As businesses owners, our tendency is to think of business in terms of quantity. After all, we’re programmed to think that more is better: more customers through your door means more sales, and more sales means bigger profit for you.
But in reality, not every single person who goes through your door actually goes out having bought something. On the other hand, you can always rely on loyal customers to always spend their money on you. They’re 50% likelier to try new products and 31% likelier to spend more than new customers.
The moral of the story is simple: at the end of the day, it’s wiser to focus your efforts into retaining customers than acquiring new ones because doing so saves you money and creates profitable brand loyalty.
http://www.sitepronews.com/2018/07/03/how-customer-feedback-results-in-better-customer-retention/
While no one likes to hear where they’ve gone wrong, it’s often important that we listen to constructive feedback when it’s given. While praise is always welcome, it doesn’t often tell business-owners and managers where improvements in services and products can be made.
In many cases, it is the criticism from customers that allows you to improve your offers. Not only should you listen to constructive feedback — you should actively seek it. And you can do just that in a number of ways.
https://www.questionpro.com/blog/acquire-reliable-customer-feedback/
As customer experience grows as the key differentiator between businesses offering the same services or products, brands need to be listening to their customers.
According to a study by Walker, by the year 2020, customer experience will be more important than even the price of a product. Meaning that customers won’t care that they have to pay more if they know they will receive exceptional treatment.
http://www.bizcommunity.com/Article/196/33/179007.html/
As a business owner, growing your company is one of your top priorities, but as a small-business founder, you know what a challenge it can be: You may lack the budget for big marketing campaigns or the time to focus on growth, when there are so many other aspects you have to manage. So, if you're a founder in this position, how do you boost your sales and grow your business?
The answer is growth-hacking. The term refers to the process of experimenting with marketing, product development, sales segments and other areas to determine the best way to grow a business. Following are some simple growth hacks small-business leaders should know to help them grow their companies in a short amount of time.
https://www.entrepreneur.com/article/315320/
Most companies take an internally oriented approach to organizing, centered on products, processes and functions such as risk management and marketing. But a few pioneering companies have begun to organize around how customers experience their products and services. The key unit of experience management has shifted to the customer “episode.” And the core management method is now Agile.
https://www.forbes.com/sites/baininsights/2018/06/25/if-experience-is-the-new-product-how-do-you-manage-it/#5a6646973e8d/
To stay relevant today, brands must look beyond the 4Ps of marketing (place, price, promotion and product) and consider how they can better satisfy customers’ needs and expectations.
In addition to generating positive word-of-mouth and improving brand image, customer experience (CX) now plays a vital role in attracting and retaining customers. According to an Accenture report, almost half of Singaporeans (48 percent) are frustrated with companies that fail to deliver relevant, personalised shopping experiences. Among these consumers, 45 percent will choose to switch companies. This highlights an urgency for brands to improve CX. How, then, can brands ensure that they are truly differentiated from their competitors?
https://www.enterpriseinnovation.net/article/7-ways-retailers-could-boost-customer-experience-tech-59147065/
There is no doubt Venture Capital funding is an incredibly helpful option for companies that need capital in order to rapidly scale, but in an age of high-valuations where even great ideas may not make it, some startups might want to consider alternatives that will not leave them with the added pressure of investors breathing down their neck.
So what are the best ways to pursue a bootstrapping strategy?
https://www.forbes.com/sites/jiawertz/2018/06/28/4-tips-for-entrepreneurs-bootstrapping-their-startup/#6085994e4d9c/
Knowing how to gather and use customer feedback is what can eventually turn a small business into a multinational corporation, and there are statistics to prove it. Customer feedback can have the similar impact on the auxiliary services on college campuses as well. As we all know, loyal customers can grow a business much faster than regular sales or marketing can. It is because it’s 5 to 25 times more costly to acquire a new customer than to keep an already-existing one happy. Secondly, the no.1 source of new leads is customer referrals. And lastly, loyal customers purchase 90% more and spend 60% more than new customers.
While these statistics don’t mean that you shouldn’t be trying to get new customers, they do, however, reinforce that keeping your existing customers and students happy makes good business sense. And to do that, you will need to center your entire business strategy on customer feedback.
So, here is the most efficient way to build a long-term strategy around customer feedback.
https://www.touchwork.com/how-to-build-a-long-term-strategy-around-customer-feedback/
When you use the phrase “capturing the voice of the customer”, many immediately think you’re referencing a survey designed for direct feedback. But today there are more channels than ever for the customer to engage with brands. Although survey feedback can be nicely packaged and easy to digest, it’s important to make sure you’re listening to customers in all of the many ways they give feedback.
http://customerthink.com/heres-what-you-can-learn-from-even-the-craziest-customer-feedback/
Customer feedback is the best source we have for collecting the consumer insights we need to improve our businesses. Asking for feedback, analyzing it and implementing product/service fixes where necessary can make all the difference for building brand loyalty and achieving success.
In fact, the most successful businesses today take the thoughts and feelings of their customers seriously. It's been clear to me, offering my company's, Varidesk's, products through Amazon that that retail giant sets the standard. It gathers customer insights, data and feedback, then uses that information to drive innovation in operations.
https://www.entrepreneur.com/article/315805/
