Title - The Importance of Customer Feedback in Market Research and Business Growth
Consumer Neuroscience Consumption Behavior Customer Feedback Customer Survey Deeper Insight Into Customer Behavior Emerging Technologies Improving Cross-Functional Collaboration Improving Products And Services Market Research Market Research Panel Market Trends Marketing Goals Mobile Research Product Usage Purchase Decision Taking Customer-Centric Decisions

The Importance of Customer Feedback in Market Research and Business Growth

Business owners try and do everything possible to keep their customers happy. Dedicated customer support teams do everything to guide customers in the best possible way. Businesses make all the efforts to treat customers as light kings and queens. It is mostly done by offering quality service to meet the needs and wants at every process step. According to Survey Monkey Market Research Company, when customers have a positive experience with a brand or company, 85% of them are willing to provide feedback.

However, many business owners still question how they can ensure effective customer service strategies. Many even want to know if the customers are happy with the experience. Learning about the likes and dislikes of the product and services helps keep up with the constantly changing customer demand.

What is customer feedback?

Customer feedback involves a client’s opinion about a product or service’s satisfaction or dissatisfaction. Customer opinion is a resource for offering the best customer experience and adjusting the needs. Market surveys play a critical role in collecting and assessing customer feedback. Businesses can always come across online reviews and opinions of clients and collect them with the help of monitoring tools. All sources are necessary to get a real picture of how a client perceives a particular brand.

Top corporate houses value the need for customer feedback in a business. They engage a considerable amount of time and money in listening to the voice of the customers. In-house teams search for customer care opinions on social media and other websites. They deliberately look for feedback by launching different marketing campaigns and surveys. This is considered one of the best ways to stay ahead of the competition. Businesses always listen to feedback from the customer, whether it is positive or negative.

Why is customer feedback important?

When introducing a new product or service in the market, brands have some idea of customer needs. Conducting research with a market research company before the introduction of a new idea is helpful for further enhancing the offering. However, buyers only learn about its advantages and drawbacks after using the product. On the other hand, needs and expectations evolve with time.

Feedback from the customer gives insight into what is working perfectly for the product and what needs improvement. A company might have several years of experience in the industry.

However, market knowledge is more valuable for improving business performance. Customer opinion helps understand that the product can meet the buyer’s expectations and solve their problems.

Customer loyalty and satisfaction play an important role in determining financial performance. It is directly linked to benefits like improving the market share and high revenue. Studies suggest an integral relationship between business performance and customer satisfaction. There is no denying that organizations wish to make certain customers happy with their services and products. The most effective way is to determine if the offerings meet their expectations and get feedback. Many businesses use rating-based questions to easily estimate satisfaction and predict the company’s financial future.

One of the most accurate procedures for any company is to manage, measure, and improve customer satisfaction. Companies ask simple questions to learn if they would recommend the product or service to a friend. The response option for loyalty questions is usually based on a rating of 0 to 10. It is a simple yet effective means of managing customer satisfaction.

Benefits of customer feedback

1.   Deeper insight into customer behavior

Collection of customer feedback helps acknowledge the overall customer experience. Businesses are equal to reaching customers without any barriers. Collecting customer reviews, feedback, and sentiment across the different channels is beneficial for operating the CRM. The business game now better understands and keeps up with the customer requirements.

2.   Taking customer-centric decisions

Customer feedback helps make customer-centric decisions necessary for a product’s success. It offers a clear idea of the changes a customer wants to see, the use of a product or service, customer expectations, and product position in the market.

3.   Improving cross-functional collaboration

Cross-functional collaboration allows teams to have access to valuable customer feedback. Here everyone is equal to act as per customer request issues that affect customer experience. It also provides an overview of teams dealing with customers and working at the back end.

4.   Improving products and services

Customer feedback is always considered an invaluable resource. It is because most clients use it to complete their data and accomplish their goals.

How does customer feedback help with marketing goals?

Feedback from the customer is necessary for determining new approaches to retaining clients. Businesses know what the customer wants and needs to fulfill their task. Improving customer expectations is a great way to boost the brand. Solid customer feedback helps understand what kind of customer is using. With actionable and trustworthy feedback, one can create products that perfectly suit real customer needs.

How to get customer feedback

When it is about getting feedback, the best way is to provide multiple methods. The type of feedback mostly depends on what kind of feedback a person wants to collect. The type of feedback justifies the means. Below are some of the common forms of getting customer feedback.

  • Email
  • Digital channels
  • Survey analysis
  • User Testing
  • Focus groups

Best practices

The customer feedback survey analysis is only suitable for a specific set of applications. Organizations need to define the application of a complex question requiring a qualitative dimension to make them effective for market research.  

  • Following up with customers that respond with relevant insights
  • Combining results with other valuable data for informed decision making
  • Use the right words to conduct the market survey for easy understanding of participants
  • Sharing results with other members of the organization for enhanced data utilization
  • Avoid sending surveys too early so that customers have sufficient time to understand a product or service.


Gathering valuable information from customers is one of the best ways to ensure that the offerings meet customer expectations. Observing customer behavior patterns is possible when analyzing feedback from different channels. Hence it proves to be a great way of finding the position of a product in the market. Most companies need time to determine the best way to please their clients. Businesses end up spending a significant portion of their budget on experimentation. On the other hand, customers appreciate businesses willing to listen and incorporate their ideas.

Maction is a leading market research agency that provides the best technology-driven survey platform available. With our considerable experience, we can help you gain the suitable consumer insights necessary for designing your creative strategy. 

Contact the expert consultants at Maction Consulting today.

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