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Turning review into revenue - for business growth

By Marketing Tech Outlook | Friday, November 30, 2018

Today consumers depend on online business sites to search for a particular product. And online reviews or feedbacks are helpful to get to know about any products.

To improve the business customers’ feedbacks are necessary as these let the organization know where the business is lacking or where to make improvements or what are the customers’ preferences about products. Organizations come to know about their strengths and weaknesses from the feedbacks and strategize accordingly. Customers also get information about products through feedbacks.  

Feedbacks should be treated as assets. If it is a positive one, it should be treated as leverage for the organization to establish relationships with the customers. If feedback is negative, the organization should go to great lengths to try to retain its good name and clients’ loyalty.

How to collect more positive feedback:

•  Survey: Organizations should put surveys to gather targeted information. Rating-oriented or open-ended questions let the organizations know why individuals chose the products or service. Organizations should consider the recommendations come from customers. Also, they should solve any problems, specifically come from customers.

•   Invite customers to speak about their experiences: Organizations should focus on the shared experiences from the customers because there always are some fresh unexpected information to focus on the products for the organizations.

Turning feedback into revenue:

•  Compile feedbacks: Organizations should assess survey results and customers’ experiences and highlight the mass appeal and focus on compiling the feedbacks into revenue before conducted the next survey. Feedbacks should be utilized to improve the business.

•   Leverage social proof: Organizations should take the leverage of positive reviews and increase the visibility of these reviews for other consumers. It helps to grow the dependency and trust of the customers for the organizations.

To advance in the competitive market an organization should understand its strengths and highlight the strengths to gain customers faith. Approaches to customer feedbacks of organizations are an important consideration in its culture, brand image, and communication strategies. Responding to customers shows care and delivers greater loyalty and ultimately higher revenue.  

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