According to research, 71% of customers are not satisfied if the buying experience does not have a personal touch.

But why is that?

Failure to properly research customer feedback.

Your consumers' input is a gold mine of data on how to enhance their relationships with your products and company in general. Both client-facing employees and product development teams will benefit from the data gathered.

 

Dealing with various firms across sectors and developmental stages, we've seen that everyone appears to get a lot of feedback.

In fact, we frequently hear something along the lines of "we receive more comments than we could ever manage."

While there exists ways to improvise on the way you gather information, we'll concentrate on why feedback from customers is so crucial and how to reap the maximum benefits with a seven-step methodology for successfully analyzing and assessing it.

A 7-step Framework to conduct and analyze customer feedback

Customer analysis might appear like an overwhelming task.

In this article, we will take you through seven important steps for your organization to kick off the process.

1. Build a structure for your existing client base

Your current customer base is the ideal starting point. You're probably sitting on a mountain of data, however it may require some organization to extract meaning from it.

The very first step is to segment your client database into categories based on shared features. Segmentation is the term for the process of splitting data into smaller pieces.

You'll be capable of distinguishing between consumers and can concentrate your marketing initiatives on particular groups if you split your clients.

Customers are usually divided into the following groups:

• Geography: pertaining to a specific place

• Psychography: Values, opinions, hobbies, and personalities

• Technography: Depending on the user's gadgets, such as pc vs. smartphone

• Behavior: Habits and common acts

• Needs: A product's or service's criteria

• Value: Customer Lifetime Value aka CLV is a common metric for determining the value a buyer holds for a firm. This is the estimated income your business will make from a one buyer over the course of their association with you

• Industry: In B2B, this refers to the consumer's industry

• Size: The number of workers or the sales size of the client company

2. Use AI like text analysis to consolidate your data

Text analysis includes a broad phrase that encompasses AI-assisted strategies for retrieving useful information from unorganized data. The feedback form template facilitates the collection of valuable insights and opinions, enabling us to enhance and refine our services based on your input. Such insights, in return, aid in the making of well-informed, data-driven decisions, as well as the improvement of productivity and business intelligence.

Text analysis may be used to:

• Analyzing client choices, trends, and demands in order to help you produce better goods and services.

• Assisting with the real-time analysis of a large volume of data — without taking up your team's efforts. Productivity increases as a result of AI-assisted text analysis, which decreases manual labor.

• Reducing the potential for error by using Machine Learning and Natural Language Processing, aka NLP, to standardize analytical data.

Businesses can target emergency requests to answer to and find emotion about their products or services by automatically analyzing feedback data such as crucial tickets, phone notes, questionnaires, and more.

If you want to know more about this AI-powered tool, you can check out this comprehensive list of text analysis examples.

3. Segment feedback

Now that you've gathered all of your input in one place, you'll need to figure out how to interpret it. The first step in this procedure is to classify or categorize your input.

You can build a systematic feedback category that could be used to categorize input after speaking with multiple firms regarding the feedback management framework.

The key is to get a coherent system in place which you can use to transform a pile of feedback into relevant, organized subgroups which will help you in finding meaning of whatever your consumers are saying.

This includes identifying each type of input and categorizing comparable sorts of feedback.

4. As a leader, assign feedback segments to specific teams

One of the best qualities that makes a leader is the ability to designate specific tasks to specific teams. And this applies to customer feedback as well.

Regardless of the form of feedback, researchers observe that most firms direct it to a front-facing client team. This method loads your frontline service department with a lot of input that they can't do much about.

Recommendations for feature enhancements, for example, will eventually be processed by the design team. So, is it not a better idea to provide such feedback straight to them? Also, urgent problem complaints should be escalated to a technical team that can fix them right away.

By addressing a few easy queries from your consumers when they give feedback, you can make the entire process more effective. This assists in getting the right comments to the proper team, resulting in a far better customer experience.

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5. Prioritize issues that hold more weightage

Once you have consolidated, segmented, and designated your customer feedback, your next step is to assign weights to it. This will help you to prioritize it more efficiently.

Aligning feedback to profits (e.g. recurring income of current clients and potential income from promising prospects), or assessing how prevalent a specific feedback requirement is, are both useful approaches to evaluating feedback — how regularly is it posted by and by which categories.

6. Give priorities to required feedback types

The weights you allocated to inputs in the earlier phase will help you decide which input needs to be addressed right now. However, the background of your organization and item will determine which issues are given top attention.

You may involve your users immediately within your product usage as you define a range of attributes to prioritize and have them comment on which subgroup is most essential to them.

The said process will ensure that you're focusing on the functionalities which will offer the maximum value to the users, as well as making them feel valued, which will strengthen relationships.

7. Complete the circle

Trying to keep your users informed about the status of the queries, as well as offering clarity on other preferences that your company is working on, will help them see how your product is evolving.

Customers usually concur that the products prioritized by your crew are more important than their requirement, so they will be more aware if it takes longer to respond to their suggestions.

As a result, make sure to keep your users informed at each level of the feedback process.

Affirm that you've did receive their input, let them realize that it'll be taken into account, and, most notably, appreciate them for their comments via an in-product declaration, announcing the launch of the functionalities they had asked for.

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Conclusion

Conducting a customer feedback analysis is a beneficial thing for your business, but it's not something you can perform once and forget about. There will certainly be additional opportunities to gain knowledge.

Furthermore, the market is never still. New products, rivals, situations, target groups, and other factors will come into play.

Businesses that are capable of making the maximum sense of these complexities will stand to gain the most from it.

Maintain a tight relationship with customers and re-run consumer feedback analysis on a frequent basis.

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