The business world is changing, and with the rapid and continued emergence of companies migrating to the online marketplace, there’s no denying that the new norm of retail to services has now found itself in the digital space. And while this trend is by no means a novel concept, the global pandemic has undoubtedly sped up the process and made it mandatory for any enterprise to have some manner of online operations unless they want to suffer the consequences of being left behind by the times.
However, despite its relevance and the growing need to establish an online identity, no company has been capable of fully grasping the many intricate details that will guarantee success on the online platform. In fact, even the biggest names across all industries have yet to make 100% use of the online world to their advantage. And, while we do not have the answers ourselves, we firmly acknowledge that understanding the value of customer feedback is the first step.
Customer-Driven Change Is The New Norm
While research, innovation, and development have been the founding pillars of driving sustainable success and boosting sales performance, customer feedback has always played a delicate role in directing where these efforts should be focused. And in this newly transformed world wherein the majority of interaction and sales occur online, customer-driven change becomes all the more important and now more online-centered.
- Accessible Measure Of Customer Satisfaction: One immediate value provided by customer feedback and an effective feedback loop is that it functions as an accessible measure of customer satisfaction. There’s no better way of gauging how successful your product or service has turned out to be than hearing from the target audience yourself. And in the context of e-commerce, feedback can come in the millions, valuable data meant to be studied for its entire worth.
- Wide Reach Of The Online Platform: Unlike physical branches and retail establishments that are limited to their location and the customers and leads present in that locale, the online platform’s reach spreads all across the world. Therefore, the customer feedback your receive will not only concern the problem of one specific demographic but will include the diversified needs of audiences from different backgrounds.
- Experience And Quality Now Go Hand In Hand: Furthermore, customer experience now plays an even greater role in the online world as many users seek expert assistance in navigating the online marketplace. And while “experience” might feel disassociated with customer feedback, it’s now an encompassing factor that also decides the quality of the product or service provided.
What Are The Opportunities Provided By Customer Feedback?
Customer feedback offers three main opportunities for growth, namely, (1)the identification of key weaknesses in your business, (2)highlighting strengths that must be further reinforced, and (3)filling in the gaps and shortfalls of competitors. And while its application may vary from one industry to the next, these three opportunities can provide any company an edge against the competition and rise higher than before.
#1 Identify Key Weaknesses In A Product/Service
No product nor service is ever perfect; there will always be weaknesses that need to be addressed no matter the day and age. However, customer feedback can help immediately identify just what these weaknesses are and give you a headstart in where development must focus. For example, professional baby gear reviews will point out to families which products are the safest to use, and the same can be said for any video product review that lists out the many details.
#2 Highlight Specific Strengths Of The Business
Apart from weaknesses, customer feedback also highlights the specific strengths your business possesses, and while this might not seem as important as the former, knowing your strengths will help you operate to your advantage. This will tell you if there’s a need to pivot for specialization or if you can drive more lead generation by allocating more resources. For example, a local grocery store that knows its strength lies in it being the nearest establishment available to the neighborhood can further capitalize on this strength by implementing an online grocery business.
#3 Gauge The Competitiveness Of Rival Businesses
Last but not least, the fact that most customer reviews and feedback are readily available to the public, their opinions will also help you gauge the competitiveness of rival businesses. And whether it proves for better or worse on your part, this information should be utilized as yet another basis for where research, innovation, and development must focus. In addition, it can also aid in your marketing strategy to advertise specific features and services where your competition fails to provide.
The Customer’s Voice Must Be Heard
Amidst this volatile and uncertain economy wherein economic recovery is being slowed down, businesses must drown out the noise and listen to the customer’s voice if they wish to come out of these trying times with an opportunity for success. There’s no doubt that customer feedback will be of extreme value to your business, so don’t let this notion slip away from your grasp.