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5 Reasons Why Customer Feedback Is Important to Your Business’ Success

 

 

Customer feedback is the hidden key to a thriving business. In addition to highlighting opportunities for improvement, customer feedback will help you identify your company’s greatest strengths. Failure to seek customer feedback can cause your business to stagnate or decline and can even drive business into the arms of your competition. Below are the top five reasons why customer feedback is important to the success of your business.

1) Customer feedback helps you understand what makes your customers tick. Successful business owners make a point to really get to know their customers and understand their individual needs and desires.

2) Requesting feedback from your customers shows them that you value their input. When you ask customers for their feedback, it shows them that their thoughts and opinions are important.

3) Customer feedback helps you make your business the best it can be. Maximizing customer satisfaction and obtaining repeat business are two primary goals for nearly every business. Customer feedback provides valuable suggestions to help raise customer satisfaction andincrease repeat business.

4) Obtaining customer feedback provides an objective review of your business. Sometimes it is difficult for business owners to stand back and review their business practices and products with an objective eye. Customer feedback provides an excellent means of obtaining unbiased reviews of a business.

5) Customer feedback helps you plan for the future. Customer feedback is useful to business owners as they plan their inventory, update their menus and plan for the year ahead.

Clearly, customer feedback plays a critical role in the success of a business. By providing business owners with valuable insight about their customers and by offering valuable suggestions for the future, customer feedback is one of the best tools a business owner can use to grow and improve.

Why a Loyalty Program Is Essential for Small Businesses

It’s vital that small businesses find ways to continually build their customer base in a fiercely competitive marketplace. It’s also important to show customers that they’re valued.

One of the best ways to retain current customers – and attract new ones – is through a strong customer loyalty program, from Loyal Loops, which encourages return business. Your business will increase revenue and provide a better customer experience by treating the business-customer relationship as a journey, rather than a one-time transaction.

Here are some reasons for and the benefits of having a Loyal Loops loyalty program:

Increased Sales
Loyal Loops loyalty programs can provide existing customers with added incentive to make a purchase. The incentive to purchase even more can increase as the rewards increase with each purchase. But it’s important to make sure that the rewards offered are in line with customer’s wants and needs. It’s also important to remember that not all loyalty programs are the same.

Built-In Marketing
Building customer loyalty can create word-of-mouth marketing by frequent customers that is more effective than traditional marketing. It can even save money on advertising and marketing efforts.

Provides Market Research
You can create a better customer experience and give yourself a competitive edge over your rivals by finding out what incentives are most attractive to your customers.

Separates Your Business From Competitors
Loyal customers can help strengthen a company’s brand, as well as make it immune from competition and changes in the economy. Customers stick with a brand they trust.

Builds a Reputation
You can increase the chances of customers recommending your business to others by building a strong loyalty program. Customers want to feel valued, and not just during the sale but after. You’re telling your current and future customers that you’re interested in building a long-term relationship – and not just making money on one-time purchases – with a loyalty program.

It Doesn’t Cost a Lot
With Loyal Loops, a business can now harness enterprise level solutions for as low as $99 per month.

You’re Not Alone
Unlike our competitors, each client is assigned a Customer Success Manager (CSM) who helps create and implement the loyalty and rewards programs you want. Once the programs are implemented weekly discussions by your CSM help you to fine tune them even more to get a maximum return for your business.

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Why You Need a Loyalty Program

A steadily increasing customer base is something all businesses want, and one way to get more people to notice your business is to begin a customer loyalty program that rewards them for doing business with you. The benefits to offering these programs are many.

People like being rewarded, and they like the idea of getting needed services for free; if they know the loyalty program will result in these benefits, they’ll do more and more business with you. That stable customer base will also bring in new customers through referrals. As those referrals become steady customers, they’ll refer more people, and so on.

Customer loyalty programs also make you stand out, if you make the rewards useful and fairly substantial. These programs don’t have to be elaborate; they can be as simple as cafes offering free coffee after a certain number of purchases, or a copy shop offering free color copies or brochure printing after a certain number of transactions. But if you offer that free coffee fairy frequently, or you make your most popular copy service free, customers will see doing business with you as a great way to save their own budgets.

Loyalty programs that give you repeat business also enhance your local reputation. Repeat customers are often on a first-name basis with employees, and this can actually make your business seem friendlier and more supportive of the community. Loyalty programs don’t take much energy to implement or maintain, making them one of the easiest ways to make your business a success.