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What’s the cost of a bad business decision? (and how to prevent it)

Gary Bartley Gary Bartley September 30th 2019 2 Minute Read
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Gary Bartley

September 30th 2019

2 Minute Read

When your livelihood rides on making the right decisions it’s essential to know all the facts. All too often people run their businesses blind. There’s a lot to be said for making gut decisions but thinking and knowing are two very different things.

 

What’s the cost of a bad decision?

The thing about bad decisions is you don’t know it was the wrong choice until it’s too late. Retrospect might be a wonderful thing but it won’t reimburse your lost profits, win back angry customers or deter good staff from leaving.

Poor decisions, whether they are about your staffing, products or services, will all ultimately affect the customer experience. Gartner found that when it comes to making a purchase, 64% of people find customer experience more important than price.

The implications of an unhappy customer stretch far beyond one disappointing transaction. They have the potential to negatively impact your profitability long term. After all, 86% of consumers will quit doing business with a company because of a single bad customer experience.

Assuming what your customers want is risky, there are no guarantees that your hunches will pay off in the way you hoped. There are examples littered through history (and the high street) where a simple miscalculation or overlooked customer need has led to a business’ demise. Don’t let it happen to yours.

 

Customer Satisfaction vs Customer Happiness - What is the difference?

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Use customer and employee insight to make informed business decisions

As a business owner, you’re not always best placed to understand how your business is perceived from the outside. You’re too close to have an objective view. This is why customer and employee insight adds a valuable string to your bow.

When your customers tell you how they feel there’s no guesswork involved. Instead, you can use reliable customer insight to guide you to make smart, effective decisions that will help your business grow.

Customer and employee feedback can help you spot barriers to a sale, find opportunities to save time and money and identify what products and services are holding your business back. When you know what your customers want you’re in an infinitely better position to deliver it. Be confident you’re making the right decisions based on customer-led data.

 

Use technology to collect insight

Understanding the ‘how’ and ‘why’ of customer feelings is the key to your growth. If you know where you have room to improve, you’re empowered to take action. It also helps you play to your strengths, allowing you to replicate the sources of happiness throughout your business.

Improving your products and services is a three-step journey. Firstly, identifying areas for improvement, then taking action and, finally, evaluating success. Gone are the days of haranguing customers at the door with a clipboard. Implementing technology within your business means collecting and collating feedback is no longer a laborious task. This makes for higher engagement and more accurate insight.

Having a response rate that eclipses all other systems empowers your business by hearing from the normally silent majority. Their insight will help you define your priorities, identifying small changes that could have a big effect on your business. You can spot feedback patterns and test initiatives to see what has the most positive effect on the customer and employee experience.

 

5 reasons you NEED to collect customer feedback

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Make informed decisions that work

Understanding the motivations of the people who work in and buy from your business puts you firmly in the know. This knowledge will help you make informed business decisions and act with confidence.

The real power comes from turning those insights into action. Even small changes can have a big impact on your customer loyalty, employee retention and profitability. Businesses who shift from a product-led-culture to a relationship-centric one will quickly see a return on investment.

Knowing how the people who buy from your business feel is essential to your growth. That’s why you need to know the answer to The One Question. 

 

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Gary Bartley Gary Bartley

Gary is on a mission to help businesses understand the role that customer and employee happiness plays in their success.

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