Customer information should feed and sustain your business like a bright star navigating an open ocean. Attracting new customers is vitally important in much the say way as retaining current customers. By researching your existing customers you can important knowledge about your product/service and how to improve upon your offerings in a way that leads to more sales.
Customer feedback loops can come in many forms but surveys, reviews and customer complaints are some of the most common methods. Lets look at each one and see what the advantage or disadvantage of each may be.
Surveys: Asking purposeful questions from a sample that represents your target market.
Customer Reviews: Scanning online for your product in virtual marketplaces like Amazon will often provide customer reviews companies can investigate.
Complaints: Angry and upset customers will call in and offer opportunities to learn from them.
Companies should seek to create loops that take in information, put it together into a comprehensive report, and then adjust their product/services. The better they are able to do this, the more their products will adjust to meet market needs. Meeting market needs leads to higher revenue as products rise in value and demand.