Quick intro: I'm a research strategist and survey expert. I’ve been in school for YEARS learning and teaching about how research people, learn from them, talk to them, and help them. And now I’m using all that knowledge to help you grow your business.
Enough about me.
Over the next month, I’ve challenged myself to create 30 videos that will help you do 3 things (1) Engage with your audience (2) learn from them and (3) provide them with value-packed products and services.
To kick off this challenge, I’m going to talk about something that’s incredibly critical to your business success and business growth. In any niche and when selling whatever you want to sell. And that’s creating a profitable feedback loop. Feedback is the lifeblood of any business. It’s pretty easy to get feedback, I mean with a quick 140 characters anybody can tell you what they think about you, right?
What I’m here to help you with is how to get client feedback that will boost client satisfaction, guarantee client loyalty, and skyrocket your sales. Nobody really talks about this when they’re handing out business advice. Or when they do, it’s not really in-depth information that you can actually put into action. So you’re left kind of floundering around and guessing at what’s right and wrong way to get client feedback. Not OK.
What is a profitable feedback loop?
But wait. Before we get into why you need a profitable feedback loop, let’s talk about what that loop is.
I define a profitable feedback loop is that it’s an ongoing journey - a epic road trip, if you will - that you take with every member of your audience. From the first moment a potential client hears about you (or your product) to after you’ve made an offer to what happens after they hear about your product to when they hear about your other product (or the same, updated product) and on and on you go.
During this journey, there are times when you will stop and let the client drive for a little while before stopping and getting back behind the wheel. The key here is to be strategic about how you plan this journey; think about: where will the trip start (or where will you want people to hear about you), think about the best places to stop and switch drivers (when will you stop and ask questions), and no good road trip is complete without good conversation (think about what information you’re going to provide and what questions you’re going to ask).
As you can see, getting profitable feedback isn’t about sitting back and letting the client do all the work. It’s about YOU being strategic about what you put out there and what you get back.
One more thing: every body’s feedback loop looks different. Your business isn't the same as my business. Your audience isn't the same as my audience. So your Profitable Feedback Loop shouldn't be the same as my Profitable Feedback Loop
Why you need a profitable feedback loop
Now you you know what a profitable feedback loop is, let’s talk about why your business needs one. I mentioned earlier that feedback is the lifeblood of your business and that profitable feedback will actually make you more money. I wasn’t exaggerating.
When you have a profitable feedback loop in place, you’re constantly getting rich data from your clients and potential clients that will allow you to: stop guessing, know how badly you (and your business) are doing, and know how amazing you (and your business) are.
1) Stop guessing
how many of us have created a product or a piece of content we thought people want… only to fall on our face when we actually offer it, because crickets? Guessing what your audience wants is a like taking the expressway to failure; 9 out of 10 times, you’re going to guess wrong.
Think about it - what if the fine people at Coca-Cola where out here guessing what to put in their formula. It would be a hot mess. And their secret formula could stay a secret because no one would want to know.
Instead of guessing, include stops within your profitable feedback loop where you ask people what they want in a way that gets you real, honest, and detailed answers. Then use those answers - those exact words they share with you - to create your next product or piece of content. No guesswork necessary.
2) Know how badly you’re doing
I can’t stress enough how important negative feedback is. I’m probably going to record a video just on how to get really good negative feedback. If you take only one thing away from this entire post, it needs to be this: If you don’t know how badly your business is doing, your business will fail. A profitable feedback loop allows you to check in with your clients every once in awhile to see how you’re doing - you know, whether you’re serving them well.
Asking questions like “How are we doing?” or “What can we do to make this product better?” empowers you to take control of how people perceive you and your business. You, as the business owner, should be the first to know when something in your business isn’t working. The internet shouldn’t find out out first, you should. This way you stay ahead of the negative feedback, adjust your plans accordingly, and make your business even better than you imagined.
3) Know how amazing you are
And last, but not least, a profitable feedback loop should tell you how amazing you are. Who doesn’t like positive feedback?
Think back to the last time someone sang your praises. Or maybe you got an email or a text raving about how great you are. How awesome did that feel? It’s like a big hug, wasn’t it?!
Now imagine getting that warm and cozy feeling regularly as you navigate the scary balancing act called growing a business. A profitable feedback loop allows you to be strategic about how and when you get positive feedback. It can also shapes how good the quality of the feedback you get is.
Having a system like a profitable feedback loop in place also makes sure that you have a growing pile of praise that you can tap into for social proof (like testimonials) or just to read through when you’re feeling stressed, overworked, and overwhelmed.
We’ve covered a lot.
You now know that a profitable feedback loop is like an epic road trip you take with every member of your audience.
You know that a profitable feedback loop is how companies like Coca-Cola can keep their clients intrigued and buying from them instead of buying from their competitors.
You know that your business needs a profitable feedback loop because having this system in place is a strategic way of keeping the guesswork out of knowing what your audience wants or needs, staying ahead of negative feedback, and stockpiling positive feedback for later use.
You also know that when you have a profitable feedback loop in place there won’t be any stopping you, because you’ll have the most satisfied clients, every client of yours will be ride-or-die, and your sales will continue to increase.
Over the next month, I’m going to break down what goes into creating a profitable feedback loop.
What questions do you have about creating a profitable feedback loop? Ask them below in the comments
You can also shoot me an email at christiana [at] cdatubo [dot] com.
What to do next:
Here's were I give you 1 or 2 action items you can complete today.
1) Take a look at how your business is currently providing and getting feedback in these 3 ways:
Where/how people hear about you and your products or services.
Where and when you're asking for feedback from your audience.
And what feedback you are asking for - take a close look at the questions you're asking.
I call this a feedback loop audit.
Side note: You can define "audience" however you’d like - it can be everyone on your email list or just people who have bought a certain product or service.
2) Next, visit cdatubo.com/call and book a free session with me. When you get there, you’ll have a chance to tell me about your business and your goals. Then I'll send you an email so we can schedule your session at a time that’s convenient for you.
In a quick 30 minutes, we’ll go over your feedback loop audit. I’ll also give you some super actionable feedback on how what’s working for you in your current feedback loop (and why), what’s missing from your feedback loop, and what to do next to continue to make the most out of your feedback. Go schedule a call now before my schedule gets too crazy!
What questions do you have about creating a profitable feedback loop? Ask them below in the comments.
You can also shoot me an email at christiana [at] cdatubo [dot] com.
Still scratching your head?
If you still have questions about creating your Profitable Feedback Loop, that’s OK. Call me up and we’ll work through it. Just go here where I’m offering a free 30 minute "Get Profitable Feedback" session where we’ll create your Profitable Feedback Lopp. The one that's right for your business and your audinece. I’m going to help you banish the uncertainty and kill the confusion that comes with learning from your audience so head over to cdatubo.com/call, fill out the form, and schedule your session. That way we can get you started on the road to clarity.