Most business leaders think they know what their customers want, but the reality is often far different. The truth is – the only way to be certain that you know what customers want from your business and that you’re successfully delivering it to them is by asking them. That’s why customer feedback is essential.
If you’re not collecting reliable customer feedback on an ongoing basis from your verified customers, then you won’t know how to continually improve your business, products, and customer experiences in order to keep current customers happy and attract new ones.
To help you understand just how important customer feedback is to your cannabis or hemp CBD business, let’s focus on five of the key ways it can directly have a positive impact on your sales, profits, and bottom-line:
1. Make Changes Quickly
When you collect customer feedback data and analyze your business performance from buyers’ perspectives, you’ll be able to quickly identify problems or opportunities. When you can make changes quickly to better serve your customers, you’ll be able to avoid expensive problems and seize lucrative new opportunities.
In the cannabis and hemp industries, the most agile companies are often the most successful simply because the environments companies work in are continually evolving. The same is true of cannabis and hemp customers, so it’s your company’s job to stay on top of their changing wants and needs and to resolve their complaints. Without fresh customer feedback data, you can’t do it, and your sales results (and budget) will ultimately suffer.
2. Make Better Decisions
Your customers are a wealth of knowledge and opinions, and customer feedback provides an incredible amount of usable market research data. If you’re collecting their feedback in a reliable and accurate way, and you’re effectively analyzing that feedback, you’ll be able to make better business decisions to lead your company in the right direction to reach your goals.
For example, customer feedback data can give you insights into what types of new products to develop (see #3 below), new markets to enter, trends to capitalize on, pricing adjustments to consider, promotions to hold, unmet needs to fulfill, organizational changes to make, and more.
3. Improve Research and Development
Customer feedback can help you give the people what they want, not what you think they want. Using the data customers provide you through your feedback system, you can determine which types of products and services you should be offering, what features to develop, how to prioritize your development projects, and so much more.
Think about your own cannabis or hemp company. What new products, services, features, promotions, or other offerings are in your development pipeline? Are you 100% sure they’re the projects you should be focusing on right now? Are they the projects your customers want you to focus on? You won’t know the answers to these questions if you’re not collecting customer feedback, and you could be wasting time developing things that won’t deliver the results you want and need.
4. Increase Customer Retention and Brand Loyalty
Customers want to know that brands listen to them and actually want to make them happy. By having a customer feedback system in place that doesn’t just ask them for their feedback once but rather, asks for it on an ongoing basis, your business can develop a relationship with them that leads to trust and brand loyalty.
Branding fundamentals tell us that when people feel valued by a brand and when they believe a brand listens to them, they’re far more likely to trust it. Brand trust is powerful. It leads to repeat sales and brand advocacy through word-of-mouth marketing – something every cannabis and hemp business should want to get more of.
5. Generate More New Customers and Sales
Again, asking for customer feedback makes customers feel valued. When current customers spread the word to friends, family, and online connections about your business simply because they feel valued and happy after buying from you, new audiences will learn about your business and sales from new customers should increase.
In addition, hyping your customer feedback program in marketing messages and advertisements goes a long way in terms of making consumers who aren’t aware of your brand and/or have never purchased from you before gain confidence in buying from you. They’ll view your brand as one that truly cares about its customers – so much so that you set up an entire program to make sure you’re actively listening to customers’ wants and needs.
You can bet if your competitor doesn’t focus as much on customer feedback as you do and all else is equal, consumers will choose your brand. Show you care, and consumers are likely to notice.
Key Takeaways about Ways Customer Feedback Can Boost Your Cannabis or Hemp Business
There are so many ways that customer feedback can boost your cannabis or hemp CBD business. This article focuses on five key ways your company can get measurable benefits when you invest in a customer feedback system that helps you collect, track, and follow up on feedback from your verified customers.