How Customer Feedback Benefits the Growth of Your Company

Customer centricity and CX management are aspects of a long-term profitable business plan. There is a definite need to safeguard business relationships, amplify customer loyalty and continually examine the fortitude of both. Our aim has consistently been to ensure the protection and appreciation of customers’ invaluable insights with consideration for how those insights are conserved and secured for the benefit of the business. We lead the way towards better data-driven decisions, in which customer feedback holds a significant position.

In the past year, businesses found themselves in unmediated disarray. The COVID-19 pandemic forced lockdowns on many companies worldwide, regrettably leading to large numbers of shutdowns. With this, it has become evident that businesses worldwide need to fight harder for their customers and market position, i.e., by boosting their marketing and thoroughly assessing data from clients and experts. The great thing is that many companies are realizing the growth potential in leveraging customer feedback in business decisions.

Customer feedback helps companies make informed decisions about improving their existing line of products and business direction. By leveraging the insights you obtain, you can build in-demand product lines and services that your customers are excited to buy. You’ll solve their problems, and they’ll be coming back again and again.

In this article, we will dive into exactly how your business can harness customer feedback to secure your position in the market in 2021 and the years to come. First, let’s look at the importance of collecting customer feedback:

Why Customer Feedback Is Important

Adapting customer feedback into valuable business insights is a must in 2021, as profound customer-centricity will be one of the most important competitive advantages. This practice serves as an invaluable resource for the growth of your business, as it supports preparation for product development, ensuring that what you launch on the market will stimulate customers’ interest and expectations from the market you serve.

Being on top this year is all about reducing unnecessary costs (like ongoing support as a result of unsatisfying, mediocre products), planning ahead of changes in consumers’ purchasing behaviour, and continually adopting valuable insights from customers into your product or service. Spending needs to go down, and earnings need to go up. With customer feedback as part of your decision-making process, the products you launch will have a more robust position in the market, customers will feel included, and bonds will be strengthened.

When we at WeZimplify maintain customer feedback, we guide our clients on:

  • Attaining a clear understanding of customers’ and partners’ problems and needs.
  • Building a strong insight evaluation process from idea to launch.
  • Focusing on value propositions of relevance for the customer post-launch.
  • Ensuring a faster development time of products and more accurate launch predictions.
  • Building targeted design specifications of value for the target group.
  • Achieving cross-organisational cooperation and building products based on demand.

At the end of 2020, we posted a related post on compiling customer insights. If you haven’t already read it, make sure to check it out today: What to do with Customer Feedback.

To make sure that your business integrates the best conditions and ideals for success during and in the aftermath of the pandemic, take a look at these 6 best practices so that customer feedback benefits your company’s end-of-year results even in 2021 and beyond.

1. Bring in the Customer Voice

Collecting customer feedback grants your customers or clients a voice within your company. We have learned that bringing in the experience of customers will create a definite benefit in future production, and enables businesses to quickly get ahead of customers’ needs and requirements, ultimately allowing them to produce better results than the competition who fail to do so. When reaching out, you allow your business to boost the quality of its service and offer, as well as strengthen the business relationship and outward stature.

2. Outside-In Perspective

When you take insights from the outside and bring them into your business, you’re creatively delivering signified value to your customers, not just products or services. When you focus as much on revenue or gain as is the case in a turbulent environment like a pandemic, it is easy to overlook the purpose of collecting and analysing customer feedback, and how that will grow your company in the long run.

When you operate from an outside-in perspective, you’re understanding that feedback is key to determining customers’ needs. Knowing the needs you want to satisfy (or the problems you want to solve) will support your decision-making and certify any production development as valuable to the targeted clients or customers.

3. Opportunities for Taking Action

When all is said and done, growth is primarily determined by revenue. To attain revenue, businesses need to thoroughly satisfy customers’ needs and take action when problems are presented. Ongoing performance problems or negligence of customers’ voice will make your customer base look elsewhere for corresponding or better offers. You need customers’ feedback to do better, and customers will provide feedback only if they see that it makes a difference. Businesses need to listen and stay transparent on their plan to address issues.

4. A Brand Customers Can Trust

Growing your business entails expanding your network, clientele or customer base. This means guaranteeing to customers and prospects that your brand is transparent and trustworthy in message and performance. When your existing customer base is happy, they will recommend you to other suppliers, partners or their clientele – even family or friends.

Customer experiences and insights will drive buying decisions and are directly related to brand loyalty. When they feel that they can trust you, they will come back for more. And for you to know what measure of trustworthiness your clients apply, you need to ask, and get their feedback. The bottom line is that, to thrive as a business, knowing what customers need and want is critical. Addressing it is now a make-or-break decision.

5. Measurements

If you are only measuring success based on ROIs, revenue, returned products or your number of support calls, you are not going to hold up in the long run, and you will not have a substantial database for decision-making in the next production loop.

Measuring customer expectations versus satisfaction through customer feedback enables your business to move forward and do better in the coming loop. By knowing what your customer values and how your offer satisfies their needs, you will have a competitive edge to push you further despite the pandemic. Customer feedback benefits the measurement of inefficiencies, helps improve processes, services and products across your entire company, and lets you measure key metrics and indicators in the buyer journey for higher excellence.

6. Testimonials for Improvement

By actively listening to your customers and measuring their satisfaction, you can attain a holistic overview of your performance over time. Going into 2021, one of the most important benefits of customer feedback is knowing what you are potentially doing wrong and letting the customer guide you through their thoughts. When you’ve compiled all testimonials and documented insights, you’ll be able to observe your current performance standard in relation to your potential; the same goes for your products.

Make continual improvements based on constructive feedback and observe what impact specific changes to your product have in a larger context – a context driving your company growth and improvement. This is how you stay ahead of your competitors.

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What Is Meant by Customer Feedback?

Customer feedback is a collection of reviews, testimonials, surveys and interaction-based opportunities for insights from customers on how they are experiencing your product, your brand or your company in general. Many businesses plan the collection of feedback to make sure they are doing the best they can to meet their customers’ needs or provide a solution to their problems.

What Are Some Impactful Customer Feedback Survey Questions?

Some examples of meaningful feedback-driving questions are:

  1. How likely are you to recommend us/our product on a scale of 1 to 10?
  2. How would you rate the support you received?
  3. What was your reason for your visit to our website today? Did you find what you were looking for?
  4. What can we improve on to get a top score from you in the future?
  5. How would you explain our product to a friend or colleague?
  6. How helpful was our product/employee /tutorial?
  7. How are you experiencing your purchased product?

At WeZimplify, our focus and expertise centres around making sure that companies are maximising their decision-making process by bringing in impactful insights from customers, experts and online users. We have developed software that allows businesses and experts to join up for the business to receive experience reviews, optimise insight procurement and take charge of amplifying their decision-making skills.

Are you interested in learning more about what we do. If so, make sure to leave us a request today, and we will be more than happy to help you.