• Using Customer Feedback to Drive Revenue Growth

    Posted On Friday, February 3, 2017 by Evan Lamolinara

    Customer feedback is an invaluable tool that B2B companies can use to improve their conversion rates and generate more sales. Unfortunately, it's also something that frequently overlooked. When you're busy finding new prospects, nurturing existing prospects, and conducting the countless other tasks that go into a successful sales operation, it's easy to overlook something as simple as customer feedback. This is a critical mistake, however, that can place your business behind your competitors.

    Send Feedback Forms

    So, how do you acquire feedback from your customers? One of the easiest, and arguably most effective, ways is to send customers a feedback form. This simple form should contain a list of questions, asking the customer about his or her level of satisfaction with various stages of your business process. You can create these forms yourself, or you can use a third-party service to handle feedback forms.

    Reply in a Timely Manner

    If you plan on sending feedback forms to customers via email, make sure you respond to them in a timely manner. According to Insightly, 81% of customers would leave feedback if they knew they'd receive a quick response by the respective business or company. Even if it's nothing more than “thanks for your feedback, we'll be sure to take it into consideration,” responses such as this show customers that you care about their feedback.

    Data Analytics

    Another tactic used to acquire customer feedback is data analytics. In other words, collect and analyze data to identify customers' patterns and behaviors. If a significant number of customers access a particular product on your website, only to back out instead of following through with the order, perhaps there's an underlying problem that should be addressed.

    Data analytics goes beyond just your business website, however. Email, social media and other forms of digital marketing can also provide data – data that can be used to improve your sales process.

    Implement the Feedback

    Acquiring customer feedback is only half the battle. Unless you put the feedback to use, it's not going to prove beneficial. Or if customers say a competitor has a better price, maybe you can lower the price of your product or service or work to find a new product that is more competitive. You are bound to get get insight into what is and isn't important to your clients. Even if you aren't able to make internal or product changes; at a minimum you will be learning about your clients, which will make you more effective when engaging with new prospects.  

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