A high customer churn rate is a fear almost every online store owner shares. After all, customer churn is one of the most critical strategy battlefields in the competition for gaining and maintaining online customers. Surprisingly, churn often stems from visitors who struggle with something but fail to report their complaints and end up looking elsewhere. In other words, they dodge any sort of confrontation. These kinds of visitors are what we like to call ‘silent churners’ and happen to be the vast majority of online visitors.
So why don’t these visitors speak up and voice their opinion? Well, try putting yourself in their shoes. You are faced with a couple of options. Either send an email with your complaint and wait a few days (or longer) for a response or start looking for an alternative option to satisfy their needs. I think we can all agree that the latter is much more attractive. Not only is it easier to keep looking but it’s also much faster.
https://medium.com/@LightspeedHQ/how-to-reduce-customer-churn-with-online-feedback-3568b704df80/
As in any area of life, Business success rate has to have multiple forces working behind the scene. Any good idea that can be turned profitable becomes business. Success of that business depends greatly upon how detailed you can draw the business map and understand all the components involved and arrange and manage all the resources required to run those components successfully.
So we start with the building blocks of a successful business with components like:
https://www.entrepreneur.com/article/316407/
Finding out what customers or potential customers might want is at the heart of any business that tailors its products. Eliminating surprises from new product launches is always preferable to an unexpected commercial reality check.
One of the best ways to manage these relationships is with a survey tool that can target those who are the intended recipients of a product or service.
Using the generated feedback, changes can be made before any issues have an irreparable impact on customers, and equally enhance a positive situation to even greater success.
https://www.techradar.com/news/best-survey-tool/
Real-time feedback tools give you the ability to act on customer concerns while they are still experiencing your service. Such a data source assists in better understanding the active guest journey. It does this by providing insights into whether visitors are enjoying their experience and how it can be improved. Based on the feedback received, appropriate action can be taken to improve the visitor experience. This can be done while the guest is on-site. As a result, it can neutralize any potentially negative feedback before the guest leaves.
Below are three ways real-time feedback tools help drive the guest experience.
https://blooloop.com/real-time-feedback-guest-experience/
Online customer reviews can make or break your business. Entrepreneurs find it a priority to learn to react to people’s feedback, both positive and negative.
The owner of EssayPro (an essay writing service that provides students with academic papers of all kinds) says, “Reviews can considerably affect the business’s reputation. At the same time, it can be truly eye-opening.” He finds it important to read the reviews, respond to the customers, and tells that the below techniques of dealing with the issue “have proven effective”.
http://customerthink.com/7-effective-ways-to-respond-to-customers-feedback/
As businesses owners, our tendency is to think of business in terms of quantity. After all, we’re programmed to think that more is better: more customers through your door means more sales, and more sales means bigger profit for you.
But in reality, not every single person who goes through your door actually goes out having bought something. On the other hand, you can always rely on loyal customers to always spend their money on you. They’re 50% likelier to try new products and 31% likelier to spend more than new customers.
The moral of the story is simple: at the end of the day, it’s wiser to focus your efforts into retaining customers than acquiring new ones because doing so saves you money and creates profitable brand loyalty.
http://www.sitepronews.com/2018/07/03/how-customer-feedback-results-in-better-customer-retention/
While no one likes to hear where they’ve gone wrong, it’s often important that we listen to constructive feedback when it’s given. While praise is always welcome, it doesn’t often tell business-owners and managers where improvements in services and products can be made.
In many cases, it is the criticism from customers that allows you to improve your offers. Not only should you listen to constructive feedback — you should actively seek it. And you can do just that in a number of ways.
https://www.questionpro.com/blog/acquire-reliable-customer-feedback/
Front-end collaboration with cross-functional partners, closing the feedback data loop and hiring people who want to be customer-led are the keys to successful customer service evolution.
That at least is the secret sauce for the customer experience team at US burger chain, Wendy’s, who took to the stage at Salesforce Connections this week to share how the brand transformed its customer service management programs in order to better meet customers in the channels they want to engage through.
https://www.cmo.com.au/article/642471/how-wendy-cx-team-harnessing-social-digital-service-successfully/
Today, one poor customer service experience can trigger a customer to switch to your competition. According to a Forrester report, customers are increasingly driving up revenue risk, as they don’t mind doing business with competitors if their expectations are not met. The report also estimates that firms will experience a 25-50% increase in revenue risk due to bad customer experiences, so efforts to retain customers must be given the utmost importance.
https://www.forbes.com/sites/forbestechcouncil/2018/06/26/it-is-time-to-reinvent-your-customer-retention-strategy/#2a83db80152a/
As customer experience grows as the key differentiator between businesses offering the same services or products, brands need to be listening to their customers.
According to a study by Walker, by the year 2020, customer experience will be more important than even the price of a product. Meaning that customers won’t care that they have to pay more if they know they will receive exceptional treatment.
http://www.bizcommunity.com/Article/196/33/179007.html/
