Customers have more power and choice than ever before. They can make or break companies. What can set your company apart from other fierce competitors? How can you keep customers loyal to your business?
According to a Walker study, by the year 2020, the quality of customer service will be of greater importance than price or product offering. Building and maintaining good relationships with customers is key to growing a business.
A significant part of the customer’s experience comes down to the interaction they have with a company and their ability to give feedback. Customer feedback refers to the opinions customers share with you about what your company offers and their overall experience with your company. These days, customers feel that they have the right and the power to express their opinions. After all, products and services are geared towards them. They know what they want and need better than anyone else. And that’s great news for your business. Here’s why:
What makes customers trust your company and come back again and again? Well, they need to know you are hearing them and acknowledging their opinions. Customers love feeling valued and sharing their insights. They want to engage in a company’s effort in powering better products or services.
Building emotional connections with customers is essential. They want to know they are talking to real people who are acknowledging them rather than a company that will make them feel anonymous. By regularly engaging with your customers, their experience will improve, and the process will be more personal. By creating an emotional bond with your customers, you will keep them loyal to your company.
By carefully listening to their feedback and taking it into account, your customers will feel personally involved in your company. Showing them that you value their input and involvement is essential for your business.
Customer feedback is an excellent tool for insights. Not only will their feedback give you ways to improve, but it will also always give your company brand new ideas.
You learn who your customers are and how you can fulfill their needs in the best possible way. This way, your company will improve its' products, services, communication and innovation.
Both positive and negative feedback is insightful. It emphasises what needs improvement in your business and/or what should be stressed, which will often give you fresh ideas. Analysing their feedback will enable you to see what is currently not working and ways to make your overall customer experience better. It will help you address the current issues at stake and create action plans.
Their feedback will provide you with informed business decisions. After all, they are the ones you created your business for. It is essential to create products or services not only made for them but made by them.
By establishing a customer feedback loop, keeping in regular contact with them and continuously making changes through what you learnt you ensure your company will be at the forefront.
Customer’s loyalty to your company is priceless. According to a study, it is 6 to 7 times more expensive to acquire a new customer than it is to keep a current one. Nurturing your long lasting relationships with customers and improving their journey with your company is therefore essential.
Retaining customers is less costly than acquiring new ones. Actively seeking feedback will create a more personal relationship. It shows that you care about the customer’s experience. When you build a stabile and positive relationship with your customers, they will be loyal. Which, in return, will create more sales.
You will grow from being a company that sells products or services, to a company that genuinely cares about the customer’s personal experience.
90% of customers believe brand recommendations from friends and people are 4 times more likely to buy when referred by friends. Word of mouth marketing is the best possible way to grow your audience as well as the number ine method to acquire new customers.
Another way of growing your word of mouth is by asking for online reviews. According to a data collection made by Invesp, 90% of consumers read online reviews before visiting a business. And 88% of consumers trust online reviews as much as personal recommendations. Online reviews should not be underestimated as they can easily help you acquire new customers. When customers have an emotional bond with your brand, they are more likely to refer you to others.
Having a referral program is a great asset benefiting both your company and the customers. So go ahead and ask your customers to refer you to their peers. You have nothing to lose.
We previously wrote an article about customers being powerful storytellers and influencing their peers. However, that is only true if your customers feel they have a great emotional connection and a positive experience with your business. Customers need to feel special and giving them a chance to express themselves is your greatest asset.
Don’t miss out on all the great opportunities customer feedback can bring your company. Sign-up for a free trial with Referanza today or join our next webinar to learn more.
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May 14, 2018, Virginie Behar