Can Customer Feedback Systems Improve Your ROI?
Customer feedback systems are an essential aspect of customer relationship management (CRM). When you first think of customer feedback, you imagine providing relief and reassurance to your customers that their voices are heard and appreciated. But then the most important question hits — what’s in it for me as a business owner? What benefits can implementing these feedback systems provide to my small business? We believe customer feedback systems can improve your return on investment (ROI) and here’s why:
Customer feedback is more than surveys
Surveys aren’t the only factor involved in customer feedback. While they are one way elicit feedback from your customers, with technology evolving there are new tools being developed. Social media ables constant flow of response and interaction with your customers. Mobile applications allow instant feedback and customer ease, important factors in a fast-paced society. With an interactive system, qualitative and quantitative data can be collected as well. Implementing these systems give the ability to grow your customer email database, increase your number of saved customers, and increase learning in terms of your company’s functionality.
Recover customers, recover revenue
In terms of saving customers, Elevate Research states that a customer has a 70 percent chance of returning to your company if they are recovered. Essentially, reaching out and mending a broken relationship with a customer gives a fairly strong chance that they will regain trust in your company and once again purchase from you.
Think about it this way: there is a cost for setting up your customer feedback system, but there is also an average number of customers that are recovered via your system. Each customer has an annual value, or a monetary value they contribute to your company each month. So in result, by paying that initial small set-up fee for your system, you then can secure a certain amount of value each month by saving those lost customers. When example numbers are placed into this algorithm, it provides almost a 12:1 ROI, if not more.
Thinking in reverse, by implementing a way for your customers to provide direct feedback to you, you are eliminating a large portion of negative online feedback. It places you in control of sharing customer feedback, filtering through reviews that are simply balderdash. This allows you to essentially shape the public image of your customer relationships on your social platforms, all while using the quotes and reviews submitted to you personally through your feedback system.
Continual updates and archived responses
Time is valuable and by implementing real-time reviews, you are saving money. With the influx of technology and mobile ease, paper is a thing of the past. By implementing electronic customer feedback, nothing is lost and information is more easily stored and analyzed. The knowledge of your relationships with your customers is consolidated and always updating.
Saves the silent, unhappy customer
According to GuildQuality research, 70 to 90 percent of customers never present their problems to you. Imagine you’re starving and go to a restaurant. You order a burger, but receive the wrong cheese on it. Would you return it just to wait longer for a new one? Most likely not. You’d probably just suck it up and eat the burger, without causing a scene over simple piece of cheese. GuildQuality says that there’s a 75 percent chance of losing silent, unhappy customers’ revenue. By providing the opportunity for these silent sulkers to speak up, you eliminate this issue.
Remember: ROI when addressing customer feedback systems will be almost nothing if you don’t ACT. Share the feedback you receive and use the data these systems provide to you in order to see results.
Customer feedback systems build a bridge between your business and your customers. With BlurtBox, the hidden benefits are revealed, time is saved, and value is multiplied through customer recovery. Instant feedback is sent to your private dashboard, anonymous features encourage feedback, and feedback is collected more easily than ever before. Ready to see what benefit implementing a customer feedback system can have on your company? Get your business on BlurtBox for free here!
