A Step-by-Step Guide for MSPs to Turn Feedback into Revenue

As a managed service provider, you know how important it is to deliver high-quality services to your clients and keep them satisfied. But how do you measure your performance and identify areas for improvement?  

Customer feedback is more than just a way to gauge customer satisfaction; it’s a valuable resource that you can leverage to enhance your business and generate revenue.

In this comprehensive guide, we will explore a step-by-step approach for IT business owners to turn feedback into a powerful tool for business growth.

Why Is Feedback Essential for MSPs?

Feedback is the voice of your clients. It tells you what they think about your services, how satisfied they are, what problems they face, what needs they have, and what expectations they have for the future.

Feedback is also a powerful tool for building trust and loyalty with your clients, as it shows that you care about their opinions and are willing to listen and improve.

84% of companies that focus on improving their customer experience report an increase in sales.

Hearing what your customers think is also essential for your own success as an IT business owner. By collecting and analyzing feedback, you can:

  • Monitor your service quality and performance
  • Identify gaps and opportunities for improvement
  • Enhance your service offerings and add value
  • Increase client retention and loyalty
  • Generate more referrals and testimonials
  • Attract new clients and expand your market share
  • Boost your revenue and profitability

How to Collect Feedback from Your Clients

Before you can turn feedback into revenue, you need to collect feedback from your clients. There are many methods you can use to do this, such as:

  • Surveys
  • Interviews
  • Reviews
  • Testimonials
  • Ratings
  • Comments
  • Suggestions
  • Complaints

However, not all methods are equally effective or suitable for every situation. Here are some best practices to follow when collecting feedback from your clients:

Define Your Goals and Objectives

Before you start collecting feedback, you need to have a clear idea of what you want to achieve and what questions you want to answer. For example, do you want to measure client satisfaction, loyalty, or advocacy? Do you want to assess your service quality, performance, or value? Do you want to identify pain points, needs, or expectations? Do you want to gather ideas, suggestions, or testimonials?

Having a clear goal will help you design your feedback strategy and choose the most appropriate methods and tools.

Choose the Right Methods and Tools

Depending on your goals and objectives, you need to choose the right methods and tools to collect feedback from your clients.

For example:

  • If you want to measure client satisfaction or loyalty, you can use surveys or ratings.
  • If you want to assess your service quality or performance, you can use reviews or testimonials.
  • If you want to identify pain points or needs, you can use interviews or comments.
  • If you want to gather ideas or suggestions, you can use polls or forums.

You also need to consider the frequency, timing, format, length, and channel of your feedback collection methods. For example, you can use periodic surveys (e.g., quarterly or annually) or event-based surveys (e.g., after a service delivery or a contract renewal).

You can use online or offline channels (e.g., email, phone, web, social media, etc.). You can use open-ended or closed-ended questions (e.g., rating scales, multiple choice, text boxes, etc.).

You need to balance the quantity and quality of the feedback you collect and make sure it is relevant, accurate, and actionable.

Encourage Participation and Engagement

One of the biggest challenges of collecting feedback is getting enough responses from your clients. You need to motivate them to participate and engage with your feedback methods. Here are some tips to do that:

Explain the purpose and benefits of giving feedback:

Tell your clients why you are asking for their feedback and how it will help you improve your services and their experience. Emphasize that their opinions matter and that you value their input.

Make it easy and convenient:

Make sure that your feedback methods are easy to access and complete. Use simple language and clear instructions. Avoid asking too many questions or requiring too much information. Provide multiple options and channels for giving feedback. Respect your clients’ time and preferences.

Read more: “What Review Sites Can You Explore to Get More IT Business Reviews?”

Transforming Customer Feedback into Revenue (Steps)

Step 1: Analyzing and Categorizing Feedback

Once feedback is collected, it’s time to analyze and categorize it. Identify recurring themes and patterns to understand the most pressing issues and opportunities. Categorizing feedback allows MSPs to prioritize improvements and enhancements based on client priorities.

It’s a good idea to create generic categories for your feedback, for example:

  • Customer support
  • Service issues
  • Timelines
  • Depth of offerings
  • (etc…)

Chart these as positive, negative, or neutral. Categorizing in this way helps you make sense of a lot of different feedback so you can translate customer sentiment about your business into action.

Step 2: Building a Proactive Feedback Culture

Instead of waiting for feedback to come in passively, IT businesses should proactively encourage clients to share their thoughts. Regularly seek input on specific aspects of service, and create a culture where feedback is welcomed as a means of continuous improvement, rather than being feared.

85% of SMBs say that customer feedback has benefited their business.

Step 3: Responding Effectively to Feedback

Responding promptly and professionally to feedback is crucial. Whether positive or negative, you should acknowledge and address client concerns. A transparent and responsive approach builds trust and demonstrates a commitment to customer satisfaction.

By responding in a timely and professional manner to a negative review, you can actually turn it into a positive. Others reading the review comments will see that you didn’t just ignore a complaint, but instead addressed it head on.

Step 4: Using Feedback to Enhance Services

Review customer feedback regularly. Take actionable steps based on the feedback received, focusing on things that have been mentioned by more than one person. Use feedback to refine existing services, address pain points, and introduce new features or offerings.

When you implement client suggestions or resolve pain points, make sure you note it in your customer communications (monthly newsletter, blog, etc.). Clients will appreciate seeing their feedback translated into tangible improvements. This is one way that your IT business can stand out over the competition.

Step 5: Showcasing Positive Feedback for Marketing

Positive feedback is a powerful marketing tool. Showcase satisfied client testimonials on your website, social media, and marketing materials. Highlighting success stories and positive experiences can attract new clients and reinforce the value of your services.

Reviews for your business are more important than ever before. Nine out of ten customers say that reviews were a factor in choosing a local business. Highlight the places where customers have left reviews for your business (e.g., Google, Yelp, Facebook, etc.) to build up social proof that you’re a great company to do business with.

Step 6: Identifying Revenue Opportunities

Beyond service improvements, feedback can uncover new revenue opportunities. Identify areas where clients express unmet needs or where additional services can complement existing offerings. This proactive approach can lead to upselling and cross-selling opportunities.

Step 7: Measuring the Impact on Customer Retention

Track customer retention rates and satisfaction levels before and after implementing feedback-driven changes. A positive impact on these metrics indicates that your efforts are resonating with clients and contributing to long-term relationships.

It’s easy to stop doing things – like paying attention to feedback and reviews – when things get busy. If you don’t bother to track results, you may end up dropping something that is actually helping your business, just because you’re not tracking the connection.

Tracking retention and satisfaction in tandem with a feedback strategy can help you drill down into things that are working and ensure they remain part of your overall business growth strategy.

Step 8: Continuous Feedback Loop

Finally, establish a continuous feedback loop. Regularly reassess client needs, adapt services accordingly, and keep the feedback channels open. A dynamic and responsive approach ensures that MSPs stay aligned with evolving client expectations.

Keep Your Marketing Strategy Evolving & Growing Your IT Business

MSPs can no longer afford to view feedback as a simple evaluation tool. By strategically leveraging client input, you can transform feedback into a catalyst for growth, innovation, and increased revenue.

Implementing a systematic approach to turning feedback into actionable insights positions you as a partner invested in your clients’ success. As the landscape evolves, MSPs that prioritize and harness the power of feedback will stand out in a crowded market.

If you need help enhancing your marketing strategy, reach out to us today. We are a team of experienced MSP marketing experts who care about helping you grow your business.

What’s your biggest challenge when it comes to leveraging customer feedback? Share your thoughts in the comments.

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