eBusiness Weekly
Clemence Mutembo
It’s important for businesses to listen to customer feedback for several reasons.
First, customer feedback can provide valuable insights into what customers like and don’t like about a product or service.
This information can be used to improve the product or service which can lead to increased sales and customer satisfaction.
Second, customers who feel that their feedback is being listened to and acted upon are more likely to remain loyal to a business.
Finally, by listening to customer feedback, businesses can gain a better understanding of their customers’ needs and wants which can help them to develop new products and services that meet those needs.
When businesses don’t listen to customer feedback, they may miss out on opportunities to improve their products or services or to gain a better understanding of their customers.
This can lead to customers feeling ignored or unvalued which can damage the relationship between the customer and the business.
Additionally, the business may miss out on valuable insights that could help them to grow and succeed.
Ultimately, not listening to customer feedback can have a negative impact on the bottom line as customers may take their business elsewhere. For these reasons, it’s crucial for businesses to make customer feedback a priority.
I see that branding is a marketing topic that many people don’t understand. That’s understandable because a brand is something very complex. You see, brand associations are an important driver of brand equity. Brand equity refers to the value and power of a brand in the eyes of consumers. Brand associations are the specific mental connections that consumers make between a brand and certain attributes such as quality, reliability or trustworthiness.
These associations can be formed through direct experiences with the brand or through marketing and advertising.
The more positive and relevant the associations, the higher the brand equity.
For example, a brand associated with high quality may command a premium price or have a large number of loyal customers.
Negative brand associations can have a significant negative impact on brand equity. When consumers have negative associations with a brand, they may have a lower opinion of the brand and be less likely to purchase its products or services.
In addition, negative associations can spread through word-of-mouth and social media, further damaging the brand’s reputation. For example, a company may suffer from a scandal or product recall leading consumers to associate the brand with poor quality or ethical issues.
This can lead to a loss of sales and a decline in brand equity. Therefore, it is important for companies to manage their brand associations and avoid negative publicity.
You see, there are several reasons why businesses should value their customers. First, customers are the lifeblood of any business.
Without them, the business would not exist. Second, customers are the ones who principally give us the revenue for the business through sales.
So it’s important to keep them happy and satisfied. Third, happy and satisfied customers are more likely to become loyal to the business which means they’ll keep coming back and recommend the business to others.
Finally, by valuing customers, businesses can create a strong, positive brand image and reputation which can help attract new customers and grow the business.
When businesses don’t value their customers, it can have serious consequences.
First, customers may become unhappy and dissatisfied which can lead to them taking their business elsewhere.
Second, unhappy customers may tell others about their negative experience.
That can damage the business’ reputation and deter new customers from coming on board. Third, the business may miss out on opportunities to improve its products or services based on customer feedback.
In short, not valuing customers can lead to lost business, poor reputation and missed opportunities for improvement.
For these reasons, it’s important for businesses to always put customers first.
There are many things that customers won’t tell you but two of the most common ones are:
- They’re not happy with your product or service.
Customers may be dissatisfied with your product or service but may not feel comfortable sharing their negative feedback.
It’s important to have a system in place to collect and analyse customer feedback so you can address any issues and improve your product or service.
- They’re thinking about switching to a competitor.
Customers may be considering switching to a competitor but may not say anything until they’ve made the switch.
It’s important to keep an eye on your customers in view of seeing how they feel about your products and services.
There are a few ways to find out what customers are thinking. One way is to survey them directly. You can do this in person over the phone or online. Another way is to analyse customer data. This could include things like purchase history, website behaviour, or social media engagement.
Finally, you can also talk to your frontline employees. They are often the ones who interact with customers the most and they can provide valuable insights into customer behaviour and sentiments.
Brand relationship quality refers to the strength of the emotional connection between a consumer and a brand. It is a measure of how consumers feel about a brand and how that brand is perceived by them. High brand relationship quality means that consumers have a strong, positive relationship with a brand and feel connected to it.
They may view the brand as a part of their identity or self-image. Low brand relationship quality means that consumers have a weaker or more negative relationship with a brand.
They may not feel connected to it or may even view it negatively. Brand relationship quality is an important measure of brand success. When consumers have a negative brand relationship quality, it can have several negative effects on the brand.
