How to Use Customer Feedback to Beat the Competition

Whether you’re in manufacturing, telecommunications, or software, your business success relies on your customers’ happiness. When your end-user is satisfied with your goods or services and the support you give them as part of the client experience, they will come back again and again. You can even use customer feedback to beat the competition and boost your bottom line.

Happy customers are loyal. Recurring customers save you money on new lead generation. They can also operate as a cost-efficient source of new leads, serving as inadvertent brand ambassadors if they share rave reviews of your business with others in their network.

Gathering and analyzing customer feedback to ensure your end-user is content, is critical to business success. Positive comments can reaffirm where you are succeeding, while negative comments will help you identify points in need of improvement.

This data will improve your overall offering, giving you a competitive edge in your industry. Here’s how to make the most of it.

Why Customer Feedback Is Your Number One Weapon

Knowledge is power, and this is especially true when it comes to meeting your customers’ unique needs. With detailed feedback from real-world clientele, you can:

  • Monitor ongoing customer satisfaction levels.
  • Get insights into customers’ unique needs.
  • Improve your product or service offering.
  • Show your customers that you care and avoid alienating them.

All of this adds up to greater customer satisfaction, allowing you to easily win over new customers—possibly even stealing them from the competition. You will also nurture loyalty among existing clients, as satisfied consumers won’t be tempted to look to your competitors for products or services and jump ship.

Elevating the consumer experience is becoming even more critical in the wake of the COVID-19 pandemic. The most successful companies in the crisis were those that were able to identify and adapt to consumer behaviors, needs, and experiences. That kind of flexibility requires granular real-world data—which is where customer feedback comes into play.

4 Ways to Use Customer Feedback to Beat the Competition

Here’s how you can use customer feedback to enhance your competitive advantage in the modern business landscape.

1. Understand Your Customers Needs So You Can Best Meet Them

Keeping clients happy means understanding their wants and needs. This requires detailed and specific data. You don’t want to just know whether a customer was satisfied or not. You want to know what did and didn’t stand out in the customer journey.

For example, consumers might be perfectly content with your product but are turned off by a negative customer service experience. Important customer success metrics could include waiting time to have an issue resolved, for example, or versatility of support methods (e.g., live chat, email, telephone, etc.).

Many businesses are quick to assume that dissatisfied consumers mean a problem with the product or service they are providing. The issue may be a much easier fix, like tweaking an ad campaign or updating your chat bot. It’s essential to understand your customers’ needs better than the competition.

2. Gain Customer Insights into Employee Performance for Superior Service

Customer feedback is also valuable in gaining information about your employees, especially those on the front lines who deal directly with clients. For example, if you offer in-house telephone support, you want to ensure that your workers are dealing with callers courteously and professionally.

A simple training and feedback loop for your customer-facing teams can significantly impact your business success. In the case of a call center, the process might involve recording calls, reviewing positives and negatives, and using data to inform coaching and future training.

With this added step towards accountability, you are improving your overall customer service experience. Many consumers will switch to a different provider after a bad service experience, so this is critical if you want to use customer feedback to beat the competition.

3. Gather Competitive Intelligence to Assess Your Advantage

Don’t just look at your customer feedback—consider the feedback consumers are leaving your competitors. You can scour the internet for reviews in public forums to see how your products and services compare to those of your competition.

Further, you want to make sure you are meeting the benchmark set forth by others in your field: For example: it might seem reasonable if 80% of your clients are satisfied, but what if the industry standard is 95%? You have some room for improvement.

Reading competitor reviews can also help you identify their weaknesses. You can then leverage this information to pinpoint opportunities to win over their clients. For instance, if clients complain about a rival’s lack of telephone support, you can highlight this as a value-added proposition if you can provide it with confidence.

4. Avoid Reputation Damage and Losing Clients to the Competition

As mentioned, not all customer feedback is positive. That’s normal. If a customer isn’t happy with your company, be it the product or the consumer experience, you want to know about it. You can then improve and avoid similar scenarios with future consumers. This is yet another way to use customer feedback to beat the competition.

Additionally, targeting negative customer feedback allows you to fix the situation. Let’s say a person purchases a product, discovers it’s defective, and then writes a scathing complaint to your customer service department. You can remediate the issue, offering them a replacement product free of charge. They will likely be satisfied with your response and continue to use your business. You can turn a negative into a win.

Help Your Business Thrive with Real-World Customer Feedback

Televerde is a global sales and marketing services company with one mission: support your business success by creating more positive customer experiences. We offer multi-channel relationship marketing and management, including inbound phone support, live chat, help desk care, and more.

Through our work, we obtain essential feedback directly from your customers. With big data business intelligence, we help you nurture customer satisfaction and loyalty, encouraging business growth.

Visit our knowledge hub.

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