STRATEGY FOR ANALYZING CUSTOMER FEEDBACK:

 

 

There are numerous reasons as to why companies seek for customer feedback.

Marketing teams look for customer feedback in order to know what type of marketing strategies they should be using so as to attract more customers.

A support team looks for customer feedback so that they know whether or not their service was useful.

A product team looks for customer feedback so that they know what products they should be prioritizing over the others.

 

In this blog I will focus mainly on why customer feedback is essential to companies along with highlighting the procedure companies follow to collect and analyze customer feedback.

 

So, let’s dive right into it!!

 

WHAT IS CUSTOMER FEEDBACK?

 

In order for you to understand why customer feedback is crucial you should first understand what customer feedback is.

The information which your business receives directly from the customers telling you about their experience and satisfaction levels related to your product or service is known as customer feedback. Customer feedback can come in various forms (email, social media) or tools like intercom.

 

Equipped with the knowledge of what customer feedback means you should now understand the importance of customer feedback.

 

WHY IS CUSTOMER FEEDBACK IMPORTANT?

 

Customer feedback is crucial to companies because it informs the companies whether or not their service or product appealed to their users. Companies also find out the extent to which their product or service satisfied their user. With a proper analysis the companies can comprehend what types of products they should be focusing on as well as all the changes they need to inculcate in their strategies.

 

There are six rules which enable the companies to get better customer feedback.

 

These six rules are under-mentioned:

 

• THE TYPE OF CUSTOMER GIVING THE REVIEW DOES MATTER-

In a business you should make sure that you give more weight to the reviews of the customers your company has good relations with. Doing this ensures that the reviews you get will be more in your company’s favour.

 

 

• BOTH PROMOTED AS WELL AS UNPROMOTED CUSTOMER FEEDBACKS MATTER-

 

It is important to make sure that you don’t ignore the feedbacks given by unpromopted customers. Unpromoted feedbacks are as important as the promoted ones, if not more.

 

It is important to know the view point of the customers you company does not have relations with. This is because the perspective of someone who is not directly related to has a greater chance of being unbiased.

 

 

• CUSTOMER MOTIVATION MATTERS-

 

“Your customers are more motivated to tell you when they are very happy or unhappy about your product”

 

It’s important for the customers to stay motivated because its only when someone has an extreme experience that they share the feedback of your product or service. So make sure that you find ways to keep your customers motivated.

 

 

• VOLUME MATTERS-

 

The overall volume of feedback about a single issue relative to other issues matters. If a majority of your customer is having the same review then you should listen to them.

 

 

• REPITITION MATTERS-

 

If you are receiving repetitive reviews about something then you should pay heed to it as most of the times listening to these reviews will enhance the quality of your product along with keeping your customers happy.

 

 

• STAKES MATTER

 

 

Now the important question which surfaces our minds is-

 

HOW DO COMPANIES COLLECT THE CUSTOMER FEEDBACK?

 

There are a variety of ways which companies use in order to collect customer feedback.

 

From using chat to emails and blogs they have many sources to receive customer feedback.

 

WHAT ARE THE SEVEN STEPS TO ANALYZING CUSTOMER FEEDBACK?

 

Once you have collected all the data containing customer feedback you need to sort or analyze it.

 

Following these seven steps will ensure that you analyze the customer feedback in the most efficient manner.

 

STEP 1: Collate your data.

 

The first step you need to accomplish is collating all the open-ended customer feedback you are supposed to analyze. Along with the key metadata arrange it in a spreadsheet. The metadata will include attributes such as how long the person has been a customer of the company, how much they spend on the products and services, the date the feedback data was submitted, and the source of the feedback.

 

STEP 2: Determine how you want to analyze the data

 

A general way which can be used to analyze your customer reviews is:

• Type of feedback
• Theme of feedback and
• Code of feedback

 

STEP 3: Get a quick overview

 

You want to browse through the feedback to get a sense of how diverse the reviews are. As a general rule of thumb, if different customers are giving you different reviews then you need to analyze a higher number of reviews to make out a pattern. If you scan through the first 50 pieces of feedback and they all relate to a specific issue in your product, then you’ll likely have to review less.

 

STEP 4: Code the feedback

 

If one piece of feedback is communicating multiple points (e.g. two different feature requests), it’s useful to capture these two separate points in separate columns.

 

STEP 5: Refine your coding

 

“As you read more feedback you realize that you need to break one popular code down into a couple of more specific codes”.

 

STEP 6: Calculate how popular each code is

 

Once you are finished with coding the feedbacks you need to calculate total amount of feedback per code.

This will help you realize which code is the most popular and which one is the least popular.

“Which customers are complaining most about X? What’s the monthly spend of the customers demanding X new feature?”

 

STEP 7: Summarize and share

 

Since you are done with the coding its now time for you to create a summary of the customer reviews you have been sorting till now.

 

This will make it easier for you to refer it in future and it is also easy to understand.

 

 

I hope this blog could clear your queries and questions regarding customer feedback analysis.

Thank you for reading this blog!

Feel free to reach out to us in case of any doubts.

 

Have a wonderful rest of your day!!! J