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LaunchLeap Blog
22 Jun 2016

Feedback gives you an insight of what your consumers need from your business

A dissatisfied customer will tell between 9-16 people, over 20% of them will tell more than 20 people. (Source: White House Office of Consumer Affairs) How can feedback help your business avoid these statistics? What are the benefits of receiving feedback?

There is a pressure to deliver the best possible customer service whether you have a big or a small business. How can you know if you are achieving the expectations of your customers? The answer is simple, get in touch with them.

Receiving feedback is not always an easy task to do. However, it is the most precious gift your business will receive for its everlasting success.

Do you know that it is 6 times harder to acquire a new customer than to retain one? (Source: White House Office of Consumer Affairs) Feedback allows consumers to build a bond with the brand, by engaging in an open dialogue. This shows the consumer that they are a priority and that you care about their experience with your brand. For example, Starbucks is very active on social media platforms. They collect consumer insight by asking them to share their experience on Instagram and Twitter about their favorite beverages, Starbucks has even put in place a direct channel where anyone can share new ideas by sending an email to a specific address. Nowadays, social media makes it very easy to engage with your customers. You should not fight these new means of communication, you should instead embrace them and use all these new tools to your advantage.

Is your business delivering what was promised to its consumers? For instance, Starbucks promises that they will make your drink just the way you like it and if it’s not, they will make it again. How amazing! Consumers are waiting to see how you will follow through and enhance their experience. This will then strengthen their brand loyalty, increase your word-of-mouth marketing and as a result, attract more consumers. It’s simple: People love to talk. It should come at no surprise that they will share their experience with their surroundings. Consumers have ranked word-of-mouth as being the most influential in their purchasing decisions. (Source Radius Global- Marketing Charts)

Similarly, acting upon feedback will make your company more likable because it adds value to your brand. At the end of the day, your business exists to cater to your consumers. Hence why, it is important to cultivate these relationships by fostering these conversations.

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