Many business owners forget or don’t realise that their customers are their biggest stakeholders and without them, they wouldn’t have a business at all. Yet they don’t value them at all which doesn’t really make sense.
The feedback that your customers give in reviews is critical to your business. It’s what potential customers look at before they buy. If the reviews are good, then they will probably go ahead with their purchase but … if the reviews are bad, they may go elsewhere to find the product or service that they want.
That isn’t all bad news though. If you think of the negative reviews as constructive criticism, you can use them to take action and improve your business. Knowing exactly what your customers want is the first step to improving what you are doing. It could be delivery time, product quality or a gap which they have identified which you can easily fill.
The more you know about your customers the better your business will be.
Do they buy from you once and then that’s it? Do they buy repeat products so that they remain as customers for a longer period of time? Do they buy a subscription which keeps them for even longer?
Finding new customers is a costly exercise. It is much more cost efficient to keep your regular customers happy and retain them with repeat purchases, upsells and additional offers.
All of this you can put into a dashboard so that you can see at a glance what the customer churn is, how long customers stay, what the average spend is in a month or a year, what they buy most of, what your most profitable product/service is.
You probably have all of this data already but don’t review it on a regular basis. It is probably in different formats, all over the place and not easy to see at a glance.
But what if you had it to hand in a format that was easy to read and gave you the detail that you needed so that you could make informed decisions about what actions you need to take to make your business even better than it already is?
Well, you can! And it’s not as difficult as you think.
If you work on your business for 15 minutes a day over 5 days, and you will make more informed decisions based on your own data. Find out how here
