With the increase in customer expectations and competition, standing out and differentiating your business, products and services will keep you ahead of the game – and the key to unlocking that potential is found in customer feedback. I have learnt this first-hand.
Customer feedback is a crucial tool for a small business owner that can provide pivotal insights into all aspects of their company. The intel can help shape business models, instigate innovation, services and product developments, cut marketing costs and most importantly, highlight missed opportunities.
At Stepz Fitness, a rapidly growing, 24/7 fitness chain, customer satisfaction is so important to us and our business model, that being customer-focused is one of our core values. We absolutely live and breathe it. Bucking industry trends and giving customers what they want, when they need it has led the business to claim a dominant stake in the Australian fitness landscape – currently ranked among the top 10 gym franchises in Australia – and led to national expansion.
Customer feedback is such a tricky thing in business. The big question here is what, when and how does a business adapt to customer feedback and expectations and when do they stay the course? There are plenty of scenarios for you to leverage customer feedback into profit-building opportunities.
Open channels of communication and customer feedback
What we know is that 67% of customers list having a poor experience as their reason for leaving them and 91% of customers who have had a bad experience leave without even giving any feedback. Have clear feedback mechanisms that give your customers a voice, allow you to find trends and relevance to make changes. Keep transparent communication consistent across multiple channels to allow you to have direct interactions with your customers so they feel valued, appreciated and heard.
Brand reputation
Each time a dissatisfied customer expresses their disappointment, you can immediately react and find a solution to fix an issue – whether the solution can be fixed now or in the future, it all counts. This is a perfect moment to win a client back and even increase their level of loyalty and build your business’s reputation, ultimately working to increase positive word of mouth – the most powerful, authentic marketing tool. Having devoted brand ambassadors is gold your company needs to grow.
Customer retention
On average, Stepz members stay with us for 18+ months versus the industry average of 9 months. Client retention is a significant metric for you to consider as it reduces your need to continuously fill the emptying funnel, and provides long-term financial stability. High customer satisfaction leads to higher rates of customer retention, subsequent purchases, higher profits and increased growth.
Put your customers in the center of your business and treat their feedback as the most valuable source for information in your company. They are the ones who use your products and services, and know best what could be improved to make the experience better. Understand the best way for your company to collect customer feedback and never ignore their voices. It is priceless so never stop listening. You’ll see the results in your bottom line.
Stepz Fitness National Franchisor, Samuel Waller