Table of Contents
1. Feedback is Crucial For Creating Successful Outcomes
89% of HR leaders agree that ongoing peer feedback and check-ins are key for successful outcomes [Forbes].
Most people will agree that we should strive for successful outcomes. For a business, it involves becoming more profitable. Extra profit can help stabilize a company and push it to the next level.
Feedback amongst employees and third parties is crucial. We all need someone to help us see the blind-spots within our company.
By proactively asking people for feedback, you can become aware of those blind-spots and work to fix them. There are an array of potential benefits when we ask for help. It build stronger camaraderie and morale around your business.
Simple and scheduled surveys can have a profound impact on the direction of your business. It can clarify your direction and what you need to be focusing on.
2. Giving Feedback is Profitable!
Managers who received feedback on their strengths showed 8.9% greater profitability [LinkedIn].
Feedback is one of the best ways to build up trust between staff. By emphasizing the strengths of individuals, it highlights a specific individuals talents.
When people understand their own strengths, it helps people to see what areas those strengths can be maximized.
Consider having some kind of survey done that helps you identify your staff’s strengths. You can then showcase these results and ask if there is anything that can be done to maximize their abilities and talents.
When we try to tap into people’s potential, we can increase greater profits and achieve our goals.
3. Retention is cheaper than Acquisition.
82% of companies agree that retention is cheaper than acquisition [smallbizgenius].
The reality is that retention is cheaper than acquiring something new. It’s easier to retain a current customer or a current staff member.
Consider using surveys with employees and customers to understand them better. Find out their needs and concerns. By understanding their problems, you can create solutions that end up saving your business money.
4. Ask Your Market For Thoughts on Products and Services.
44% of U.S. consumers are loyal to brands that engage them by asking for help in designing or co-creating services and products [annexcloud].
Find out what your market thinks about different products and services. People love to create and build up something. By engaging with potential customers from the beginner, you bring them along for the journey.
Doing market research, fosters loyalty amongst your customers. They believe in your product and services more and are willing to pay for them.
You can create simple surveys or ask your consumers. The easiest platforms for businesses to potentially connect are on Facebook Groups, forums, email lists, and on their own social media platform.
5. Building Loyalty Accelerates Growth in a Company.
Loyalty leaders grow revenues roughly 2.5 times as fast as their industry peers [HarvardBusinessReview] .
Building loyalty within your company and outside is one of the most important things a business can do. There are stats that show that revenue tends to increase.
Whenever you build loyalty, you create a culture that people want to be a part of. Most people want to be a part of something important, exciting, creative, and fun.
By building in little surveys to customers and your staff, you can build a culture that fosters loyalty.
