How many of these stats do you think are true?
- 90% of buyers claimed positive reviews influenced their buying decision
- 86% of buyers said negative reviews influence their decisions
- Only 17% of businesses track NPS (consumer satisfaction score)
- 22% of people want social proof before they buy
They’re all true except for the last one. The percentage is double that, 44% of people want social proof they want confidence that they can buy from you. For your business that might come in the form of reviews on your social media platforms and website. Whatever method you decide to use never hold back from collecting feedback, it could be the reason you gain or lose a sale.
This is something that I’ve mentioned to many business owners, but I still hear many hesitations and frustrations from business owners when implementing feedback or review processes, I hope to highlight some of those below.
Today’s blog is all about feedback and common frustration that I hear
“People provide me feedback that makes me think I always need to change.”
Change and develop are two very different things but often get confused as the same. Although you should not change too often and stay true to your overall strategy, developing is an extension of what you’re already doing and needs to be seen a positive business decision.
It makes me think of a great story. Lego has historically been a toy geared towards boys, and in a study conducted by Lego it highlighted that only 9% of primary users where female. But instead of focusing on their core audience they instead asked 3500 girls and their mothers to review their range and feedback their thoughts on what they would like to see. In 2012 Lego release a new range from the feedback and data collected called “Friends”.
This all goes to show there is value in taking on board feedback from customers to change and make micro-pivots in your business. However, the key is to use the feedback alongside the data.
“Feedback makes me feel like I’m failing, I try to avoid it.”
Are you part of the 42% of companies that don’t collect feedback? Why is that? Is it because you do end up feeling low when you’ve heard what customers have to say?
Remember, it isn’t a vanity project. The insight that customers give you can improve your business and therefore your sales.
Try to look at feedback as a way to iron out kinks, specifically pain points which will in turn build a better relationship with your customers. Win-win for both of you!
Need proof. McDonald’s have narrowed their feedback to focus on just four questions, taking out emotion and allowing the process to be very data driven.
- Which products are well received?
- What prices are consumers willing to pay?
- What TV programs, newspapers and advertising consumers read and view?
- Which restaurants are most visited?
“I don’t have the automated system to ask for feedback.”
Apple use NPS (Net Promoter Score) to collect feedback from customers. They use one simple question: “How likely are you to recommend this business to a friend or colleague?” with a rating of 1-10, 6 or below is considered a negative score and they try to find out what can be done to improve this score.
Understandably, it might be financially impossible for you to have the same tech and gadgets as Apple to collect this feedback or even to get an automated system going. However, you probably know your customers and have a closer relationship with them than Apple does so use this to your advantage.
If you don’t have an automated system then call your customers and ask if they are happy with the product, ask them how likely they are to recommend your business to a friend. If they are happy then you can use this opportunity to upsell or cross-sell.
Is it time to itch that itch – you need some sales training.
I’ve encouraged you before to do something about it and listen to the feedback. You’ve now got the motivation, you’ve got the time and you’ve got the solution.
To find out more about and to purchase Plan.Grow.Do. all you’ve got to do is click right here on this link.
I hope this short article motivates you to take some action on those small or big things that you need to do to improve your sales and do keep your eyes and ears out from the most valuable gift of all, remember your only failing if you’re not acting on FEEDBACK.