Customer feedback is a valuable source of information that can help you improve your products and services, as well as your relationship with your customers. However, collecting and using feedback effectively requires some negotiation skills. In this article, you will learn how to use customer feedback to negotiate better outcomes for your business and your customers.
Customer feedback is the voice of your customers. It tells you what they like, what they don't like, what they need, and what they expect from you. By listening to customer feedback, you can understand their problems, preferences, and motivations better. This can help you improve your products and services, as well as your customer satisfaction and loyalty. Customer feedback can also help you identify new opportunities, generate ideas, and validate assumptions.
Customer feedback is an essential resource for improving products and services. In the multinational retail company I work with, we value customer experience. Therefore, we are launching a new product based on customer feedback and needs. This brand-new product will help us understand customer needs and take the right action, which will ultimately increase the CLV of our customers. We will achieve this by analyzing customer data using our strong BI team.
It matters for a good number of reasons: - It allows a corporation to "measure" what elements of its product offering are being appreciated/or not in time. Especially in these times of changing social/economic/competitive environments - It allows you to entertain internal conversations on how this feedback is perceived and gives you a sense of the organization's level of flexibility to accommodate change - It gives you some sense of how your data was or was not able to pick up on this feedback: purchasing patters, repeat business, competitive switching - Finally it should filter down to agreements with both customers and suppliers
Value ANY and ALL feedback - to get consumer response today (if it is not purely malicious) is a rarity. Group feedback into categories (Serivce, Price, Efficacy, etc.) Set a threshold for response and determine whether or not this is something to be addressed with the product or service. Track your feedback responders - measure their influence - understand WHY they took the time to provide feedback. The worst thing you can do is ignore feedback - that will make nothing go away. Welcome it - and choose whether or not to address it indirectly or directly.
Customer feedback gives you insight into customer satisfaction levels. Customer satisfaction is how happy customers are with your products, services, and any interaction with your business. It's an important metric as it helps you address customer issues, prevent churn, and build a base of loyal customers.
The first step to using customer feedback is to collect it, and there are many ways to do this. Surveys, reviews, ratings, testimonials, interviews, focus groups, social media, online forums, and customer service channels are all options that depend on your goals, resources, and audience. However, no matter the method you choose, it is important to follow some best practices for effective feedback collection. These include asking clear and relevant questions with a mix of open-ended and closed-ended questions; offering incentives or rewards for participation; segmenting customers based on criteria such as demographics, behavior, or feedback type; making the feedback process easy and accessible; and thanking customers for their feedback while following up with them.
The next step to using customer feedback is to analyze it. This means finding patterns, trends, insights, and opportunities from the data you collected. There are various tools and techniques to do this, such as quantitative methods like statistics, charts, graphs, and metrics; and qualitative methods like coding, categorizing, and interpreting. The goal of analyzing customer feedback is to answer questions like: what are the main themes or topics that emerge from the feedback? What are the strengths and weaknesses of your products and services? What gaps or unmet needs do your customers have? What are the pain points or frustrations? What suggestions or recommendations do they have? How satisfied or loyal are your customers?
Customer feedback analysis process: 1. Collect quantitative and qualitative actionable insights. 2. Collect customer feedback with in-app surveys. 3. Categorise data. 4. Analyse feedback data. 5. Analyse NPS responses using tags. 6. Identify feedback trends using AI. 7. Analyse mentions using an NLP tool.
You're acing sales pitches and closing deals, but are you listening to what comes after? ????? Think of customer feedback as a sales cheat code. ??It helps you spot patterns that are like secret codes to your customers' hearts ??(and wallets!????). Whip out those stats, charts, and metrics and pair them with qualitative analysis. You’ll quickly find this isn't just feedback; it's insights into your product's hit and miss! Understand your product’s strengths, areas for improvement, and the unmet needs of your market. Every piece of feedback is a clue to transforming client pain points into bespoke pitches. Those customer frustrations? They're actually opportunities knocking on your door. ???? #SalesStrategy #CustomerInsight #FeedbackIsGo
The final step to using customer feedback is to act on it. This involves implementing changes, improvements, or solutions based on the insights you gained from the analysis. You can act on customer feedback by updating or enhancing your products and services, creating or launching new products or services, improving or optimizing your processes or systems, resolving or preventing issues or complaints, communicating or educating your customers, and rewarding or recognizing your customers.
Thank, and apologize to your customers, correct them if they are wrong (with professionalism), and move on. Actionable customer feedback is when you can use customer insights to add value to your product or service, grow your business, and make your customers happy
Negotiating with customer feedback can be a valuable tool for creating value, building trust, and achieving mutual benefits for your business and customers. This can be done in various scenarios, such as when you need to persuade a customer to buy or renew your product or service, address their concerns, or handle their feedback. To do this effectively, you should acknowledge and appreciate customer feedback, no matter the sentiment. Additionally, you should listen and empathize with your customers' feelings, needs, and interests. Explain how your products or services can solve their problems or meet their needs. Ask and answer questions to clarify the terms or conditions of an agreement. Finally, offer and request feedback to refine or optimize the product or service.
Measuring the impact of customer feedback involves evaluating the results, outcomes, or benefits of using the feedback for your business and customers. You can track and compare key performance indicators such as sales, revenue, profit, retention, referrals, or market share. Additionally, you can monitor and assess customer satisfaction, loyalty, advocacy, or feedback scores. Follow-up surveys, reviews, ratings, testimonials, or interviews can be conducted and analyzed. Moreover, observing and measuring customer behavior like usage, engagement, retention, or referrals is important. Lastly, calculating and reporting the return on investment, cost savings, or value creation of using customer feedback is essential.