In this digital age, when there are many online platforms for customers to review businesses, feedback can be both an asset and a liability. Brands that ignore the power of feedback would not be able to remain competitive in the market. Therefore, it’s important that businesses utilize it to improve their service, fix pain points, and strengthen word-of-mouth marketing.
That’s not it. There are many other ways in which businesses can generate revenue through customer feedback. In this article, we discuss some ways in which brands can strategize and utilize feedback to drive sales up.
1. Make Special Offers for Hot Leads
Businesses tend to focus often on gathering feedback, but have you realized that you can also make special offers based on the feedback given?
For example, if you just got a new newsletter subscriber that replied to your latest feedback survey that he or she loves you, just send to your hot lead a nice offer as a present and make him or her happy. Happy leads tend to convert customers with a bigger percentage and happy customers convert to loyal customers with a much higher rate.
You can also think about it the other way. If a potential customer contacts your customer support with a problem and indicates dissatisfaction with your service, after solving the problem, send an offer to cheer the unsatisfied lead up again and win back the heart!
Special well-targeted offers based on customer feedback create more happy customers. There are so many ways in which this would generate sales. Happy customers will be more likely to do business with you again. They could even recommend your business to others, spurring word-of-mouth marketing. Your brand’s NPS score will go beyond eight or more. More importantly, the positive feedback they leave on your page/website will even continue to attract new customers and make your brand look good!
2. Make Upsell for Happy Customers
Upselling is when you persuade customers to purchase a premium or more expensive version of the product they want to buy. For example, when a customer orders a bouquet of roses from your gift store, you offer them a bundled product offer – more expensive yet more attractive.
Many believe that upselling can drive customers away. But, with the right technique, upselling can actually help you win happy customers and make them loyal to your brand.
In this case, you have to identify happy customers who are very satisfied with your service (collect feedback) and offer them a better product with more utility (send an email with a special offer). With Feedbackly, you can let the automation do it for you and just enjoy following the growing revenue numbers. Happy customers are more likely to accept your upsell offers and are again a bit happier with your well-personalized service.
Upselling directly contributes to a higher C-SAT score and Emotional Value Index™ (EVI). This is because customers feel they are better understood by your brand and will be inclined to come back again. Upselling also has more potential to generate revenue than selling as it focuses on your existing customers. This is because the probability of selling to an existing customer is multiple times higher than a potential prospect.
3. Collect Feedback and Use Them in Marketing
Dedicating a separate section for customer feedback or reviews can help a business attract new customers. New customers and even your existing customers can go through the feedback before making a purchase. It persuades them to do business with you, thereby automatically driving your sales up.
The feedback that you have gathered from past customers can be used in marketing campaigns to reinforce the efficacy of your products or services. It’s one of the great ways to flaunt your brand – and it’s authentic and factual!
Feedback also makes your website more credible, especially if it has a harmless percentage of negative feedback. It makes your brand more humane prone to mistakes once in a while as opposed to a superfluous one with 100% positive feedback.
So, when you send out feedback forms, direct the survey respondents automatically to the review section of your social media page or website for them to share their thoughts there. You can also use the same strategy with Google Maps.
Case study: Learn how IVALO.COM doubled its customer retention rate
IVALO.COM boosted their NPS by a magical 41% and doubled the customer retention rate only during the time of 6 months. We met with them to learn how they did it and we’re excited to share their story with you. We hope you find it helpful!