he customer feedback loop is the practice of responding to customers meaningfully when they leave feedback. For example, if a customer complains about being overcharged, the company may respond with an apology and issue a refund.
But not all feedback is customer complaints. Customers also leave feedback when they have a particularly memorable experience. Or they may have suggestions for improvements or feature requests.
What many companies don’t realize is that they can turn this feedback into revenue.
Here, we will first discuss why closing the loop is important, then provide three examples of how to grow your business thanks to customer feedback, and finally explain how to implement something like this in real life, using technology!
http://customerthink.com/3-ways-to-close-the-customer-feedback-loop-to-prevent-churn-and-increase-revenue/
Data shows that customers expect to be interacted with, and those interactions heavily influence retention. 51% of consumers expect companies to ask them for feedback directly, which may explain why the volume of feedback is low for companies who don’t bother asking. Unprompted, companies typically only hear from ~1% of their customers. Not only do customers expect it, it’s also a strategic investment—we’ve found that simply interacting with customers and gathering mobile customer feedback can increase three-month retention by as much as 400%.
Companies can’t call themselves customer-centric if they aren’t talking with and listening to their customers, no matter the channel or vehicle. That said, blasting customers or soliciting feedback from mass groups of customers is not the type of strategy that will yield quality results.
https://www.business2community.com/mobile-apps/more-mobile-customer-feedback-more-revenue-02080122/
So higher star ratings can drive new customers — that seems pretty obvious on the surface. But the impact of feedback on existing customers has been less well understood until now. In a recent study of tens of thousands of individual customer satisfaction ratings captured on our platform following a verified transaction, we found that customers who provide private feedback have a 1.5 times higher lifetime value and that — unsurprisingly — consumers with two consecutive negative experiences reduce their visit frequency by 45 percent.
https://www.foodtruckoperator.com/blogs/how-to-turn-customer-feedback-positive-or-negative-into-more-revenue/
This is an Experience that Economy and entire Customer Engagement is revolving around that for sustained revenue growth.
But, there is a lot of dilemma among mid-sized entrepreneurs as to how to practice that successfully for better Customer Engagement and Revenue.
https://www.entrepreneur.com/article/314293/
