‘Data is the new oil.’ The famous words of British mathematician, Clive Humby, in 2006.
Almost two decades later, his analogy has been proven correct: data powers not just businesses, but entire industries. It offers insight into consumer preferences on a mass scale; it helps leaders make grounded predictions that save time and money; and it provides a window into new opportunities for success.
Of course, data isn’t a resource to passively extract from people. It’s a currency they actively invest in, with the expectation of receiving specific benefits. Unfortunately, though, these benefits aren’t always clear to the consumer. And if they don’t feel like they’re getting a fair trade, or if they don’t trust how you’re using their data, they simply won’t give it to you.
That’s why you need to develop a strong value exchange – a clear, enticing benefit in return for people’s information. You might be wondering: What does this mean for customer feedback? Below, we outline three ways you can encourage your customers to leave a review, by giving back to them.
1. Give people something to shout about
Reward schemes work a treat for getting customers to give feedback. This probably comes as no surprise – the benefit is tangible, and the value is clear. When we asked two thousand consumers why they’d be willing to share their data, 40% said for exclusive discounts or offers.
Of course, incentivising feedback goes against the Google Review Policy. But you can provide non-financial benefits, like planting trees in exchange for the reviews you collect. Or, even more simply, you can focus on offering a stellar experience. According to our New Consumer Benchmark Report, 36% of people said receiving a high-quality product or service would motivate them to leave a review. Whether you’re providing personalised offers or resolving customer queries fast – if you exceed people’s expectations, they’ll want to spread the word about you.
2. Make people feel part of something bigger
People don’t just leave reviews because they love what you offer. They do it because they want to belong – either to an online product community, or a review community.
You can foster that sense of belonging through an impactful message that resonates with customers. Tap into your values as a business, and communicate them wherever possible. People who identify with those values will feel an emotional connection to your brand, and a desire to be part of your community.
There are also practical things you can do to make people feel they belong. For example, you could create an exclusive hub for your most loyal customers – a space where they can ask questions and connect with their peers. They’ll be more likely to give feedback and buy from you again.
3. Show your customers how much they matter
The most altruistic reason customers leave a review is to help others – whether that’s their peers, or the business in question.
In these cases, a simple ‘thank you’ does not suffice; people want to see the impact of their feedback first-hand. According to Feefo’s Consumer Research via YouGov in July 2023, 50% of people would leave more reviews if they knew it helped the business, and 76% if they knew it helped another customer.
The key takeaway here, is to show people that their data is valued. Scrap the terms and conditions approach and replace it with a short explanation of how the feedback will be used. And once people have left a review, let them know that their opinion has helped someone else, or tell them how you’ve actioned their feedback.
Fairness is your friend
Customer relationships are based on reciprocity – especially the ones that last. So, if you want people to share their data, you need to you need to provide something of equally significant value; a fair trade, if you will. That means creating a value exchange that works just as much for the customer as it does for you.
If you’re looking to build out your own value exchange, or you want to nurture relationships with your customers, we’d love to help you – just get in touch.
