A vital cog in the machine of delivering outstanding customer experiences is feedback mechanisms. With customer needs and expectations constantly evolving, feedback mechanisms enable your organisation to better understand how well these needs are being met and provide insight to achieve business goals. Building in a feedback loop helps to ensure a consistent and best-in-class customer experience.
How are feedback mechanisms used?
There are a number of tools and methods that can help. This includes dedicated tools such as Usabilla, which captures customer feedback or tailored enterprise solutions such as Medallia. You may also consider manual or more traditional methods to capture feedback such as through customer service teams, surveys or customer interviews.
To demonstrate why they’re so important, we’ve compiled a list of five reasons that underpin this aspect of delivering best in class customer experience:
1. Improves products and services
When offering a new product, brand or service to the market, you most likely have an idea of what customers want. Market research conducted before introduction provides somewhat of an idea of whether potential customers would be willing to part with their cash. Conducting research prior to launch can also provide recommendations on how to improve your offering. However, only after your clients have used your product or service will you be able to learn about all of the benefits, drawbacks, and their actual experience. Furthermore, their demands and expectations change throughout time, so the information you have now will eventually become defunct.
Customer feedback provides insight into what aspects of your product or service are operating effectively and what improvements could be made to enhance the overall experience. Your professional knowledge may be the greatest in the industry, but consumer insights will always be more beneficial. Customer feedback ensures that the final product meets expectations, solves problems, and meets needs.
2. Assists with customer satisfaction
Customer satisfaction and loyalty are important factors in determining a company’s financial performance. It is directly related to a variety of advantages, such as increased market share, fewer costs, or better income. Many studies have found a strong link between customer satisfaction and business performance. As a result, it’s vital to ensure your customers are satisfied with the products and services. Naturally, the easiest approach to determine whether expectations are being satisfied is to request feedback. You can quickly evaluate the level of satisfaction and, as a result, gain insight into your business’s financial projection.
3. Demonstrates you value customers opinions
Collecting feedback from clients demonstrates your business values their input. When you involve customers in the development of your offering, they can build a deeper connection with the product. In addition, customers will believe your primary goal is to solve their issues and meet their needs. This is an effective strategy in acquiring brand ambassadors that will passionately champion their purchase.
4. Supports customer retention
A satisfied customer will (most likely) become a returning customer. A dissatisfied customer will eventually find a better alternative and depart. Customer feedback provides your business with an opportunity to identify areas for improvement when a disappointed customer expresses their displeasure. Utilising this technique means your business can maintain a finger on the pulse of your product or service. This ensures your offering continues to adapt and meet their needs, resulting in better retention.
5. Provides real data
Customer feedback is one of the most accurate sources of concrete data that can be used to make effective business decisions. Customer insights will provide a better understanding of your clientele and their needs. When presented with this data, you’re able to allocate resources to products and services that will receive the best return on investment.
Place your customers at the core of your business and treat their input as the most valuable source of information. They’re the ones who use your products and services, thus, the most knowledgeable. Never ignore their voice. If you fail to meet their expectations, they will find alternatives which will. Use customer feedback at all levels and across all departments. Insights will help develop products, manage customer satisfaction and improve customer experience.
Need assistance with your customer experience?
We’ve created a must-read guide for anyone interested in improving their customer experience. The recommendations and insights are based on our research and experience working with organisations such as Google, Design Museum and Virgin Media. You can download the guide, free, below
Find out how we can help you
If you would like to discuss how Make it Clear can support your organisation with implementing effective feedback mechanisms, sign up for a free Clarity Consultation here to explore how we can help you.