Customer feedback is the first step to business success. The best-performing brands know at any minute what their customers need and value and use these invaluable insights to improve their customer service and nurture business growth.

Another aspect that gets overlooked easily is product development, the success of which literally depends on customer feedback.

Since this is an enormously important step, let’s see how to use customer feedback to boost business growth.


Measuring Customer Satisfaction

Customer satisfaction and loyalty are crucial for company success, financial performance, and overall strategy.

Customer satisfaction and business performance are tightly linked, which has been documented. It goes without saying that businesses should do everything in their power to make customers satisfied, and the easiest way to do this is to rely on customer feedback.

However, simply gathering intel isn’t enough. Businesses should also measure and improve customer satisfaction. One of the most beneficial methodologies in this regard is Net Promoter Score (NPS).

NPS is a methodology rooted in a simple question: “How likely are you to recommend our company to a friend?” The best thing about it is that it doesn’t take up much time, as it is based on a rating scale (typically 0–10).

Later on, you may add additional questions to get more specific insights in line with your company goals.

To enhance the response rate, apply another simple method: a follow-up. Use it with caution, however, as large volumes of emails from the same sender are never a welcome sight.

Once you know how to measure customer satisfaction, you can use the results in multiple ways. We’re listing below some of the best practices.


Increasing Your Brand’s Visibility and Reputation

Brand reputation is long in coming and difficult to maintain in light of fierce competition. The internet has changed many a rule in this aspect as now even once-local businesses have gotten a chance to go international.

Naturally, this means that the market is bigger than ever and that long-term planning is essential.

How does customer feedback factor in? For one thing, businesses that value customers’ opinions have a bright future ahead. The practice helps brands build trust and loyalty over time.

Not to mention that customer feedback comprises information that can further your business operations simply by showing you how your audience perceives your brand.


Discovering Key Opportunities

Feedback details customer experience, from initial interaction to receiving the product. This is immensely important for pinpointing potential flaws, but also for discovering key opportunities.

Customer feedback for field trades, for example, can significantly assist field workers by means of empowering them to focus on specific issues and prevent further customer dissatisfaction.

Typically, the greatest growth opportunity is fulfilling unmet industry needs. Since the competition is harsher than ever, such an opportunity shouldn’t be disregarded or overlooked and customer feedback is the easiest way to achieve this.


Making Data-Driven Decisions

Next on, customer feedback can help you make data-driven decisions. In the times of big data, this is another huge benefit.

Gather data based on your company’s key performance indicators (KPIs) and turn it into useful insights (this process is known as “data-driven decision making”). Customarily, the scope of the process includes strategy (overall), marketing approaches, and product development and branding.


Mastering Product Development

To decide on product development strategies, it’s best to keep an eye on customer reviews. Numerous reviews show that products developed based on customer opinions perform ca. 20% better than others.

All product development strategies include these steps: idea generation (a.k.a. “ideation”), product road mapping, prototyping, designing, testing, and commercialization. In short, the process covers the entire process of taking a product to market.

Since it is a large undertaking, you should make sure you’re developing products likely to appeal to your customers. That’s exactly where customer feedback enters the scene.

Product development covers three product types: new projects, old products being introduced to new markets, and renewed existing products.


Enhancing Customer Experience

Nowadays, customers have higher expectations than in the past. There are several reasons for this, the most notable of which is — new tech.

In the age of hectic lives and instant communication, waiting for a customer representative to pick up for half an hour simply doesn’t do the trick. Businesses are increasingly modernizing their call centers to address customers’ needs.

Companies naturally strive to create the best customer experience there is but, as mentioned above, the competition is fierce, and new tech is emerging rapidly. Customer expectations increase exponentially as well, so it’s safe to say that enhancing customer experience is a race against time.

Since there are numerous areas to cover, the focus should be on the most pressing issues. Once again, the easiest way to pinpoint them is to ask customers directly.


Customer Feedback in a Nutshell

Putting your clients first ensures long-term success. Building trust will increase customer loyalty and making your audience know their opinions matter will help you scale up your business. 

Not less important is the fact that feedback can help you find flaws and come up with product development ideas.

Communication is the starting point for any successful undertaking, so get off on the right foot with your customers.