Retail Observer

RETAILOBSERVER.COM APRIL 2022 32 Steven Morris On Brand A CEO that I work with confided that her team is facing a troubling issue: they receive way too much customer feedback. In Q4 alone, they gathered some 260+ product update requests and ideas – far too many to implement. She told me that her innovation team was struggling to decide which suggestions to implement, which to learn from, and which to ignore. How much customer feedback should we be listening to, and how much of it should we act on? Most business leaders would agree that it's a good idea to listen to what our customers are telling us and what the market is saying. But it's not always good to act on everything you're hearing. While most feedback can be valuable, not all feedback has equal value. For example, some feedback comes from customers who understand what you're doing and why, and who have your (and their) best interests at heart. But other feedback may be little more than self-serving complaints. Trying to please everyone will get you nowhere – it's a zero-sum game. Here are three questions to help you decide which feedback to consider implementing: 1. Is it valuable to your most loyal customers? I witnessed an organization make a big mistake when they implemented product updates that capitalized on recent market trends but that were well outside of what their most loyal customers wanted. The company was trying to take advantage of short-term sales, but they lost loyal customers in the process. A costly mistake that required a course correction. If you chase away your loyalists, you might win in the short term, but you'll lose in the long run. 2. Is it "On Purpose" and "On Vision"? This is really a question of relevancy. Will acting on the customer feedback make your brand, your products, and/or your services more or less relevant in the long term? If the product or service updates further your purpose and vision, it's probably something you ought to pursue. But if the feedback isn't moving you forward or helping you realize your vision – think twice. 3. Is it something that your business can uniquely deliver on? If you're already running a business, you're likely making a promise to your customers that you're delivering on. Clearly stated promises create expectations. If you have to change your promise, you're very likely drifting too far from what the customers are expecting you to deliver. You can use your brand promise to determine if you should act on customer feedback. Once you know what you need to be listening closely to, you can decide what to act on – and what to chalk up as a learning experience. Too little listening will put you out of touch and make you ultimately irrelevant. On the other hand, if you act on too much of what you hear, you'll end up becoming a pleaser company – the kind you hate running but that your customers will like. Pursue this route over enough time and you'll become an "everything brand" (AKA: a commodity). You'll end up developing the products or services you shouldn't, growing faster than you should, and/or evolving in the wrong direction. The triggers that drive your company's innovation and evolution should be a fusion of your own internal business guidance system (purpose, vision, promise, business strategy), mixed with external feedback from your most loyal customers to create long-term viability for your business. Above all, keep listening. THE ART OF CUSTOMER LISTENING Steven Morris is a brand, culture and leadership advisor, author, and speaker. Over his 25+ years in business he's worked with 3,000+ business leaders at 250+ global and regional companies. Discover: https://matterco.co RO

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