Using Customer Feedback to Grow Your Business
Any business owner can tell you that customers are the heart of their business, but knowing whether or not your customers are satisfied can be challenging. Meeting and exceeding the expectations of your customers will result is a business that grows, but making the wrong predictions about what customers expect can mean the end of a business.
In 2009, the U.S. Dept of Labor & Bureau of Labor Statistics reported that half of all small businesses close within five years, meaning customer satisfaction is more important than ever. An unhappy customer is unlikely to take the initiative to report their dissatisfaction to the manager or owner, they simply won’t return. They will, however, convey their dissatisfaction to their family and friends who, along with them, will not frequent the business.
Providing customers the opportunity to give feedback makes them feel valued, and gives insight into the customer’s experience. When owners and managers are aware of customer dissatisfaction, they’re able to quickly correct mistakes and make amends, thus strengthening customer relationships. Customer feedback is also the most effective way to inform owners and managers of what they’re doing well. It takes the guesswork out of what keeps their customers happy, so they can continue to provide the products and services that keep their customers coming back. Satisfied customers return, and they tell their friends and family, who in turn tell their friends, all of which helps your business grow!