While closing the loop certainly benefits companies by helping inform product roadmaps, drive marketing initiatives, and increase customer loyalty, it also benefits customers directly to know their voice is being heard (and acted upon!). Customers want to know you’re not just hearing their feedback—you’re acting on it, too.
In case you’re not convinced, here’s a few wild statistics:
- Of the 95% of companies who collect customer feedback, only 10% use the feedback to improve, and only 5% tell customers what they are doing in response to what they heard. (Gartner)
- Companies that close the feedback loop can improve their customer retention by an average 10%. (NPS Benchmark)
In this guide, you’ll learn the best practices, tools, tips, and actionable ways you can incorporate closed-loop feedback into your product and marketing strategies.