Blog | Why Do Companies that Manage Feedback Get Ahead?
Thanks to the internet, it is easier than ever to collect feedback. Quantitative and qualitative data is readily available through online surveys, online communities and social media.
However, collecting feedback is not enough. You need to turn it into action. And thanks to robust tools like Questback that can collect and analyze this data, it’s now also easier than ever to utilize that insight to make a real difference to your company’s success. Here are four ways that feedback can benefit your business:
1. Examining the Market
Gathering feedback helps you identify specific customer groups and sub-groups. This information is much more detailed and insightful than typical demographic data. Truly understanding your market is the gateway to providing the right offering to the right people at the right time.
2. Identifying Opportunities
Once you have examined the market and understand your customers and prospects, identifying opportunities becomes much easier. The more data you collect, the easier it is to see trends as they develop.
Besides trends, you can also discover unmet market needs and even identify possible future capacity issues. Having accurate feedback from consumers is like being handed a crystal ball.
The key here, though, is to collect all that data in a single tool so you can see trends across groups and across company departments. For example, that insight you got about your recent marketing campaign might be exactly what your customer service team needs to improve customer loyalty.
3. Getting Insight About the Competition
Gathering feedback from your market is also effective competitive research. You will find that many people compare your company to your competitors, and your products to competitors’ products –this is key information about what your competition is doing right, what they’re doing wrong, and where there’s a gap you can take advantage of.
Your market can tell you about your competitors’ products, services, marketing and pricing. This is invaluable data when you are making plans for your own products and services. An added bonus is that it will help you establish your own unique value proposition.
4. Determining if Your Offering is Meeting the Need
What is the one way to be successful in business? Meet a need. And how do you know if your product or service is really meeting a need? Ask your market. Whetheryou gather this insight through social media or surveys, getting feedback from the people you are trying to sell to will make all the differenceto your company’s success. Even if your offering is selling well, there arealways incremental improvements you can make. Not to mention, customer needs sometimes change. Make sure you’rekeeping up by collecting and analyzing feedback from your target market.