It is a well-known fact that “Companies listening to their customers grow 10 times faster”. Somehow, we all must have heard this phrase somewhere. It is truly a fact. Customer feedback is the core of all businesses, no matter whether we are talking about small businesses or big brands. These days brands are not leaving any stone unturned to interact directly with their customers. Be it via social media or direct sales calls to get reviews for their respective product, services, employees, and more, depending upon the type of company. It is now easy for customers to contact their service providers or product sellers with even the smallest inquiries. So this makes clear that companies are giving a lot of importance to customer feedback. Let’s dig deeper to understand how feedback is benefitting the Companies.
1. Improve Product/Services – Honest customer reviews and brief feedback help businesses jot down the scope for improvements in their product or services. For example, Remember when back in 2008, Dominos revamped its 49 years old recipe. Domino’s was famous for its “cardboard crust” pizza that people complained was flavourless, bland, and chewy, with a sauce that tasted “like ketchup”. It is the power of Customer Reviews. It helps companies improve product quality and understand what customers are looking for. They closely understand the products from the customer’s perspective so that they can make them better and perfect for the users. Another fact is that when a new product or service is launched in the market, the company keeps an eye on every review they get. It is critical to know the acceptance of the new product and how it is being compared and reviewed with the competitors in the market.
2. Measure Customer Satisfaction Level – Companies have various indicators like Customer Satisfaction Score, Net Promoter Score, etc., which give them the idea of how satisfied the consumer is with their product or services. In all such surveys, the very common question is, “How likely will you recommend it to your friend”. These metrics mostly have 0-10 rating levels, with 0 being the worst and 10 being extremely positive. These strategies help the companies with effective management of customers. The ultimate goal is to make sure the consumers are happy and satisfied with the products and services, leading to high sales and increased revenues.
3. Builds Customer – When customers are asked for reviews, they feel important. It shows that their opinion and feedback matter to the company. A company that values every customer has a very high chance of outshining its competitors. The brand’s social media interactions, positive or negative, both are equally important to build trust in the customers towards the brand. The increasing level of customer satisfaction ensures the company’s growth and the improvement of services. Customer Feedback also builds customer loyalty, which means there are higher chances of repetitive customers who might come back for their next purchase.
4. 100% Genuine Information – When a business runs its surveys and takes feedback, it can trust the data to be genuine. Consumers will give a genuine reason for the product’s failure because when someone uses a certain product, they know how it could be better. So it gets easier for the brand to note it down and create a better version of the product that will be more acceptable in the market. Different customizations in the product make it easier for consumers to choose the right one for them. The data of feedback and surveys are a rich source of information that even the sales team can use to resolve queries better for the product team to consider, analyze and apply in their next product.
5. Negative Feedback – It is a fact that 95% of unsatisfied customers return if their issue is resolved. So no company must fear negative reviews. All they need to do is address the reviews or comments as soon as possible. If some issue needs fixing or some process needs to be set, it must be done on utmost priority. Once the issue is resolved, a positive response is surely on its way. Plus negative comments also give a scope of improvements in the services and the company will learn something good out of it.
6. Reliable source for other consumers – It is common for us to read product reviews before making a purchase. We might even just see the rating from 5 and give preference to 4.5 and above or only see the number of reviews to understand how popular is the product. Almost all marketplaces follow this trend. So, future consumers of brands review the experience of past consumers as a reliable source of information. It thereby becomes even more critical for all businesses as it will directly impact their sales and revenue numbers.
7. Multiple Formats – There are multiple ways to capture feedback in various formats, such as surveys, Product/ Service Ratings, Website Chatbots, Support Call Recordings, etc. One more important platform is Social Media like Facebook, Instagram, Twitter, Youtube, and LinkedIn. All these platforms and tools available in the market help capture the right feedback from customers and interact with or resolve their issues on time with the greatest efficiency. Multiple automated tools also provide easy management for this stuff. Certain Companies have a whole different team to look into all of this. Feedback, reviews, discussions, and mentions about your brand are floating everywhere. Make sure you catch every possible one and work hard on it. There exists a destination of growth and success for the company through this path. Never stop listening to what consumers say about the product, and you will build a very strong relationship with your customers. The company has to aim at increasing the positive responses for their brand and convert all the negative responses to positive ones by resolving the issues or improving the product/services.
