How can business brands ‘show’ they care about their customers?
As market competition is on the rise for different variants of products, companies need to ensure they are retaining existing clients and not only attracting new clients.
A recent survey carried out by a leading online reputation management firm showed that, on the average, businesses lose about 10% to 25% of their clientele every year and that 67% of a client base are repeat customers. Thus, it is of extreme importance to retain existing customers and not only attract new ones.
Initial user interviews conducted on 20 end users, showed that 81.3% of users leave brands, because they feel the brands do not care ‘enough’ about what their users want to see in a product and 80% of users will stay with brands who they felt ‘showed’ that they cared about their user needs.
Landing on the Solution
Thus, it is of utmost importance for brand’s to show they really care about customer ideas. Take for example, businesses that produce smartwatches. Over 85% of the users interviewed had changed smartwatch brands In the last 3 years, because the product lacked a feature which the competitor brand had and users had no concise means to communicate feature ideas to the brand before they moved over to a different brand. The users interviewed, agreed that if they had a clear cut opportunity to submit feature suggestions, which they believed the businesses will actually evaluate, possibly implement or receive feedback from the brand on their suggestions, it would have increased brand loyalty and they would not have swapped brands, as this will have showcased the brand’s interest for their user needs.
The user interviews conducted, validated that, to promote client retention and buy-in in the ever-changing market, it is important for businesses to ‘show’ they really cared about the types of feature enhancement their users want, provide a clear and concise way for users to suggest feature enhancement ideas and also for users to see the businesses evaluate feature ideas provided.
Product Manager Learnings:
- It is important to take some time to think about the problem, thoroughly understand your users' problem and how they are already solving it.
- A Lot of times, user needs don't necessarily change but how it is solved can change. Thus it is important to think of unique ways to solve user problems.
- As a product manager, prioritization of features and delegation of tasks when necessary is key.