Every Lesson Each Business Owners Learn


In my experience growing a business, one of the most important lessons I’ve learned is that if you learn to listen to your market, it will tell you exactly what you need to be successful. 

Most business owners don’t spend enough time listening to their customers. And I get it.

On the surface, listening isn’t the most glamorous business strategy in the game. 

We’re living in a customer-centric world, where brands compete on experience over price or product. It’s through collecting feedback that brands learn how customers think about your brand, your products, your services. 

Understanding your audience means you’ll need to develop a listening strategy that blends multiple types of feedback: structured and unstructured, qualitative and quantitative, solicited and unsolicited.

In this article, I’ll go over some strategies for how you can develop a listening strategy that goes beyond likes and dislikes to chart a path toward improving the customer experience.

Develop a plan of attack

Turning insights into action is easier said than done. 

You’ll need to be intentional about how you collect and organize feedback, mobilize your team toward action, and finally, close the loop with customers.

My recommendation is that you use the following framework as a starting point for building out your listening strategy.

Perception

    Problems

      Product

        Act on Insights

          Close the Loop

          Finally, it’s important to make sure you have a plan in place for closing the loop after you’ve implemented feedback.

          Make sure you don’t ask for all feedback at once. Segment surveys by market or feature, and fix one issue at a time. 

          Otherwise, you won’t be able to review, much less follow up on the feedback received. Customers want to know that you’re not just listening, but acting on the input they’ve taken the time to share.

          The faster you can respond and implement changes, the better, According to Qualtrics data, collecting real-time feedback improved both employee and customer experiences. Customers felt like their voice made a difference, while employees were able to gain real-time visibility into their most pressing issues.

          Surveys

          All surveys are not created equal. You’ll need to make sure you select the best fit format for your objective. Your survey might collect feedback for any of the following:

            Net Promoter Surveys (NPS)

            Net Promoter Score (NPS) is a customer satisfaction benchmark typically used to measure loyalty. The familiar survey method asks customers one simple question, on a scale of 1-10, how likely are they to recommend your brand to a friend?

            According to Bain and Company, companies with the highest NPS tend to grow twice as fast as their competitors. This survey aims to measure customer sentiment on a big-picture scale, representing overall brand perception, across multiple touchpoints. 

            CSAT Surveys

            CSAT surveys are used to measure customer satisfaction with a specific interaction. Where NPS measures long-term sentiment and customer loyalty, CSAT surveys are used to measure satisfaction at individual touchpoints. 

            You might use CSAT surveys to follow up with a customer after closing out a support ticket, inside your app to gauge satisfaction with a particular feature, or after a customer completes a purchase to find out if they had an easy time checking out. Surveys alone don’t paint the full picture. Scoring systems, no matter how simple, fall victim to individual perceptions of what a good or bad score is.

            Some reviewers might say 6/10 is a “good” experience, but if you were to apply that score to a movie rating, chances are it would be considered a flop.

            Some people believe there’s no such thing as a perfect score and therefore, won’t give you a 10/10 NPS score on principle. Others always provide a perfect score unless something went horribly wrong. For numeric surveys, adding a line or two for freeform feedback allows you to learn a bit more about why that person assigned a particular score.

            Interview your customers

            Qualitative stories from customers add context to quantitative feedback like star-ratings or NPS scores. Here, the goal is to understand the human emotions that drive customer decisions. 

            What kinds of questions should you ask? What you ask consumers depends on what you hope to learn by talking to them. 

            Write an outline in advance to ensure that questions are structured around your core objective–be it learning about how customers perceive your service team or their experience using a new product.

            Open-ended questions give structure to the conversation, while also offering customers the flexibility to expand on any given question if they have more to say. Be sure to remain unbiased and avoid asking leading questions. Instead, start simple and broader questions that focus on one concept at a time. 

            Here are a few examples:

              Keeping things broad allows the customer to elaborate on their experience and it presents the opportunity to ask detailed follow-up questions to learn more. Asking follow up questions also shows the customer that you’re listening. Repeat key takeaways back to them and ask them to clarify answers or elaborate on a specific point.

              The challenge with conducting interviews is, you’re working with anecdotal information, making it hard to correlate individual feedback with demographic trends. Other sources of anecdotal feedback can come from salespeople and customer service reps, as they’re getting real-time, front-line feedback every day.

              While these daily interactions won’t typically dive deep into customer issues, they may reveal frequently asked questions, complaints, or feature requests that you can follow up on later.

              Have customers perform a SWOT analysis of your brand

              Another strategy you might use is running through a SWOT analysis exercise with customers. 

              If you’re unfamiliar with the concept, SWOT is an acronym for Strengths, Weaknesses, Opportunities, and Threats. Essentially, it’s a way for visually assessing the pros and cons associated with a business decision.

              Consider having your customers complete a SWOT Analysis to assess your solution. This allows you to gain learn how your audience views your brand in relation to their goals and pain points.

              For example:

                Social listening

                Social listening covers your unsolicited feedback channels from social media mentions to review sites. This process includes tracking specific brand mentions, as well as industry keywords, topics, and competitors. 

                Given that there’s a ton of data you can track, here, you’ll want to separate your social listening strategy into different objectives. Examples include:

                  Dig into support channels

                  Online chat logs, support tickets, and direct messages on social all fall into the support channel category. 

                  Here, you might look for the following:

                    Wrapping up

                    Delivering a great experience is no doubt important for every business no matter the size or industry. When you make listening a priority, you’ll develop a deep understanding of your customers and what they want. While it takes some time to learn the ins and outs of turning insights into tailored solutions, listening – actively and with empathy – is the first step toward success.

                    ‘I want to be in the oil and gas game,’ says Kenya’s Gina DinKariuki

                    How to Grow a Successful Boutique Fitness Business