A fintech company recently collected some information form their customers which revealed great insights about their product positioning. Prior to extracting this customer feedback report, this company was focussed on attracting huge traffic to their website. However, high bounce rates and user responses suggested that their website did not offer relevant information about their product. There wasn’t much data on Pricing and Features which were crucial for their business. Once they made these vital changes, they saw an incredible increase in their lead generation capacity and conversions. Too good to be true? Not really. This could happen to your business as well.
A lot of new businesses are busy promoting their offerings without taking a pause to understand what their audience really wants. Users provide their feedback about certain brands in various ways – reviews, suggestions, their online behavioural pattern, history of their visits and interactions with your brand, social media engagement etc. So, there’s plenty of data out there. But how to segregate all of this into meaningful insights for your business development?
That’s exactly what we’ll understand through this article.
Where to start?
1. Identify Current Market Trends
No, we’re not asking you to blindly follow the herd. All we’re saying is to study your competitors closely and learn what’s working for them and what’s not. It is important to understand what the industry demands and how your business can meet the requirements with the available resources. More than often, your customers define current industry standards and their demands pose as your benchmark for performance.
2. Recognise Poor Performing Pages on your Website
- Are all the important pages on your website optimised?
- Do they have relevant Calls-to-Action (CTAs) to navigate users?
- Are your web pages able to solve user queries smoothly?
These are a few questions that you need to answer in order to enhance the performance of your website and thereby, improve conversions. But how do you identify these questions and also look for the answers to solve them?
Why fear when your customers are here? Look for specific insights like the following –
Bounce Rate – If the Bounce Rate on a particular page (except the “Thank You” or “Contact Us” page) is high, then there’s definitely something wrong with that page. Revisit the page and look for what may have gone wrong. Is it some non-functional CTA or irrelevant information or simply a broken link? There’s your cue.
Exit Rate – This metric indicates that your users are not quite engaged on that particular page. Check if your keyword to landing page mapping is relevant and apt. If not, you might want to rework on this and provide a better output.
3. Listen to your Audience on Social Media Platforms
Have you ever wondered how humans behave when they like or dislike a product? If you ponder over this, you might be surprised to learn that we often provide negative feedback about a service or product that we purchased and disliked. But, how many of us actually take the pains to say something nice about a brand that we had a great experience with? Enlightening, isn’t it? That’s why you need to carefully listen to all the mentions about your brand on social platforms. These are true customer reviews that matter to your business. Are your customers happy with your brand? If your customers are ranting about you online, what is it about? Is it a product that doesn’t serve the purpose right, or is it flawed deliveries or simply poor customer service? Whatever is the reason, you ought to address it soon. This is valuable customer feedback that can improve your conversions if taken in the right sense.
How to create opportunities for customer feedback surveys?
1. Use data from Analytics and allied tools
Integrate your website with a robust Analytics tool that can provide good insights about your website and its performance. Constant measurement of important metrics can give you meaningful data. This data can be used to further enhance your website performance by creating surveys around the concerned metrics. For example, if your user demographics show that most of your users are from Australia, then ask specific location-based questions. This can give you more details about what special can you do to serve your Australian audience better.
2. Build trust with your customers
Trust is built with consistency. Be consistent and compassionate in your communication with your customers. That will take you a long way. If you have earned the trust of your customers, be rest assured that they’re going to provide you with honest feedback. And honest feedback from customers is the biggest treasure for any business. Send personalised emails with special offers for your customers to feel connected with your brand. This gives you a great window of opportunity to get some good feedback on your offerings.
3. Start a conversation with customer feedback
Have you ever thought of starting a conversation with a customer who just made a purchase on your website? Yes, that is indeed a great place to strike a connection. Instead of simply saying “Thank You”, you could look for an interesting way like the following example –
4. Create interactive opportunities on Social Media platforms
How about an interesting poll where your users vote for the most preferred product on your website? This will give you an insight into the most popular products on your site and also the ones that are not as popular. Sounds exciting right? Try it. It’s a great way to get some feedback from your customers and improve your conversions.