No matter what type of business you’re in, you have to deal with customers.
They are, after all, the foundation of your business, without which you would have no business at all. Putting a heavy focus on customer needs will help you in many ways, one of which is to create strong customer advocacy.
According to Harvard Business School Press, just a 12% increase in customer advocacy can bring 200% growth in revenue for companies.
So how do you build up advocacy? How do you use it to its full potential?
Here are 10 ways to use customer advocacy in your business, Let’s go.
Every company wants to provide a product that continues to make customers happy and meet their needs. This will provide a strong rate of customer retention and allow the company to continue to grow.
To do this, customer churn must be reduced.
But, first, you need to know exactly why they churn. Taking the time to dive into customer churn feedback will save not only money but also time invested in acquiring new customers. According to Forrester Research, it costs 5 times more to acquire new customers than it does to retain your existing clients.
Like most companies we wanted to increase our retention rate and one way to understand what customers did not like about our product or experience was to ask them why they left.
So that’s what we did. The churn feedback helped us decide what we should build next to keep our customers happy and even to iterate on our business strategy.
Let’s talk about our process and how you can implement it in your business too.
“When customers share their story, they’re not just sharing pain points. They’re actually teaching you how to make your product, service, and business better.”Kristin Smaby
As a product manager or a SaaS company owner, what is your main drive in building new products? What impacts your decision-making process?
Do you consider customer feedback?
Should the Voice of Customer influence product development?
In Frost & Sullivan’s survey research on R&D/innovation and product development priorities, 84% of the respondents declare that they employ the voice of customers (VoC) in their product development cycle.
You may have realized how customer feedback has become a huge focus in recent years. It is the most important factor in delivering exceptional user experience.
In this article you will find out why incorporating the voice of customers to your strategies can bring your business success.
Failure. It’s an inevitable human experience. We will all fail occasionally. But when a business fails in any key area, the results can impact its success.
And what makes a business successful? Customers making purchases. And what keeps customers making purchases? Satisfaction with your products or services and, of course, your relationships with them. The question then becomes how you determine the satisfaction level of your customers.
Errors typically happen when things aren’t planned carefully enough, or when entrepreneurs are overwhelmed by the product development process.
With the right mindset and framework at hand, companies can do more than just launch products. They can create solutions to real challenges that users have.