Digitization has given more power to customers than ever before. They can decide whether your product is a hit or a flop in minutes by just providing feedback on social media. Indeed, customer reviews affect your business, but not every organization takes it seriously. In this article at TechTarget, Robin Gareiss suggests using a strategic customer feedback program to collect, evaluate, and utilize the data for improvement.
Accelerate Your Business
According to a Nemertes’ 2019-20 Intelligent Customer Engagement research of 518 firms, about two-thirds of companies collect customer feedback. 43.6 percent use them to observe changes. Only half of them implement desired changes per feedback. About 45.7 percent of companies make periodic changes and search for options to accelerate more. However, the remaining 3.1 percent do nothing with the data collected.
Intervention of the C-Suite
Since everyone in the market aims to offer the best customer experience, initiating, aligning, and executing a customer feedback program would prove beneficial. The top management must swiftly invest in surveys and analytical tools to gather data. Hire experts or third-party analysts for valuable suggestions to bring necessary changes.
Execution of a Smart Strategy
Since the customer feedback program initiated, developing a sound business strategy to act upon the data collected becomes necessary. Here are the significant steps to work on:
- Implement metrics like customer satisfaction (CSAT), net promoter score (NPS), transactional net promotor score (TNPS), customer effort score, and custom surveys. Determine the nature of data gathered. Hire a third-party consultant to collect survey requests to the customers regularly. Look for qualitative feedback that explains the reason behind the given ratings to your product. It would help you capture consumer sentiments better.
- You need a tool to analyze the collected data that makes sense of the information. AI-enabled analytics tools can determine all the negative, positive, or cohesive reviews. These tools can even make recommendations for strategic transformation or issue urgent alerts to take immediate action.
- Business leaders must put together both automated and human processed data to act upon them. Take actions like email, text, or phone calls to address the concerns related to the customer experience.
- Keep gathering and measuring data to achieve success. However, do not forget that the best customer rating programs keep evolving. Using an AI-enabled tool is necessary to learn what works in your favor to raise the bar and woo your customers.
Click on the following link to read the original article: https://searchcio.techtarget.com/tip/Heres-why-a-customer-feedback-program-is-essential-to-a-business?