Today’s Get to Know Your Customers Day! I bet you already knew that and have something big planned to get valuable customer feedback. No? If you haven’t hopped on the feedback wagon, we’ll tell you why it’s a great idea and how to get started.

Why You Should Ask for Feedback

If you’re like the average business, you lose somewhere around 10% of your customer base to turnover every year. And you’ll never know why... unless you ask your customers. Their insights can provide valuable feedback that you can use to reduce turnover and keep more of your customer base.

Unhappy Customers

When customers are unhappy, research shows that only 1 in 26 will actually complain to the company. Of those who don’t complain, as many as 91% leave the company and churn. If you’re not tapping into the feedback of unsatisfied customers, you’re losing a lot of unnecessary business.

It’s estimated that 11% of customer churn can be prevented simply by company outreach. And a whopping 67% of churn can be eliminated if the customer’s problem is solved at the first point of contact.

Happy Customers

You probably do plenty of research about what your target market is looking for, but don’t forget to measure what your existing customers want. We know it’s much less costly to keep existing customers than to acquire new ones — it’s also a lot easier to sell into your existing base of customers than to the rest of the market. 65% of companies are able to successfully upsell to existing customers versus just 12% who can cross-sell to new customers. [Source: Huffington Post]

Tapping into what your customers’ needs are no matter how long they’ve been with you can help you to sell more into your existing customer base and give you a good idea of where to focus new product development efforts.

Now How Can You Do It?

There are plenty of ways to elicit customer feedback, and it’s easier than ever with all of today’s technology. Your feedback process can be as simple or complex as you want to make it. Here are some ideas for how to elicit feedback — whether you want to go simple or robust, you can find your groove with one of the methods below.

Keep it Simple

Go Big

Get to Getting to Know

The third Thursday of every quarter is Get to Know Your Customers Day. We celebrate it 4 times a year because being knowledgeable about your customers — their needs and wants — is a crazy huge part of successfully developing and marketing your business.

It’s an ongoing process, so set aside a little time every quarter to learn about those people who make your business float. You’ll draw invaluable insight and be better off for your efforts.