Don’t ignore customer feedback

Posted: Aug 20, 2013 in Business, CRM, Data, Marketing, Prospecting
Tags: , ,

Listen

You have a eureka moment and you start building out the infrastructure for product, website and staff.

The product flies off the shelves and life is good. Customers are happy, customers are spending on your site and you’re living the dream.

As the business expands it produces more risk to ‘issues’ across key business areas which effect customers such as product stability, CRM / customer service and product development especially when linked to different platforms. As time goes on, competitors pop up trying to attack your weak points offering a viable alternative and the ideal solution would be to have had long term business strategies in place to cover all areas which could be at risk of those ‘issues’ appearing, resulting in customers not having a good reason to go anywhere else.

Many businesses only have short term strategies which apply temporary fixes and patches resulting in those ‘issues’ appearing in full view to customers.

The 21st century has brought customer opinions and voices which are not only expressed across the globe but also across all channels especially social media and forums instantly within seconds to millions, so no longer does a customer have to write a letter to complain or stay on the phone for hours, customers are now in the driving seat not the brand.

Those businesses who closely monitor, analyse and engage with their customer feedback especially their high value customers will avoid getting annihilated, emmbaresed and shown up in front of millions as well as having to pay high acquisition costs to convince new customers that they have changed.

Brands need to stop thinking that they know better and start believing the classic saying that ‘the customer is always right’. Yes, not every single customer is right and you don’t need to add every piece of feedback to the business agenda, but apply logic to constructive feedback and where a clear trend appears apply it to the relevant business area.

Not only are your high value customers willing to give you an abundance of ideas on how to improve, but you only have to give a tiny gift away to get vital feedback to improve business, which in turn once implemented will give you an abundance of organic new customers compared to the expense of having to use ad budget to acquire those new customers.

On a similar note, it’s also not acceptable to put a product on the shelf when based on customer feedback post launch is clealy unfinished. A brand should never be in this situation, especially with so many tools available which would give you the feedback you need in order to build the ultimate product which meets demand prior to launch.

So when you’re lying on the beach seeing the cash flow, you need to remember that if you don’t listen and look after your customers, you can lose them significantly quicker and in greater volume than you can aquire new ones and that is certainly not what investors like to see.

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