First, consumers are less likely to purchase from the brand as they do not feel a connection to it. They may also be less likely to recommend the brand to others or to post positive reviews. In addition, negative brand relationship quality can damage the brand’s reputation making it more difficult for the brand to attract new customers.
Finally, it can also lead to decreased customer loyalty and lower customer lifetime value. These negative effects can have a serious impact on a brand’s bottom line.
Needs that customers are not aware of are often referred to as latent needs. This term refers to needs that are not yet fully developed or conscious but may be revealed over time through research and understanding of customer behaviour. Latent needs can be very important to marketers as they can help to identify opportunities for new products or services that meet needs that customers did not even know they had. By understanding latent needs, marketers can create innovative solutions that provide real value to customers. In some cases, a company may even be able to create a need where there was none before by tapping into a latent need. If a company does not take steps to build its brand, it risks being forgotten or ignored by consumers.
Without a strong brand, it can be difficult for a company to differentiate itself from competitors and stand out in the marketplace.
This can lead to lower sales as consumers may not see any reason to choose one product over another. Without brand building, it is also more difficult to create a loyal customer base which can lead to increased costs associated with acquiring new customers.
Additionally, without a clear and consistent brand message, a company’s products and services may be perceived as unreliable or inconsistent further eroding trust among consumers.
Customer feelings can have a big impact on brand equity as they can influence the customer’s overall perception of the brand.
A positive emotional experience can lead to increased brand loyalty as the customer will feel more connected to the brand and want to continue doing business with it.
On the other hand, a negative emotional experience can damage the brand’s reputation and cause customers to look elsewhere for their needs. In addition, customer feelings can also be a factor in how customers talk about the brand to others which can impact the brand’s equity through word-of-mouth marketing.
Customer experience is really all about how the customer feels. It’s not just about the technical aspects of the product or service itself but rather the emotions that the customer feels throughout their journey with the company.
This includes things like satisfaction, frustration, happiness, anger and everything in between. A company’s ability to create a positive emotional experience for their customers is a key part of their overall CX strategy.
The goal is to create an experience that leaves the customer feeling good about their decision to purchase from the company and makes them want to come back for more.
There are several ways to solve customer dissatisfaction. The first step is to identify the specific cause of the dissatisfaction. Once the cause has been identified the next step is to develop a plan to address it. This may involve improving customer service, fixing product or service quality issues or making other changes to improve the customer experience.
It’s also important to communicate with the customer to let them know that their concerns are being addressed. Finally, it’s important to follow up with the customer to ensure that their satisfaction has been restored. This may involve asking for feedback and making further changes based on the feedback received.
There are many factors that can cause customer dissatisfaction. One common cause is poor customer service. This can include things like long wait times, rude or unhelpful staff and a lack of communication.
Another common cause is product or service quality issues. For example, if a product is faulty or not up to the customer’s standards, this can lead to dissatisfaction.
Other causes of customer dissatisfaction can include price increases, a lack of features or options and negative experiences with the company’s website or app.
These are just some of the most common causes, but there can be many other factors that can lead to customer dissatisfaction.
Brand loyalty does feed into brand equity. The more loyal customers a brand has, the more valuable the brand will be.
This is because loyal customers tend to be more profitable for the company and their word-of-mouth recommendations can lead to increased market share. In addition, brand loyalty can also help to increase the price premium that customers are willing to pay for a brand’s products and services. Therefore, brand loyalty can be seen as a key driver of brand equity. It’s important to note however that brand loyalty can also be influenced by other factors such as price, quality and convenience. There are several ways in which brand loyalty can drive brand equity. Firstly, brand loyalty can increase customer lifetime value which is the total amount of money a customer is expected to spend on a brand over the course of their lifetime.
This is because loyal customers are more likely to continue buying from the brand rather than switching to a competitor.
Secondly, brand loyalty can increase brand awareness and recognition. As loyal customers are more likely to talk about the brand with friends and family and this can lead to more people being aware of the brand and its products.
Clemence Mutembo is a high-impact business speaker, trainer, presenter and coach. He has made about 509 presentations to Small, Medium and Larfe Scale Organisations. You may contact him on 0778994994
