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For every business that is aimed at achieving optimal profits, customer feedback is a must. Taking customer feedback into account makes way for a stronger buyer-seller relationship, which further increases the scope for better marketing campaigns, healthy buyer life cycles and most importantly, the overall customer experience. Continuous feedback enables companies to improve their products or services on a regular basis; thereby helping companies grow both in terms of revenue and customer strength.
Studies suggest that around 86 percent customers are ready to pay more in order to experience better service from companies. What’s more, the price of products will be surpassed by customer experience by 2020 and will be deemed as the key brand differentiator. Listening to the customers is always the best way to drive improvements in the entire workflow and the quality of products or services, according to marketing experts.
It is imperative for companies to take customer feedback into serious consideration because existing customers tend to be one of the most important factors to gain new customers. Most often, it is observed that old customers themselves bring in new customers, contributing to a healthier buyer life cycle. The responsibility of the company lies in retaining the faith of both the existing as well as the new customers and keeping them engaged with new marketing campaigns, thereby developing a long-term relationship. The most effective way of doing this is by alleviating the silos among the different segments of business and implementing an effective customer relationship management (CRM) platform, which will eventually enhance the customer relationship management process and help in retaining customers more easily and successfully.