Customer feedback provides the opinions of customers about a product or service and helps the business in a number of ways:
- Improvement in product or service: customer feedback provides a company with the data of what customers feel about the product and what else can be done to improve the product or service.
- Measure of customer satisfaction: feedback also informs the company about how satisifed the customers really are with the product or service.
- Improvement in customer experience: the aim of the exercise is to enhance the user experience as this would create customer loyalty and generate repeat business. Getting information on what customers feel about the product and what is still missing will help the company strive for better products and thus user experience.
- Enhanced customer retention: happy customers are customers retained and hence repeat business and free word of mouth publicity. All this can be done by using customer feedback to enhance products and services.
- Data for informed business decisions: feedback provides a large set of data that can be used to make informed business decisions on what is to be done with existing products and whether to incorporate some features or launch a new product, etc.