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5 Ways Customer Feedback Data Can Help Your Business Grow

5 Ways Customer Feedback Data Can Help Your Business Grow

Ecommerce

5 Ways Customer Feedback Data Can Help Your Business Grow

One of the biggest reasons why so many companies collect customer data is that it helps them to better define important consumer demographics and identify ways in which they can improve the overall customer experience – leading to greater sales in the long-run.

Regardless of your industry, this process of collecting data about your customers and what they think about your products and services is crucial. And when performed properly, can be used to improve several aspects of your business, as well as protect you from losing any unhappy customers.

So, even if you’re not be the most data-oriented business out there, below are 5 important ways you can make the most of customer feedback to benefit the growth of your business.

1. Monitor Customer Satisfaction (and Dissatisfaction)

Monitor Customer Satisfaction (and Dissatisfaction)

You may be generating high sales volumes, but how many customers have you lost over the past year? Sometimes strong overall performance can be deceptive when it comes to understanding exactly what your customers think about your product and brand.

You might not be able to win back dissatisfied shoppers, but you can certainly learn why they might have chosen to stop buying from you, and use this knowledge to prevent it from happening again in the future.  

Many business owners are naturally afraid of poor feedback and bad reviews, but it’s even worse when loyal customers silently walk away with no clues about why they’ve done so.

Without a good idea of whether you’re keeping your customers happy or not, your retention levels could easily suffer, as well as the overall growth of your business.

2. Make Better Decisions

Make Better Decisions

If you want to outperform your competitors, increase online conversions, and establish a sense of trust between your brand and your market, you must do everything you can to optimize your products and marketing campaigns. And doing this without customer feedback data is incredibly difficult.  

Good customer feedback should be able to tell you which of your products and marketing campaigns are the most impactful, and suggest ways you can effectively engage with your target audience in the future. Using this knowledge to make smarter decisions will help steer your brand in the right direction.

3. Improve Products and Services

Improve Products and Services

Are your products as good as they can be? Are there any features that customers are less happy with? Do customers buy your product because of price or quality? You can answer all these questions through customer feedback.

If you listen to what people have to say, it’s much easier to implement ongoing modifications or improvements that ensure you always have the most desirable and in-demand product possible.

4. Keep Your Team Engaged

Keep Your Team Engaged

Feedback is a great tool to keep your team engaged with what they’re doing. It can help offer motivation and morale for when things are going well, as well as determine poor performance in certain areas of your business.

Customer support teams, for example, often deal with negative feedback from customers. However, when you actively seek out feedback through surveys and other satisfaction measurement methods, you’ll be able to find out what you’re doing well too!

5. Offer Greater Personalisation

Offer Greater Personalisation

People care a lot about personalised experiences today, and customer feedback data can help you to enhance this side of your brand. In fact, 91% of consumers are more likely to shop with brands who provide relevant offers and recommendations, according to the professional services company Accenture.

By truly getting to know what kind of products, services and experiences your audience likes best, you will be able to more easily meet their expectations in regards to personalised communications and purchasing suggestions – pitching to them the suggested products and content they’ll actually love.

Using Customer Feedback to Grow

The data you collect is useless unless you find a way to connect it in some way with the decisions you make for your business. As well as having reliable information in your hands, you’ll need a willingness to apply what you know to your operations.  

Beyond this, you’re free to choose the method of data capture and analysis that best suits your business and commercial goals. But if you’re in need of some inspiration, below are some great ways you can start actively collecting user feedback to grow your business today.

  • Online customer feedback surveys
  • Email outreach
  • Setting up a feedback form on your website
  • Usability tests
  • Exploratory customer interviews
  • Social media (review comments and feedback)
  • Monitor user review sites and forums

Conclusion

Without input from the people who frequent your website and buy your products, you would otherwise be forced to use your best judgment when determining the optimal way to operate your business and grow.

When you have the right data in your hands however, you’ll be able to see a clear path to progression as well as gather a few great ideas for how to develop your brand.

Sources:

https://www.mckinsey.com/industries/retail/our-insights/adapting-to-the-next-normal-in-retail-the-customer-experience-imperative

https://www.accenture.com/_acnmedia/PDF-77/Accenture-Pulse-Survey.pdf

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Dalia El Gammal

Sr.Marketing Specialist PAYFORT

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