How to ensure you’re making informed business decisions
December 11, 2018
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 separate things.
What’s the cost of a bad decision?
The thing about bad decisions, 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 be 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. 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.
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. Use reliable customer insight to help you 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 unlocking your growth potential. 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. Identifying areas for improvement, taking action and 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 the betterment of your business. You can spot feedback patterns and test initiatives to see what has the most positive effect on the customer and employee experience.
The last word
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 to 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 retention, employee engagement and profitability. Businesses who shift from a product-led-culture to a relationship-centric one will quickly see a return on investment.
The One Question is the only feelings-led business growth platform that will revolutionise your customer and employee relationships. Knowing how the people who work in and buy from your business feel is essential to growth. You can do this by asking your customers and employees a single question. Learn more about it in What is The One Question and why do you need to ask it?