Post by Marija Hadžović 
October 2, 2020 | 
When owning a business, you are looking into all the strategies you can take in order to grow your revenue. The good news is that there are plenty of strategies for revenue growth you can find and implement.
In this blog, we will focus on a growth strategy that often gets overlooked in the sea of possible tips and tricks.
Customer feedback is a great tactic for getting to know your customers. and improve your marketing strategies. While customer feedback can be collected in several ways, we live surrounded by technology that allows us to use all kinds of tools for collecting feedback. Online customer satisfaction surveys are a simple, effective way of gathering information on how your customers feel about your product and business.
Here are 3 ways that show you how exactly do customer surveys help increase your revenue:
Turn satisfied customers into brand advocates
Finding new customers can be harder than to maintain existing ones. But there is no doubt that engaging your current customers can bring benefits. Also, it can actually bring you new customers and increase revenue.
By conducting online customer satisfaction surveys, you will be able to find your satisfied customers. These customers will be loyal ones since it is clear that participants that decide to respond to the survey are more involved with the company than ones that ignore the survey.
Providing customers the feeling that they are listened to and that their opinion is valued will give them comfort.
Discover upsell potential through customer feedback
Trying to upsell the wrong customers can even make them turn away from your company. A true customer that will be happy to have more of your product is a satisfied customer. Not only a satisfied customer but an engaged one as well.
Don’t wait for the customer to approach you. Identify up-sell potential by using customer feedback since the customers that are happy to use more of your product, in most cases will not ask for it themselves.
Increase retention by understanding churn risks and how to remove them
Customer loyalty needs to be continuously earned and it starts with the first contact a customer has with your company. You need to keep working on your strategies and keep customer engagement high in order to increase retention. Knowing your customers and implementing the right retention plans will lower the churn rates and risks of it.
Collecting customer feedback, not only the positive feedback, but also the negative can lead you in the right direction of identifying causes of customers moving away from your company.
Working on gaining trust and listening to your existing customers can only lead to an increase in sales and revenue.
Listen more, earn more.
