How do you grow your small business using a fast feedback loop?
- Assess the Situation
- Think of Desired Outcomes
- Customize Surveys for Your Target Audience
- Analyze and Act on the Results
- Follow-Up on Your Customers
When you’re starting a small business, there’s bound to be a few challenges. One of them is not having enough sales or losing customers. So, what can you do to solve these problems? To help you, we listed down below steps on how to grow your business through a fast feedback loop.
A fast feedback loop is a cycle of knowing customer experiences, improving your business through these responses, and following up with their complaints or criticisms. These steps form a pattern that is repeated. Continue reading to learn more!
Assess the Situation
Take a moment to stand back and reflect on the current state of your business. Understand your current situation and find solutions to your problems. If you want to grow your small business, you have to know your customers. You can get your much-needed explanation from a fast feedback loop.
Think Of Desired Outcomes
Every business should have objectives. Progress is then measured through a standard of success. These are called Key Performance Indicators (KPI). This can vary from business to business. Some consider profit, customer experience, conversion rates, or repeat purchases.
Customize Surveys for Your Target Audience
Think of the people that you need to talk to. This may include past customers, regular customers, potential customers that visit your website, and newsletter subscribers.
The questionnaires will vary depending on whom you are asking. For past customers, the good news here is that you already have their contact information. You can ask them why they have not availed of your products in a while.
For regular customers, it is useful to check up on any trouble that they may have encountered or ask for suggestions to improve the overall shopping process. Product reviews are also beneficial. After all, they already have experience buying from you.
For potential customers, there are many strategies you can employ. You can pop a survey right as they are exiting your website, or put it in key pages on your website such as the product pages.
Remember to only ask the relevant questions and avoid lengthening your surveys. Always customize and streamline your surveys for specific people.
Analyze and Act On The Results
Now that you are steadily getting feedback, categorize your data into different groups. This depends on your survey questions and responses. Some common categories include responses about product, service, advertising, or website interface. In this step, you reach a conclusion on different aspects you can develop to grow your business.
Your customers may be looking for additional features on your products. Or maybe there are some problems they encounter when using it. Look at this as an opportunity to upgrade and make high-quality merchandise.
The same can be said if you offer services instead. Your employees could use improvement in their skills or personality. For after-sales, some customers might appreciate a discount on their next purchase or warranty on the product.
If your products and services are good but you still lack customers, then maybe the problem lies in marketing and advertising. People may not be hearing much about your business. Another thing to look at is how user-friendly the shopping process is.
Follow-Up On Your Customers
Now that you have tweaked and made some improvements to your products, services, or website, it is time to follow up on your customers. Through this, you will know if the changes that you made lead to better satisfaction. The feedback loop doesn’t end here because growth is a continuous process. Survey frequently, but not so much that it displeases people.
Handling a small business may be hard but with the use of different tools, you can gain more customers. Today we looked at how to grow your small business through a fast feedback loop. You can build on these survey responses to develop your products, services, or business as a whole.