A popular piece of advice given to entrepreneurs is to build what they desire, yet this might lead to failure. After all, according to statistics, 90% of businesses fail, with the lack of a market demand being the main reason why.
There are numerous examples of businesses that just didn’t understand their markets well enough throughout the history of unsuccessful enterprises, from Facebook’s metaverse gaffe to Juicero’s demise. In the arduous process of becoming an entrepreneur, enthusiasm is necessary, but it isn’t enough, to quote the late Steve Jobs. Understanding the requirements and preferences of your clientele is equally crucial.
This means that for business owners, consumer input is crucial. Entrepreneurs may better understand their markets and innovate ingeniously with detailed client feedback. Instead of creating items that the founders believe they need, it can assist them in creating ones that customers genuinely want and need.
Here are two ways business owners can use client feedback to enhance their operations:
- Consider customer feedback when developing products
Additionally, it’s critical to incorporate client feedback into product development. This means that business owners must take the time to read client reviews and make improvements as needed.
For instance, according to Robinhood CEO Vlad Tenev, client feedback drives a lot of the company’s product goals.
This indicates that the team is actively hearing from customers and implementing improvements in response to their input.
A “Fractional Shares” option, which enables consumers to purchase fractional shares of stocks, was one early innovation that helped Robinhood stand out from the competition. An other, more recent illustration is Robinhood’s choice to offer up to 4% interest on consumers’ uninvested deposits of cash to their accounts. This was done in response to client worries about how inflation would affect their investments.
- Ship items promptly based on customer comments
Using client input to expedite product delivery is another crucial strategy. Entrepreneurs who act swiftly can acquire feedback on their products from clients and make the required adjustments.
If your company is receiving this important client input but isn’t acting on it right away, you could be losing out on a significant opportunity. Siddharth Jain brought this to our attention. Working closely with a technical team, according to Jain, was a huge benefit for the business because it allowed them to swiftly deploy features and products in response to consumer feedback.
To put it another way, even while your sales, marketing, or customer service teams may be more in touch with customers and their input, the engineering team must be able to act on that feedback to generate genuine change.
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