Collecting and analyzing customer feedback is essential for improving customer satisfaction and loyalty, improving customer retention and conversion rate, and overall improving your products and business.
There are two types of feedback: prompted (when you deliberately ask for feedback like surveys) and unprompted (when your clients post feedback online on their incentives like in-app tools for collecting feedback or online reviews).
Customer feedback (good or bad) helps you improve your product and services
Customer feedback gives you an insight into what is currently working well in your product and what you could do better. You will get the information and context needed to better understand your customers' expectations, needs, and problems they are trying to solve. Users' needs and expectations evolve with time so providing the best customer experience is a forever going task.
Customer feedback helps you increase customer satisfaction
A satisfied customer is a loyal customer. There is a close connection between customer satisfaction and business performance. Satisfied customers are less likely to churn and more likely to recommend your product. This leads to lower acquisition costs and higher revenue. Giving users an open channel where they can submit their feedback shows you value their opinion and makes them feel more attached to your business.
Customer feedback helps you increase customer retention
Customer feedback helps you detect areas that don't satisfy your customers and where you should improve. Every time a customer expresses dissatisfaction you can immediately respond and find a solution to fix the issue. Putting your customers' satisfaction first shows devotion from your business and increases their level of loyalty and trust.
Customer feedback gives you insights that help taking business decisions
In a highly competitive market, successful businesses base their business decisions and strategies on real customer data. The goal here is that any improvements, new features or adjustments made to the product have to perfectly fit the customer needs first.
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