Managing Negative Feedback
Every business has something that could be fixed, but you must know what that problem is first. Most businesses do not fully understand the issues that are hurting their business. You may be able to find an issue occasionally on your own by analyzing your company. Though, the best way to identify the REAL problems with your business is through honest, anonymous feedback. Specifically, this article is about the value of negative feedback.
Nobody actually wants to hear negative issues about their business, but it is crucial to know these issues and fix them so that you can maintain customer loyalty, reduce customer churn, give a better customer experience and grow your business.
Using Negative Feedback to Problem Solve
Problem-solving is an important skill to have when owning or running a business. However, the first two steps to problem-solving are being able to identify what the problems are and figuring out how to solve them.
Using any negative customer feedback that you receive to move forward and solve the issues is the best way to increase your brand loyalty. Actively attending to any issue that customer feedback points out is also the best way to handle those customers who felt negatively about a portion(s) of your business. If you show your customers that you care about what they think and what their experience with your product or service is, then you can move towards effectively creating a better brand, a better customer experience and make customers feel as though you care about them. However, if you were to not seek honest feedback, it would be very difficult to notice any imperfections with your product or service. This leads to unhappy customers that do not feel loyalty towards your business. This WILL lead to customer churn. It costs over 5 times more for a business to bring in a new customer than it does to simply keep their current customers happy.
Happy, loyal customers spend 140% more on average than moderately pleased or disappointed customers.
No one knows your product or service better than you do. However, that could also be the reason as to why you might not notice any of the imperfections it may have for the customers, clients or employees.
Why Is Negative Customer Feedback Important?
Negative customer feedback is important because it will point out any aspects of your business or brand that need to be improved. If you know that there is something that is affecting the success of your business, then using honest feedback from your customers will not only make them feel heard, but it will help you pinpoint the real issue as the customer views it.
Additionally, customer feedback does not always have to be used to fix a problem or an imperfection. Your goal could be only to shape the product or service to better suit your audience.
Do you have an extensive enough wine list? Would you be better served opening a second location? Is the wait time at your location too long? Are you pricing your products too low or too high? Is there something that many of your customers wish that you offered that you hadn’t thought of?
These are just a few of the questions that you need answered. The only way to get these answers is via honest and anonymous customer feedback.
You can also use feedback to make additions to your product or service. Whether you are looking to fix your product or not, honest and anonymous feedback is something that will guide you to more successful ideas.
Honest, anonymous customer feedback is something that will set you up for the success of your product or service. Just a few of the main benefits that you gain by getting honest, anonymous feedback are:
- Increased customer loyalty.
- Better customer experience
- Less customer churn
- Better reputation
- Increased traffic
- Increased spending per customer visit
- Better customer reviews
We hope that you understand the importance and value that negative feedback could bring to your business! You simply need to find your issues and address those issues correctly. FastestFeedback.com can do this for you for less than $3 per day.