10 Ways in which Customer Feedback inspires Growth of a Brand
Why Customer Feedback?
Customer feedback is an essential aspect of any business, as it allows companies to identify areas for improvement, guide product development, increase customer satisfaction, and ultimately inspire growth. In today’s fast-paced business environment, it’s more important than ever for companies to actively seek and respond to customer feedback to stay competitive and grow. Therefore, the mantra here is “gather customer feedback” systematically.
If you are not listening to the customer, you’ll never understand what the customer wants” Elon Musk
How Brand Benefits from Customer Feedback?
1. Identifies areas for Improvement
One of the most critical ways customer feedback inspires business growth is by identifying areas for improvement. When a company regularly collects and responds to customer feedback, it can identify areas where it may fall short and need improvement. For example, if a customer complains about long wait times on the phone, the company can reduce wait times and improve the overall customer experience.
2. Helps Product Development
Another way that customer feedback inspires business growth is by guiding product development. Customer feedback can provide valuable insights into the needs and wants of the target market, allowing a company to develop new products and services specifically tailored to meet those needs. By actively seeking and responding to customer feedback, a company can ensure that they are developing products that will be well-received by the market.
3. Increases the Customer Satisfaction
Customer satisfaction is another important aspect of business growth, and customer feedback plays a critical role in increasing customer satisfaction. When a company actively seeks and responds to customer feedback, it can address customer complaints and concerns, improve communication, and ultimately increase customer loyalty.
4. Improves Communication
Communication is also essential in business growth, and customer feedback can help improve communication between a company and its customers. Regularly collecting and responding to customer feedback allows a company to understand its customer’s needs and concerns and communicate effectively with them. For example, if a customer is looking for a specific product or service, a company can respond quickly and effectively to provide the information related to the customer’s need. This can lead to improved communication, ultimately increasing customer satisfaction and loyalty.
“Without customer feedback, we’re driving blind” – Bo Bennet
5. Enhances the Company’s Reputation
Reputation is also essential to business growth, and customer feedback can help enhance a company’s reputation as a customer-focused organization. When a company actively seeks and responds to customer feedback, it can address customer complaints and concerns, improve communication, and ultimately increase customer loyalty. This can lead to a more positive reputation in the market, which can help attract new customers and increase sales.
6. Helps Increase Sales
Increasing sales is one of the most obvious ways customer feedback inspires business growth. A company can improve customer loyalty and sales by responding to customer complaints and concerns, improving communication, and increasing customer satisfaction. For example, if a customer has a problem with a product or service, a company can respond quickly and effectively to resolve the issue. This can lead to increased customer satisfaction, ultimately leading to increased sales.
7. Inspires Innovation
Innovation is also an important aspect of business growth, and customer feedback can provide valuable insights into new and innovative ways to improve products and services. For example, if customers are looking for a more eco-friendly product, a company can develop a product made from sustainable materials that meet those needs. By actively seeking and responding to customer feedback, a company can stay ahead of the curve and continue to innovate and grow.
8. Builds a Customer-Centric Culture
Building a customer-centric culture is about placing the needs and desires of customers at the centre of a company’s operations. By prioritizing customer feedback and making it an integral part of their decision-making process, brands can create a culture that meets their customers’ needs and expectations.
When brands actively seek out customer feedback and consider it when making decisions, they demonstrate a commitment to understanding their customers’ needs and preferences. This can lead to a greater understanding of the customer base, resulting in products and services that better meet their needs. As a result of this customer-centric approach, brands can enjoy higher levels of customer satisfaction and retention.
9 Encourages Co-Creation of Brand Values
A company’s brand’s value can be co-created, enhanced, or refined through a partnership with its customers or other stakeholders. In sum, a collaborative and customer-centric strategy is necessary for co-creating brand value through listening to, engaging with, and reacting to the wants and needs of customers and other stakeholders. A company’s brand value and reputation can be increased, customer relationships strengthened, and new, high-quality products or services developed through this method. In order to accomplish this, brands must cultivate a healthy customer feedback ecology.
10. Enhances Employee Morale
When a company listens to its customers, it shows that it cares about their needs and wants and is committed to providing the best possible experience. When employees see that their company is focused on meeting customer expectations, they feel more motivated to deliver excellent service because they understand the importance of meeting those expectations. When employees see that their work directly impacts customer satisfaction, they feel a sense of purpose in their job. They understand their work is essential, contributing to the company’s success and in effect their growth in the organisation.
When Should the Brand Start the Feedback System?
The question is: Should the company think about the feedback mechanism only after the customer purchases the product? This is not true. Even when the potential customer is in the “awareness” stage, the company should focus on getting the feedback. From the marketing perspective, it is important to engage potential customers in the awareness stage by providing them with useful information about the product or service.
The awareness stage is a crucial time for the brand to start building a relationship with the potential customer, as this can set the tone for the rest of the customer journey. By providing value and creating a positive impression, the brand can establish trust and credibility with the customer, which can lead to a positive impression right at the beginning of the customer’s journey.
Customer Journey and the Feedback – A Guide
| Customer journey map | Type of feedback that the company should seek |
|---|---|
| Awareness | In this stage, companies should focus on collecting feedback about the effectiveness of their marketing efforts. They can collect feedback from potential customers to find out if they are aware of the company, its products or services, and if they find the messaging clear and compelling. |
| Consideration | In this stage, companies should focus on collecting feedback about the customer’s experience with their website or store, including the ease of navigation, the relevance of the information, and the overall user experience. Companies should also collect feedback on how their products or services compare to competitors in terms of price, quality, and features. |
| Purchase | In this stage, companies should focus on collecting feedback about the checkout process, including the ease of use, security, and speed of delivery. Companies can also collect feedback on the product itself, including its quality, packaging, and any issues customers may have had with it. |
| Retention or Repeat purchase | In this stage, companies should focus on collecting feedback on the customer’s overall experience with the company and its products or services. Companies can collect feedback on how they can improve the customer experience, including customer service, ease of ordering or reordering, and any problems that arise. |
| Advocacy | In this stage, companies should focus on collecting feedback on whether customers would recommend the company and its products or services to others. Companies can collect feedback on why customers would or would not recommend them, and use this information to improve the customer experience and build loyalty. |
Key Takeaways
1. Customer Feedback is very important in brand building.
2. Benefits of customer feedback are very many and brands should invest in a robust customer feedback ecosystem across functions.
3. Customer feedback collection starts even at the “awareness stage” in a customer’s journey.
4. Types of customer feedback vary depending on the phase of the customer in the journey map
Our Belief
Reviewfy.io is dedicated to the cause of creating a Feedback Ecosystem that encourages customers to share their experience with brands, which in turn improves the brands’ value offerings and also helps other customers choose the right product so that they, too, can enjoy a better, more convenient, and more fulfilling life. Reviewfy.io is a quick survey platform that makes making and doing surveys a pleasurable experience for everyone involved.
