Welcome to the last tip in our Get your business Feefo fit this summer series! Last week, we taught you how to fight fake feedback, this week we’re looking at how the review space is evolving and what this means for your business.
Why accurate insight is important in a data-rich society
Long gone are the days when businesses knew little about their online customers. Now, there’s so much data available, businesses are struggling to analyse and properly utilise it. Every day, 2.5 exabytes of data is produced, which equates to 530 million songs! This figure is only going to grow over the next few years.
When managed correctly, reviews are an excellent form of business insight. They provide a helpful snapshot of who your customers are, what they think of your service and/or products, where they think you could improve and whether they would recommend your business to their friends and family. That’s a lot of information, and when broken down can help you:
• Improve customer relationships and retention rates, by solving issues quickly and replying to every review
• Enable your business to provide exceptional experiences, by identifying areas you could improve
• Create loyal brand advocates, by learning exactly what makes your customers return to your business, and shout about your brand
Remember, fake feedback can skew your customer data and give you false insights, so it’s important to collect only genuine, verified reviews.
The innovative reviews tools all businesses should be using
Collecting feedback is the first step, but how do you ensure it’s giving you the insight you need? Here are the reviews tools your business should be using:
Insight tags make it easy to monitor themes within your reviews, as they allow you to create custom categories for the information you care about. Track feedback related to all aspects of your business, from products and staff members, to delivery companies and marketing sources. You can then use these tags to drill right down into your data, create custom reports for board members and identify strengths and weaknesses across every level of your business.
Net Promoter Score
Net Promoter Score (NPS) is a simple way to measure customer loyalty and can be used to build better relationships with your clients. Customers are asked one question: How likely are you to recommend the company to a friend, relative or colleague? They give their answer on a scale of 1-10, which divides customers into three categories:
• Promoters (9-10) – If a customer is extremely likely to recommend you, then they’re classed as a promoter. They are loyal enthusiasts who will continue to do business with you and recommend you to others, essential for growing your business.
• Passives (7-8) – These are satisfied customers, but they’re not enthusiastic about your brand, and are therefore vulnerable to competitor offerings.
• Detractors (0-6) – If a customer is not willing to mark you above a 6 then they are unhappy with your service, which may mean they tell others about their negative experience, damaging your brand and impeding growth.
By listening to these customers, you can assess how your customer experience strategies are performing, and quickly see where improvements need to be made.
When a customer leaves a review, chances are, your customer service team isn’t going to be able to reply straight away, leaving the potential for a customer’s problem to escalate. Active listening technology can provide solutions to common issues immediately, before the customer has even finished writing their review.
For example, if a customer leaving a review of a travel company uses the keywords ‘booking confirmation’ in their feedback, a message could pop up asking whether they have received their booking confirmation, with a link to resend the email or view their itinerary.
By solving potential issues so quickly, you can mitigate negative reviews, increase customer satisfaction and reduce the burden placed on your customer service department.
What else is around the corner?
A look at what’s happening in the wider tech space offers some clues as to what’s around the corner in terms of review innovation. Artificial Intelligence (AI) and machine learning are making a significant impact on almost every industry, by automating tasks and helping businesses to deliver a better service.
Feefo is always pursuing the use of new technologies to push boundaries and provide businesses with greater benefits. In fact, our innovation was recently recognised with a Queen’s Award for Enterprise – the UK’s most prestigious business award. We can’t say much yet, but there are some exciting innovations on the horizon that will have a huge impact on the depth of insight and service businesses can deliver to their customers.
Download our guide to consumer reviews
Your Feefo Fit journey may be over, but we aren’t leaving you empty handed. We have combined all our tips about how your business can become bigger and better with the help of customer reviews, and packaged them up into the ultimate guide.
What’s in the guide?
• How to collect reviews and maximise your response rate
• Why genuine reviews are king and how to avoid the fakes
• How to respond to both positive and negative reviews
• Best ways to display and make the most of your reviews
• How to turbo-boost your PPC campaigns with consumer ratings
Plus, much, much more!
Ready to sign up to the most innovative and forward-thinking ratings and reviews platforms now? Get in touch with us today and find out what we can do for you.