The Feedback Loop Fad
Gone are the days when products were sold under generic names. Branding and wooing the customer has taken center stage in this fast paced world. Product differentiation is fast becoming difficult as there is a tight neck to neck competition. Customer experience and customer feedback have become very important. To ensure brands stay in the market, they need to be in tune with the needs of the customer. This where a need to understand the customer and create a feedback loop comes in.
What is a feedback loop?
A loop consisting of feedback from the customers. However, deciphering its meaning is a different story. Feedback loop means to keep the conversation going. This technique specifies that every feedback from the customer has a scope of further discussion and conversation, with the customers as well as the employees of the organization. It means collecting feedback from the customers and working on it, then going ahead and collecting feedback again, giving way to improving on a specific procedure, and the cycle keeps repeating.
A feedback loop is a procedure adopted by many companies to increase their profits and is gaining popularity in the marketing world.
Customer loyalty. If a customer has given a negative feedback, then a well-planned feedback loop will work on the particular task which upset the customer, almost in real time, providing the customer with, maybe, a free trial, or a demo time, to demonstrate the improved process, thus gaining customer loyalty.
Accuracy and consistent feedback. Since the feedback comes straight from the customers and does not enter any system analysis process, the true grievances of the customers come to light, thus allowing the process managers to don the shoes of the customers. This in turn, leads to happy and satisfied customers.
This technique allows the process managers to inspect all angles regarding how the task can be improved. Correction of a trivial complaint from a customer can lead to huge profits. Tweaking your systems here and there to gauge the reaction of your customers after negative feedback, can benefit thousands of other customers facing the same problems, thus bringing with itself customer loyalty.
Without the feedback loop, the organizations are just lost. They have no idea what the customers need or desire, what motivates them to buy, what needs improvement, or worse, invest their time in procedures that do not require any improvement for the time being.
The feedback loop is a trending procedure, gaining popularity day by day. And why not? It paves the way for smarter marketing, something that the young generation is more than capable of doing. This trick is like the Holy Grail of marketing. It provides a continuous cycle, making room for improvement. Brand value increases, gains popularity, peeks the interest of many potential customers and ensures a lifetime of customer loyalty. Say no to rat races, and yes to smarter and more efficient forms of marketing.