Absolutely. It should also be noted that, if there exist any businesses, small or large, who don’t take their customer feedback seriously, there is an inherent problem in their structure.
Customer feedback is vital to business operations. This feedback provides the glue that holds together consumers and their preferred brands and businesses. Customer feedback provides companies with extremely vital insights that can be utilized to:
There are some who believe that customer feedback might be the most important metric a business receives. This being the case, this feedback not only provides company solid direction, but also the analytics and suggestions necessary to progress and experience growth.
Per a recent study performed by Kissmetrics (now owned by Neil Patel), over 60 percent of successful innovations to business from many sectors of industry have derived from their customers. What this proves is that business change comes not only from within the company, but from external sources, including customer feedback.
Additionally, further reporting by MIT showed that, in comparison to innovations led from within an organization, customer focused and brought-about innovations provide far better revenue opportunities. In the end, customers provide great ideas, and companies can leverage these ideas through solid customer feedback.
So why care about this? Some of the main reasons are for improvements in services or products, customer retention and value, and more accurate data gathering. Tools such as Makerkit make these processes a breeze.
Showing importance to the feedback of your customers is a great way to ensure that they will purchase the products or services being offered. This level of feedback is vital in the process of product development, ensuring that the product or service will fulfill the needs of the consumer by reaching out and getting responses from the consumers themselves.
In the current competitive business landscape, marrying product development with customer feedback is a strong advantage over alternative options who fail to do so.
Companies can easily reduce customer abandonment by maintaining contact with their customers. As a direct line, feedback can assist in determining if customers are not happy with a product or service before their business is lost. By taking this feedback to heart, you can ensure that these customers have a far better experience in the long run.
Additionally, this will guarantee their continued business. Satisfied customers are retained customers. Additionally, customer feedback shows these consumers that their opinions truly matter to the makeup of your business. It ensures that the customer feels valued and vital. They will also feel as if they are involved in the continued improvements to a product or service offering. By taking their feedback to heart, companies are communicating that their feedback is one of your highest priorities.
There can be many times where companies make decisions based on data that is not completely accurate. However, the strongest business decisions need to derive not from ideas and hunches, but from tangible, useful data.
Customer feedback is easily one of the strongest guides in ensuring marketing and business decisions are in the best interest of those paying for your product or service. These insights provide the most relevant information on what a business can do to propel themselves towards growth.
It is important to keep in mind that, if customer feedback is not of high importance to a company, then the company will not be of high importance to the customers.