Simply YES! Feedback is a powerful tool that can significantly benefit your business. Let me expand….
In time I hope you are not running your business on a day to day basis and will have freed yourself from the weeds. You will have build systems, processes and a pool of talent, working within a values led culture, that delivers your mission, vision and purpose.
Therefore, feedback is a great way to establish if the activities are being executed as you expect and are having the impact you desire with those that engage with you.
I believe feedback is essential in helping you scale, grow and enjoy the success you define for your business.
Too often the areas for development can be dismissed as “well that’s only one persons view” when many times that one person is speaking on behalf of others.
Then the cynical say that feedback is only provided by those that are “super happy” or those that are “pi’***d off” and you hear nothing from those inbetween. However, that’s because the request of feedback in irregular, even a one off, or not requested at the right time or in the right way. Is your feedback systemised or asked for when you remember or whan you need it?
For some, often feedback makes us feel good and it pats the entrepreneurial ego, but quite often the benefits are missed.
These are the benefits of feedback that, in my observation, are often not considered:
- Increased engagement with your customers
- It involves and interacts with your customers in a way that they feel valued and considered. This builds the relationship and then deeper levels of feedback later. Our customers then feel engaged and able to easily raise anything they feel we need to know before they are even asked!
- Enhanced customer retention
- Keeping in touch with your customers and their feelings will lead to a reduction in your churn. A customer who gives good feedback this month is unlikley to leave the next. If you have negative feedback, then now you know and can fix it. Otherwise they often leave and you never knew! When a customer feels heard and valued, they often become loyal. I bet your loyal customers are those that you have a higher level of interaction with compared to others.
- Development of your product or service
- When you hear what works and what does not, then this is valuable insight to help you continually shape an offering that your customers want and need. By not just hearing, but actually listening to the feedback you can make improvements that builds a wider level of satisfaction across your customer base. The feedback helps you tailor your offerings.
- For the identification of new opportunities
- Ultimately this is information to act upon that keeps you ahead of your competitors. Feedback will often highlight what you may not have noticed yourself or give you an insight to any unmet needs or expectations in the eyes of your buyers.
- Improvement of your customer experience
- By listening to what could be better, you can identify what improvements can be made to your customers journey. Such continuous improvements will result in few complaints and a happier, more engaged, customer.
- Help to make better decisions
- Feedback provides valuable data that can inform your strategic decisions. By understanding your customer needs and preferences, you can mitigate risks associated with launching new products or services.
- Increased employee engagement
- Positive feedback boosts morale and motivates your employees to perform at their best with the confidence that they are doing the right things for the customer. The best employees take constructive feedback for their own development by helping them identify areas for improvement and grow professionally.
Feedback enables you to remain competitive, adapt to changing market trends, acknowledge your customer expectations and build relationships with your customers as they build their loyalty to become advocates of your business.
