Businesses in Dubai and all around the UAE spend a large chunk of their hard earned profits in modernization, upgrades, improvements, IT and their facilities. However, most of the time businesses failed to recognize the crucial part of customer feedback in customer satisfaction. Everyone knows for a long term and sustainable success the customer satisfaction is absolutely essential. Studies have revealed that customers put experience equal to the quality of the products. No matter how good you are at quality and pricing of your products, if you have failed to provide satisfactory service and experience, the customers will eventually move on to another competitor. Even the most loyal customers are tend to leave the business after having just a few bad experiences. Here in Dubai and in fact all across the UAE the markets are very competitive and the customers have too many options. This makes the user experience even more crucial for the customer retention.
It is important that a business meets its customers’ expectations and make them happy. This raise another important questions, how would a business know what its customers expect from it? The simplest and easiest way is to ask them. Being a business owner or manager you should be able to understand the customer trends, preferences and what they are expecting from the business transaction they are having with you. The speculations are not good, let say you are not having much complaints, so you can think your customers are happy. But in reality, maybe some of them have already left you, some are planning to move on and exploring other businesses, some might be too shy to complain and some just don’t even bother to report an issue instead they immediately start looking up for an alternate. None, of this means your customers are happy. There could be some customers who would be happy but not all of them. That is why a business needs a very clear and accurate data which can tell them the actual customer satisfaction level and which could also help them understand the factors that are impacting the customer experience. Such data can only be collected using a customer feedback system. Here are some reasons why a customer feedback system is important for businesses in 2022.
Customer Feedback Provides Customer Satisfaction Matrices
No matter what a business do and how much it invests in improving customer experience and internal business processes, the ultimate measure of all these efforts is the customer satisfaction. The customer satisfaction surveys and feedback can tell how many customers are happy and satisfy and how happy or satisfied they are. These matrices are not just customer happiness score or customer satisfaction score. In fact a business owner or manager can conduct customized surveys which ask customers about very specific aspects of their experience. Similarly a business can prepare multiple surveys to analyze the entire set of touch points and all relevant aspects of the customer experience which can help them identify the areas which needs improvements and the problems your customers are facing.
The ability to pin-point the exact problem your customers will raise the chances of rectification of that problem. These all key elements and the customer feedback can be classified as per their importance, impact and priority. This will help business building an action plan to eliminate all the problems and boost customer satisfaction and happiness score.
Customer Feedback Helps Gaining Customer Loyalty
The customer feedback not only provide customer satisfaction matrices and other data but it also help building and strengthening the relationship with your customers. When a business ask its customer about their feedback, opinion and suggestions, it means the business cares for its customers and it wants to listen to them. When customers knows their say is important for the business, they automatically get attached to it and feel a sense of importance. They think the business give them importance and care for them. It help strengthening the relationship and also increase customer loyalty. Furthermore the customer feedback loop takes this to next level. When a business takes adequate actions in response to customer feedback and then inform them about the actions or changes that are made in the wake of their feedbacks and suggestions, the customers become more loyal and are most likely to stick with the business for a long.
The loyal customers not only give repeated business, but they are tend to be a good brand advocate. Moreover the loyal customers help spreading good words about the brand and refer its products and service to others which also increase the sales and revenue. The loyal customers are more likely to tolerate a bad experience and stick with their favorite brand. Studies have revealed that it is 5 to 25 times more expensive to acquire a new customer comparing to selling to an existing customer. Hence the loyal customers can be a great asset which help improving the outcome of both sales and marketing efforts.
Customer Feedback Improves Product Development Process
Product development is something that is extremely crucial for a business’s success. No matter what product or service you sell, or if you are working at a B2B (business to business) or B2C (business to consumers) business model, if you are in Dubai or anywhere else in UAE it is extremely important to meet your customers’ expectations and demands. That is what can only be done through a good product development process. Business can easily analyze various aspects of their existing products, they can learn about the liking/disliking and other preferences of their customers by executing an effective customer feedback campaign. Businesses can also ask customers about what particular features they want to see and what they don’t like much. This provides a base for the product development and changes in the future. Businesses can easily learn about the trends and popularity of their products and services which provide them enough data to be able to identify the areas of improvements and to understand what the customers are expecting from them.
