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Turn Customer Feedback into Profits

June 18, 2017

Customer feedback has become extremely important for businesses today. Did you know that 55% of consumers state they would not do business with a brand again if their feedback remains unnoticed?

Many businesses ignore customer feedback because they either don’t want to read negative comments, or they feel they don’t need to reply. However, responding to both good and bad feedback isn’t just necessary, it is also potentially profitable.

Getting to know the customer

Customer feedback really helps you to get into the mindset of the buyer. As any successful business knows, having a good understanding of the customer is the key to gaining success.

It allows you to better serve them, which in turn, makes them continue to do business with you rather than switching to your competitors.

Inspiring innovation

Innovation is another essential component for today’s business. However, it can be tricky coming up with new ideas. That’s where customer feedback can help. You get to see what they want, what they currently aren’t happy with and what outcome they want.

You can use this to come up with fresh ideas that are likely to please not only that person, but your other customers too.
For example, a customer may leave feedback stating they wished it was easier to shop with your company. You can take this information and use it to develop a more innovative, easier shopping experience.

Similarly, they may feel a product could be improved in some way. Understanding the limitations and flaws of an existing product can help you to come up with a solution to fix it. The more innovative you are, the more profits you’re going to earn.

Making the customer feel valued

When you respond to customer feedback and actually take notice of what they’ve said, it makes them feel valued. This builds up loyalty and provided you address and resolve any issues brought to your attention, they are much more likely to come back and do business with you.

Customer feedback is a powerful tool. If you aren’t already doing so, now is the time to start encouraging customers to tell you what they think. If you take the time and effort to use this information effectively, you’ll soon be rewarded with a substantial increase in customer loyalty.

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