused about directions and with GPS updating slowly, they turn within the wrong direction. When the phone is lowered, the AR mode switches on and normal navigation resumes. Another important in-built functionality in AR mode is that it dissuades people from crossing the streets while watching the phone screen. The app detects that an individual is moving while AR mode is on. If the person neglects the wake-up call and continues, the AR mode will go blank after a couple of seconds and demand that the phone should be lowered. One of the foremost recent additions to the service has been the power to direct message the companies that feature on Google Maps, as long as they utilize Google’s ‘My Business’ function. the power to talk directly with businesses via instant messaging.

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  6. It helps to identify the changes in your product: Not all changes are well-received. Product modifications are often made with the simplest of intentions, but customers don't always view them as improvements. Any time your product undergoes a serious change, you would like to survey your customers on how they feel about the updates. you'll ask specific questions on the changes or just invite their general opinion. By doing this you can improve the change strategy for your product or service.

Being in the Service Industry, we ensure that we take customer feedback at 3 points. Before the start of the association/project, mid of the project and after project is delivered. Before phase starts with understanding their pain points with past vendors and their expectations from us. Recent example was when we met with a few clients in our Sales meetings and they all gave common feedback regarding their past experience. Micro-management and Quality of Delivery were their pain points. We took this feedback, and freed our client from Micro-management hence letting them focus on their business while we focused on the project. We ensured high quality delivery with our Quality management process and quality control checklist that was validated with Automation Testing Reports.

After the project is delivered, we send a project specific feedback form to the customers with direct questions like How did they find quality of the work, Were they relieved from micro-management, Did we add value to their organization, Was our communication transparent and proactive, Did our delivery matched our Sales commitment, What are the improvement areas you expect from us in next projects, What was our service key differentiators. Based on the feedback, our improvement cycle continues.

Do you agree with Feedback questions? If you are looking for a team who listens to understand your feedback and works to add value to your business, please contact us at ranjana@memorres.com

Conclusion-

If you would like to remain on top of belongings you should put your customers during a center of your business and treat their feedback because the most precious source for information in your company. Never ignore their voice because they are one who uses your product or services and they might know something better. Remember that customer feedback is everywhere but is up to you how you collect the information and use it for your advancement as a business.

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