Keeping the customers you already have is, without question, considerably less expensive than acquiring new ones. But the only way to keep your existing customers is to make sure they remain satisfied with your business, that you are delivering exactly what they want each and every time they come to you.
But therein lies the difficulty. Customer requirements are always changing, and keeping up with their needs - especially nowadays in our social media and mobile-ridden landscape – can present a big challenge. However, it is a challenge well worth the effort:
- 55% of customers say easy access to information and support can make them fall in love with a brand.
- 86% of customers are willing to pay up to 25% more for a better customer experience.
- 36% of customers will fall in love with a brand which is able to deliver personalized experiences – knowing what a customer has already purchased, what previous service issues they’ve experienced, the ability to send timely and relevant communications.
Fortunately, feedback surveys have been shown to be one of the most effective ways to stay on top of your customers’ changing needs. Here’s why.
1) They broaden your customer knowledge
Deloitte reports that 62% of businesses now think having access to the right customer information, such as that gathered through feedback surveys, and using that information to create a meaningful customer experience is the only way to strengthen customer loyalty and establish a true mark of differentiation.
Companies which regularly survey customers to understand their values and needs are more likely to come out ahead. Among their benefits, surveys show how customers view your offerings, provide insights into how you compare to your competitors and provide a clearer picture of your customers’ changing needs and perceptions.
Any business will tell you that knowing who your customers are - and not just on a superficial or demographic level - is fundamental for business success. In-depth customer knowledge gathered via feedback surveys is essential for the creation of a superior, relevant customer experience that improves not only retention and lead generation but also bottom-line sales and revenue.
2) They show what your customers are doing
There is a good chance that your business interacts with customers across multiple channels – online, offline, via social media, etc. After all, omnichannel shopping experiences are pretty much the norm for customers today with 87% assuming it’s a given they can do business with a company across multiple channels.
And, of course, they expect that omnichannel experience to be seamless. Because if it isn’t, they’ll take their business elsewhere.
In fact, Aberdeen Group has found that companies with the strongest omnichannel customer engagement strategies retain an average of 89% of their customers, as compared to 33% for companies with weak omnichannel strategies. With those kinds of numbers in mind, it’s imperative you have in place strategies for continuous omnichannel improvements which can be acted on immediately.
Real-time customer feedback will make it easier for you to see which channels customers use most frequently, how often and when they switch channels, and what problems they are experiencing along the way, the knowledge you need to prevent any disruptions which may end up costing you.
3) They make it easier to segment your customers
Customer feedback provides you with a clearer overall picture of who your customers are: job title and function, industry, budget, unique needs. And if you have this information readily available, it will be a lot easier to sell to your customers.
Segmenting target market groups into sub-categories allows you to more precisely tailor communication channels and key messages and provide more relevant products and services. The more specifically and precisely customers are segmented, the greater the chance you will connect with them. Of course, the stronger your connection is, the longer lasting your engagement will be.
Surveys improve your ability to segment. Asking questions concerning their knowledge of specific products, how often they use the product and why, and what their thoughts are concerning a product’s price or quality will give you a much better sense of how to manage your marketing efforts.
And keep in mind, whether you are an online start-up or a brick-and-mortar small business, your ability to segment your customers will likely provide you with the competitive edge you need to be successful. When 92% of U.S. consumers say they visit a small business at least once a week, overwhelmingly motivated to do so by the high level of customer service they receive from a small business, you better do everything you can to ensure you are delivering on their expectations!
One Simple Survey, Unbelievably Big Results
Strategic customer experience management is necessary for your business to survive and thrive in today’s competitive marketplace. And, fortunately, ensuring your customers receive the highest quality of service doesn’t have to be a herculean task.
From CSAT to NPS to CES, there are a number of basic – but powerful – ways to survey and measure your customer experience. With careful monitoring and assessment of each customer interaction, your business can make sure it is delivering an experience that makes customers happy and ensures your long-term success.