When owning a business, somewhere down the line you will be looking into increasing your revenue. You would be looking into all the strategies you can take in order to grow your business and revenue. The good news is that there are plenty of strategies for revenue growth you can find and implement in your business. You can include free trials, ‘sell’ your benefits and invest into making your customer support top-notch, like Neil Patel, a contributor to Forbes wrote in his article that is packed with valuable information.
Customer feedback
While there are many of those options for growth strategies, we want to take a look at one that often gets often overlooked in the sea of possible tips and tricks you can implement into your revenue growth plans.
We are all aware of the importance of customer feedback when leading a business. Customer feedback is a great tactic for getting to know your customers. For improving your marketing strategies, and knowing your target audience. While customer feedback can be collected in several ways, we live surrounded by technology that allows us to use all kinds of metrics and means of collecting feedback. Online customer satisfaction surveys are a simple, effective way of gathering information on how your customers feel about your product and business.
Here are 3 ways that show you how exactly do customer surveys help increase your revenue:
1. Turn satisfied customers into brand advocates
It is known that it may be harder to find new customers than maintain existing ones. But there is no doubt that engaging your current customers can bring benefits. Even as far as to say that it can actually bring you new customers and increase revenue.
By conducting online customer satisfaction surveys, you will be able to find your satisfied customers.
These customers will be the loyal ones since it is clear that participants that decide to respond to the survey are more involved with the company than ones that ignore the survey. Also, many customers like to engage with companies, and taking a survey is a great way of connecting with them. Providing customers the feeling that they are listened to and that their opinion is valued will give them comfort.
Customer engagement will only improve their loyalty to the company and lead to them becoming brand advocates. Nurturing your brand advocates will help them gain trust in you and spreading the positive word about the company.
Having brand advocates will only enhance the credibility of your business since people tend to trust word-of-mouth recommendations the most. Referrals from your brand advocates, especially in the digital world will bring in new customers that will enhance your revenue.
2. Discover upsell potential through customer feedback
We have talked about increasing growth revenue through discovering new sources by brand advocacy, but what about expansion revenue? Expanding the revenue from customers that you already have is a great tactic for improving sales. All this can be done with classic upsell. But, you need to be careful when trying to upsell your current customers. Not every customer is right for it. Trying to upsell the wrong customers can even make them turn away from your company.
A true customer that will be happy to have more of your product is a satisfied customer. Not only a satisfied customer but an engaged one as well. Also, the depth in which they consume your product is of great importance, since the customers that are using all parts of your product are most familiar with it and will be glad to enjoy an expansion of it.
All this critical information can be done by performing customer satisfaction surveys that will help you gather feedback from your customers.
Best results are always achieved by taking a simple way: there is not always a need for long, 2-page surveys, which will take several minutes to finish. Simple, oftentimes one-question-long surveys can provide you with the right insight so you can develop your upsell strategies. Don’t wait for the customer to approach you. Identify upsell potential by using customer feedback.
3. Increase retention by understanding churn risks and how to remove them
Customer retention is oftentimes cited as a number one revenue enhancer. Retention is all the ways and strategies that a company takes in order to reduce or stop customer defection. Companies that increase their retention program by just 5% can sometimes experience profit that is up to 95%, as stated in this article by Eric Reijrink, written for SuperOffice.
Customer loyalty needs to be continuously earned and it starts with the first contact a customer has with your company. That means that you need to keep working on your strategies and keep customer engagement high in order to increase retention. Understanding your churn risks is done by knowing your customers, being in contact with them,
gathering their opinions.
Collecting customer feedback, not only the positive feedback but also the negative can lead you in the right direction of identifying causes of customers moving away from your company. When you know where your weak points are, it is easy to eliminate the things that could lead to customer churn. Removing customer churn risks will eliminate any possible causes of customer defection, leaving you with increased retention and revenue.
Conclusion
There is always a focus on acquiring new customers through marketing, sales strategies, but there should be more talk about the expansion tactics, about valuing what you already got in your customers. Working on trust and listening to your existing customers can only lead to an increase in sales and revenue, and at the bottom line, draw new customers that will be often referred by your brand advocates.
By implementing several strategies that are turned to your customer, you will be able to not only increase growth revenue but also the expansion revenue.
Try out MetricsFlare and see how simple surveys can gather data and feedback from customers.
Equipped with numerous charts that will present your results in a clear way and help you work your way to success!