Customers are the cornerstone of any successful business – that’s the reason why it is important to keep them satisfied and engaged. One way to ensure that you are tuned in with your customers is to take customer feedback. This is a vital task for every great organization, and below are 5 reasons why it is so important:

1.) KEEPS YOU AWARE OF CUSTOMER SATISFACTION LEVELS
Without customer feedback, companies would have no idea how well received their products and services are. By paying attention to customer responses, businesses can have a better understanding of how they are performing in the marketplace and against competitors. This also helps companies to keep up on the services that are profitable to them and those that may have to be phased out due to dissatisfaction among the client base.

2.) CONTRIBUTES TO PRODUCT AND SERVICE IMPROVEMENT
By listening to customers, companies can tweak their strategies in product development and alter how they perform their services. Customers may have valid, constructive criticisms that will help businesses to hone their skills and focus on their strengths while eliminating weaknesses. That’s the reason why staying engaged with customers is important as it allows companies to focus on continual improvement across all entities.

3.) HELPS YOU BRING IN NEW CUSTOMERS
Because customer feedback is so widely available thanks to technology and social media, it can help an organization to reach out to potential new clients. Positive feedback can be relayed across social networks and can also be used in advertising to entice new customers to sign on. Customers can even talk amongst each other and recommend products and services that can help contribute to a wider reaching customer base.

4.) INCREASED CUSTOMER RETENTION
If a customer has a negative experience with a company and are not able to provide feedback, they are likely to abandon the company and not return. When they are given the opportunity to give feedback and provide criticism, it allows the company to answer and potentially solve their issues. Customers appreciate this attention and are more likely to return if they feel that they are being listened to.

5.) ACCESS TO VITAL DATA
Feedback grants companies access to data that can help analysts and executives make sound decisions for future products and services. This helps businesses to allocate their funds in the right places in order to remain more successful in the market. Gauging customer satisfaction and basing decisions on feedback is an important part of improving products and services for any organization.