A lot of customer feedbacks are being ignored since some businesses either do not want to read any negative comments or some just simply do not feel the need to reply. This is a common mistake however, responding to good feedback and even the negative ones is not just necessary but is also potentially profitable.
Getting to know the customer
In creating a successful business it really helps to get into the mindset of your target audience or buyer and customer feedback is one way of doing so. Having a good understanding of your customers‘needs and wants is the key to gaining success by allowing you to better serve your customers by paying attention to their feedback. This makes your customers want to continue doing business with you instead of looking for others or switching to your competitors.
Value
Clients account for a company’s majority profits and in sectors involving financial services this accounts for up to 25 percent, according to Pitney Bowes. Maintaining profitability becomes a possibility through paying attention and focusing on customer loyalty and buyer satisfaction and this can be maximized through making effort in delivering what is valuable to your customers so they continue to come back and do business with you through purchasing more products and services that meet their needs.
Recommendation
Having customers that are satisfied with your products and the services you provide have an indirect impact on profitability when they share their experience and opinions with other consumers. Social networking sites and the internet also have an important role to play in shaping the face of a company and its products. Through amplifying customer satisfaction and encouraging your clients through posting their suggestions and experience on a forum or product review site, you can gain new customers who base their purchasing decisions on reviews.
Inspiring innovation
Another component in producing a successful business is innovation and it is no easy feat trying to come up with new ideas but, this is where customer feedback comes in. Through seeing what customers want, what they are currently unsatisfied with, and what outcome they want we can come up with new ideas and innovation that can please customers and make them more likely to do business with you.
An example of using customer feedback to inspire innovation would be when a client leaves a feedback saying they wished it was more convenient to shop in your store, you can take this feedback and use it to develop a more innovative and convenient shopping experience for your buyers.
Customers may also feel that a product could be improved in some way and when you understand where your customers are coming from and use the limitations and flaws of an existing product to assist you in searching or coming up with a solution to fix it. With more innovation, more profits will come your way.
Making the customer feel valued
When companies actually take notice and pay attention to customer feedback the clients feel valued and when the problems are addressed and issues resolved loyalty is built up. This is when customers are more likely to come back to do business with you.
Take the time to use the information you gather from customers and use this information to better your products and your company and you will soon be rewarded with a much needed increase in customer loyalty. If you are not already doing so, start encouraging your customers to tell you what they think.
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