Businesses can use the customer feedback data to develop new products and services as well as they can improve their existing products and services too. By simply asking your customers about various features of existing products are services you can easily learn what your customers are not liking, hence improvements can be done, or simply a product or service can be replaced with a new and better one. The customer feedback provide that crucial information which help businesses in making new strategic decisions and future plans.
Customer Feedback Improves Customer Experience and Customer Journey
For any business the customer experience and the customer journey is a key component for their growth and progress. Businesses in Dubai and all across UAE doesn’t invest much in customer experience solutions. Several international studies and surveys have revealed that businesses can experience huge growth within 3 to 4 years by investing in customer experience solutions. For example the large businesses with revenue in range of a Billion USD this growth could be up to USD 700 Millions in just 36 to 48 months. The same is applicable for small and medium size businesses as well. That is how the customer experience and customer journey can impact a business. That is why it is extremely important for a business to understand it and improve it. The customer feedback help businesses understand the customer experience and customer journey in great details.
Furthermore the data can be easily quantified and analyzed to identify the areas of improvement which help businesses transform the customer journey and help them enhancing customer experience to ensure customer satisfaction. Businesses can evaluate and assess very tiny details and all relevant business processes which helps taking smart actions and making better policies and strategies to maximize customer happiness and customer satisfaction. In the long term the improvements in customer experience and customer happiness can significantly boost the sales and revenue.
Customer Feedback Is a Great Tool to Improve Employee Performance
For any business the employees and human resource is one of the most valuable assets. The HR department works very hard to improve the workforce. There are several other tools and employee performance management systems that can help HR in improving employee performance. However, the customer feedback can provide very valuable data in regards to employee performance. Most of the time the employee performance management systems provide KPIs (key performance indicators) for professional competencies. However, the behavioral competencies are often overlooked, the customer feedback can help businesses to collect data for the both behavioral and professional competencies. For example the business can ask customers about their opinion on how professional or skilled the staff was? Or how quickly they solved the technical issue? How good their behavior was? How helpful they were in solving the customer’s problem and giving them helpful suggestions, etc. Such data can be very useful to analyze the employee performance.
Furthermore the customer feedback helps identifying the strengths and weaknesses of the employees which help HR department in improving their training programs. The HR can utilize the direct employee feedback as a measure of their performance and success. Obviously there are several other factors but it could be considered as a great indicator. Thus the HR can take decisions and the management can manage resources more effectively and efficiently.
The 2022 brings growth and progress in markets in Dubai and all around the UAE. In fact the entire world witnessed good financial indicators since the beginning of 2022. Most of the businesses are proactively seeking ways to expand and grab as much market share as possible. Making improvements in customer experience and customer satisfaction could be a game changer for a business. The customer feedback is a great source of highly valuable business intelligence data. Businesses can use customer feedback to improve customer loyalty and customer satisfaction. Businesses can utilize customer feedback to learn about the liking, disliking, needs, demands, and expectations of the customers. Furthermore the customer feedback data can be plugged-in into the product development process. The customer feedback help strengthening the relationship with the customers and also increase customer loyalty.
The customer feedback can also help businesses in evaluating and monitoring the performance of the employees. The customer feedback data can help HR and management in improving training and development programs which in long term could help improving the overall performance of the business. The customer feedback have direct and indirect impact on almost all major business functions. That is why it matters and it matters a lot. RSI Concepts is a leading customer feedback system provider in Dubai, UAE. If you want to learn more about the subject or want our help to build a great customer feedback system, please feel free to contact us through our Contact Us page or leave a comment in the comment box below and we will get in touch with you soon.
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