Why Customer Surveys Are Essential To Make Your Business Thrive
Why customer surveys are essential to make your business thrive? Indeed, customer surveys may not be exciting, but they’re still crucial to business success. Customer churn can be limited by conducting customer surveys the right way.
Customer surveys are used by business owners to gauge how the company is perceived by the patrons they service.
Organizing a survey is the first step in assessing customer reaction to your products or services. Customer survey results can also help you to find what areas of your business require improvement.
Every business is built on its customer’s loyalty and satisfaction.
ImportantCustomer satisfaction builds trust in your brand, helps to reach your target group, bring new clients (therefore, new profit) and makes you stand out from other similar companies.
You should never ignore the importance of customer satisfaction.
WarningThere are dozens of factors contributing to the success (or failure) of a business, customer satisfaction is one of them. It’s important to track this factor and work on improving it in order to make your customers more loyal and eventually turn them into brand ambassadors.
A critical factor to business success is knowing and satisfying your customer base.
ImportantIt makes good business sense then to survey your customers to learn about expectations, perceptions, satisfaction and areas for improvement.
Obtaining this kind of data will allow you to respond in a timely manner and ultimately satisfy your customers.
If you are still not convinced why customer satisfaction survey is important we have five reasons to make you believe why customer satisfaction survey is not only important but also beneficial to businesses of any size.
Improve Customer Loyalty
Customer loyalty cannot be bought, it needs to be earned. According to a study, in the US, organizations can lose upto 45% of their customer value, if they are not satisfied with the customer service or don’t get the expected response.
Even the most loyal customers can leave you in the blink of an eye.
ImportantIf your customers know you care enough to ask what they like and dislike about your company, you may have a high repeat business rate. Paying attention to their comments tells them that they’re more than just a revenue stream to you.
A loyal customer is a treasure you should keep and hide from the world.
WarningSome research says that it is 6-7 times more expensive to acquire a new customer than it is to keep a current one. On average, loyal customers are worth up to 10 times as much as their first purchase.
Happy customers are returning customers.
Satisfied and loyal customers not only spread a positive word of mouth but also keep coming back to the brand they like despite many choices offered to them. Happy customers never turn to your rival brand.
Asking for feedback is a proof of loyalty. You want your clients to be faithful to your brand, but you must work on this relationship too. Just offering good services is not enough. They don’t like the feeling that they are mere consumers. You should not let them leave your store or office with the impression that you only wanted to cash in. Clients want to feel that their opinion matters.
Satisfied customer will stay with you. Unhappy customer will eventually find a better alternative to your business and leave.
ImportantCustomer feedback helps you determine if your clients are satisfied with your service and detect areas where you should improve. Thanks to asking for opinions regularly you can always keep a finger on the pulse.
Churn happens when a customer decides to stop using your product or service.
Research found that 67 percent of people see bad experiences as a reason for churn. Since negative experiences often result in low satisfaction levels, measuring customer satisfaction can help you identify whether or not customers are churning at a high rate.
Gain Valuable Feedback
You can discover valuable feedback in terms of design and functionality by surveying your consumers. You can ask questions to tap into customer needs and then tailor or create new products/services that your customers want.
Asking product specific questions will allow you to gather feedback to spot trends, which can give you a competitive advantage.
ImportantAnother important reason to survey your customers is for benchmarking purposes. Gathering feedback at different points in time will allow you to compare data from year-to-year to see if any alterations need to be made and if implemented changes were positively received or had a positive impact.
Consumer behavior is one of the most debated topics in today’s marketing research.
This niche analyzes customer’s purchase habits to improve their experience. Questionnaires are a great way to gather valuable data and define your client’s behavior.
The primary purpose of any customer survey is getting feedback from clients. However, this feedback is only the means to an end. Just collecting your client’s opinion is useless if you don’t do anything with it. The expected outcome of any marketing research is an improvement.
Customer feedback is a reliable source for information to other consumers.
WarningIn the times of social media, consumers do not trust commercials or expert advice so much. Opinions provided by other customers who have already used a product or service are more reliable source for information these days.
Customer feedback gives you data that helps taking business decisions.
Customer feedback is one of the most reliable sources for tangible data that further can be used in taking business decisions. Customer insights will help you understand clients and their needs more profoundly.
Measure Customer Satisfaction
Put simply, customer satisfaction is how satisfied people are with the quality of the product and service they get from your business. You measure satisfaction by conducting surveys that ask customers to rate their engagement or interaction with your business.
Customer satisfaction looks at how customers feel about your offerings at a given point in time.
ImportantThis is one of the primary purposes of conducting a survey. You want to be better at what you do, improve your products or maybe change your marketing strategy.
You will want to survey your customers for engagement too.
Asking them to share their insights and perceptions increases their interest and engagement in your company. Furthermore, customers will feel valued and appreciated when you specifically address their concerns. The more engaged your customers are, the more likely they are to remain loyal to your company.
