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  • Why Should Business Startups Focus on Customer Feedback?

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    It’s hard to keep an exact count of the number of startups around us. The explosion of technology and demand for better services has accelerated the culture of startups. And, it is actually good to see people brainstorming their ideas and turning them into business. According to a report, there are 400 million entrepreneurs among the 7 billion people worldwide. This means 1 in 18 people run their own business. The trend seems to continue with more people being inspired to start something of their own. But, they will have to face many challenges.

     

    It is not easy to achieve success. Ask a startup founder about the hurdles and he will share his tales of endless working, sleepless nights and constant fear of disaster. If we consider the figures, the failure percentage of new businesses after the first year of operation is 80%. There are various reasons like lack of funding, lack of skilled employees, impractical idea, inadequate marketing or losing out to competitors. That’s why it’s hard to sail in the startup market.

     

    The foundation itself has to be very strong and well-planned to survive. One of the factors that can help startups to grow rather than vanish out is focusing on customers. That’s why; 56% of small business owners tend to focus on their retaining their existing customers by providing a better experience. It is a no-brainer to establish a customer-centric culture. A startup should pay attention to the customers at every stage to ensure a stable future. Here’s a checklist of things to learn from customer feedback-

     

    5 things to learn from your customers’ views!

     

    1.      The Fault in your Processes

    Listening to your customers’ complaints and feedback will help the startups realise the problem at their end. If you choose to ignore a certain issue once, it is quite possible that you will be wasting time, efforts and money in a faulty product or service that will ultimately lead to a bundle of complaints later. Hence, it is necessary to ensure that an immediate action is taken. A timely analysis of the customer feedback using the right tool can help a startup to progress with the perfect combination of resources.

     

    2.      The Competitor’s Strategy

    Your early customers are a treasure. They have trusted you and chosen your product over everything else. Connecting with them for a regular feedback will help you to fill the gaps of your competitors’ inefficiency. Consider catching up with them to know what problems they faced earlier, how your product has solved them, and how it can be improvised further. This can definitely give your startup a competitive edge. And with that bond, even the customers will be happy to share the opinions and associate with you for a longer time.

     

    3.      The Silent Noise

    Silence is quite dangerous. Not every disappointed customer will come to you and tell you what went wrong. They’d rather choose to leave with regret. This can be a major setback for a startup. To avoid this, keep a check on the buying patterns and interaction activity. The silent feedback is important. Hear them even when they are not speaking. For instance, if your trial signups are not converting into a sale, talk to them and understand the scope of improvement. Or a regular customer has stopped his services, don’t miss to contact and make up for anything wrong.

     

    4.      The Employee Behaviour

    Managing a startup is quite tough. There may not be enough staff or no established procedures. It works well till everyone is trustworthy and giving his best to the company. But sometimes, due to inappropriate employee behaviour, your company may lose its hard-earned customers. To hold them back, keep asking them about their experience with your staff and suggestions to incorporate changes. It may include the tone of voice, knowledge of employees, response time, language, and familiarity with a personalised experience.

     

    5.      The Future Plan

    The focus of every startup is to acquire new customers and raise more funds for a better future. It’s a big mistake to ignore the existing customers. Because they only are the best way to formulate future plans. Their feedback can provide valuable insights. In accordance to that, you can design new products, predict future market needs and grow with exemplary service. The key is balancing present and future. A startup should strive to keep their old customers happy based on their feedback and incorporate the learnings to devise a future strategy.

     

    A new start for the Startups!

    The startup trend is here to stay. Of the 5.5 million businesses in the UK, 99% were small or medium-sized businesses in 2016. Though there is no surety of success, it is all worth to give your idea a try. All you need is to plan and execute it well. Be with your customers, take care of them and in turn, they will help you realise your business goals! Don’t be fed up, rely on the feedback!

     

    Author Bio - Swati Kungwani is the business analyst and content manager for iTouchVision, a UK-based customer service platform. She specialises in customer experience management and driving new customer initiatives. Connect with her on Linkedin. Join iTouchVision’s social network: FacebookTwitterLinkedin.

     

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