Customer reviews may be considered one of most significant improvement aspects or building a product. It can even significantly increase your retention.
In 2023, my company had an worker retention rate of 96%. I’ve learned that one of the best suggestions for achieving this metric is to do not forget that people want to be heard.
Here are some insights into the role of customer feedback and its impact on business retention.
Proactive communication
The first strategy is proactive communication with the customer, i.e. commonly asking for feedback on pain points and the product itself. This way, you offer an easy path to improving the end-user experience.
According to A Sales power 1 report, 73% of customers expect corporations to understand their unique needs and expectations. This mustn’t be done in an intrusive way; you only need to build a regular system tailored to what you are promoting goals.
Inflow funnel
An alternative is the “inbound funnel” method, where users are not yet familiar with the product.
The dialogue is built at the level of user research, during which we learn about problems that users have already encountered and tried to solve, but failed. If different people repeatedly mention the same issue during a job interview, it is a clear signal that the problem affects a big selection of recipients. Typically, users who encounter problems with a product are often interested in solving the problem and are willing to invest in a solution that works.
From customers to investors
Some of them, in the early stages of communication with users about the product, may turn into not only customers, but also investors, which further confirms the prospects of the solution.
An vital aspect here is direct communication between the founder and potential partners. It is also extremely vital to show progress in product development.
Recognizing the founder’s passion and competences can awaken his own passion and encourage him to financially support the project. Therefore, the secret formula is a combination of normal user research and successful implementation.
Building connections
An entire network may be born from feedback, and connections with specialists in related fields will improve the functionality of your product. We often deal with operators – people related to the company’s operational activities. They have quite a close network of contacts and are all the time ready to recommend your product to someone in the industry.
Expanding your social networks will help with product development. LinkedIn has filters that allow you to find the right connections and reach the right people. It helps you understand what a person is interested in, research industry trends and reach the right people – it’s much more powerful than conferences because it’s a targeted connection.
Therefore, it is vital to maintain and develop skilled contacts after the first contact so that they continue to be useful in the product development process. A user is not only a statistic – otherwise we get this: 56% of consumers say most corporations treat them like numbers. Empathy, compassion and honesty are essential keys to solving user problems and achieving long-term retention.