Satisfaction index can forecast future sales. If a customer is satisfied with a product or service, they are more likely to buy it again. Therefore, you can predict what will be in demand in the next several months and even in the longer term.
Customer satisfaction correlates with the company’s profit.
WarningCustomers’ opinion is very important for forming your brand’s image and it affects your sales revenue. Negative feedback should never be ignored because it can easily destroy a company’s image built over the years.
A happy customer will come back and will even bring new customers.
ImportantMore customers bring you more sales, therefore, more profit. It is as simple as that. 86% of people are willing to pay up to 25% more for a better customer experience.
Customer surveys can also serve as your unique selling proposition, helping you stand out in a competitive industry. That’s because people no longer rate companies based on price or product. Instead, they evaluate the customer experience delivered by a particular business.
In a competitive marketplace, customer satisfaction is seen as a key differentiator.
ImportantBusinesses who succeed in these cut-throat environments are the ones that make customer satisfaction a key element of their business strategy. Not only can customer satisfaction help you keep a finger on the pulse of your existing customers, it can also act as a point of differentiation for new customers.
Innovation is key in the digital era, which is why receiving feedback and listening to a variety of opinions could help you improve the performance and reputation of your business.
When it comes to evaluating a product, each client has his or her own criteria. This is the interesting and exciting part of analyzing the results. You get to learn and understands many different things about various client categories. This will give you a broader view of people’s needs.
Sometimes customers’ feedback can show the real needs of your target group and what is in demand nowadays. They might be interested in a new product or service which you (or even anyone!) do not provide but it could be a new niche for your business. There can also be ideas which compile well with your current proposal.
Offering new items that your survey shows are in demand may be more successful than attempting to predict the needs of your clientele.
ImportantReceive insight into the future needs of your customers and the direction to take your company with the products or services you provide. Add a list of proposed items to your survey to discover what customers most desire from your company.
Gaining valuable insight into what customers think of your brand is one sound benefit of customer surveys.
If you take the time to produce surveys consistently, you can see how customers are reacting to the changes you’ve made regarding your company’s services or products. You can use their suggestions to improve your customer services and further work on any areas that might need improvement.
Stand Out Among The Competition
Your competitive rivals are just waiting for you to make a wrong move. What is more, they can often play the role of an instigator. Being prepared for their provocations is not enough if you don’t know how to deal with the negative backlash.
Customer experience is a differentiating factor that helps your brand to stand tall in the competition.
ImportantIf you provide your customers with amazing customer experience, you will gain arguments to convince those uncertain of your services. The most effective way to give them amazing experience is asking them what they like about your service and what should be improved.
Today’s marketing is heavily based on experiences people have with products, services and brands.
WarningThey do not buy Apple products just because they are good. They want to demonstrate their status and affiliation to a particular group. Therefore, if you focus on providing the best customer experience at every touchpoint clients will stay loyal to your brand.
People feel much more comfortable with brands that are transparent about their operations. Posting customer feedback is one way of showing potential consumers that your brand is open with its communication and that it values customer input.
It is always good to know what makes you stand out in comparison with other companies on the market.
It works well for team spirit and motivates your employees to continue their great job. However, honest feedback will also show your weak points, which means that you know what has to be improved and developed.
Make sure you always have your client’s answers in mind.
ImportantLook at their complaints, desires, or simply the scores they assigned to your products. This will give you enough insight to offer better customer experience and even boost conversion rates.
The primary goal of customer surveys is to help you offer better services, and that hasn’t changed.
Warning81% of companies who are able to deliver customer experience excellence outperform their competition. 40% of customers start buying from a competitor because of their reputation for great customer service.
Since people today have so many buying choices and substitutes, you can no longer afford to ignore the importance of providing great experiences to your customers.
Measuring customer satisfaction through surveys is the way forward for all businesses.
ImportantIdentifying key demands along your customers’ journey, gathering feedback to improve or iterate their experiences, and applying trends will help you improve customer satisfaction – and subsequently generate more revenue and sales.
Customer satisfaction plays an important role within your business.
ImportantNot only is it the leading indicator to measure customer loyalty, identify unhappy customers, reduce churn and increase revenue; it is also a key point of differentiation that helps you to attract new customers in competitive business environments.
Surveys are a traditional marketing research method that stood the test of time and are still relevant for your business.
WarningThe fast-paced growth in marketing makes them more necessary than ever. The results are still one of the fastest ways to get client feedback, and it is essential to act fast in today’s competitive market.
Remember that customer feedback is everywhere.
Run surveys in different forms and search for reviews your clients post on the Internet. Do not underestimate any comment about your products and services and try to always be responsive.
Capture more customer feedback and deliver a better experience. Always!
Your clients will appreciate you value their opinion. It is a key for developing strong relations with your audience. Customer voice is priceless for your business, so never stop listening!
What steps have you taken to increase customer satisfaction? Let us know in the comments section below.