Expert Opinion: Turn Customer Feedback into Actionable Insights

Customer experience experts, Insight6, explain the importance of asking for feedback from customers, and what to do with the information they give you.

Most of us understand the importance of delivering exceptional customer experiences to drive loyalty, repeat business, and growth. But have you considered the impact of a poor customer experience? Do you know how your customers feel about your products and services? Asking for and acting on regular customer feedback is critical to business success. Why? So, you can improve customer satisfaction, build loyalty, and ultimately boost your bottom line!

Why is customer feedback critical for business success? 

Understanding your customers’ needs and preferences is important in today’s competitive landscape. Customer feedback gives valuable insights into their experiences, expectations, and pain points. It helps you find areas for improvement, make informed business decisions, and stay ahead of the competition.  

Consider this: 84% of customers say their expectations are unmet and 76% would stop doing business with a company after just one bad experience. By actively looking for and listening to the views of your customers, you can address these issues proactively and ensure a robust customer experience strategy. One that works as a powerful tool to drive business success.   

What are the benefits of collecting and acting on customer feedback? 

Collecting and utilising customer feedback in the right way offers many benefits to your business. For example:  

1. Customer satisfaction and loyalty: When customers feel heard and see their responses being acted upon, it enhances their experience and instils trust. According to research, loyal customers are worth up to 10 times as much as their first purchase.
    Differentiation and Competitive Advantage: By consistently improving your products and services based on customer feedback, you can differentiate yourself from competitors and position your business as customer centric. 
2. Profitability: Increasing customer retention rates by 5% can boost profits up to 95%. By actively seeking feedback and improving customer experiences, you can drive profitability and long-term business success. 

Continue reading on the Insight6 website.