For every business the customer satisfaction is a single most valuable asset that can lead them to success and growth. Without customer satisfaction, no business can progress. Every business knows aligning their products and services with customer demands and needs is the best way to progress. But the question remains, how you will align your products and services with ever changing customer needs and demands! The answer is pretty simple, even simpler than one could imagine and it is just by listening to their voice. In the modern era of social media and online platforms the world is becoming more connected day by day. Businesses are leveraging digital platforms to market their products and services.
This also means your customer base is daily bombard with tons of marketing, exhibiting several other options to them. Which exactly makes customer satisfaction more crucial, especially businesses operating in Dubai, Sharjah, Abu Dhabi and various other regions of UAE are well aware of the tough competition and rapidly changing market conditions. In highly competitive markets just listening to social media or filling feedback form is not enough instead businesses need a comprehensive customer feedback management system to acquire detailed feedback data which help them extract meaningful and actionable insights to refine and innovate their products and services.
Innovation is always riskier, there is always a chance of rejection when you are defying traditions or when you think differently. That is why most of the businesses and organizations are hesitant to take risks which can greatly undermine the innovation. In order to minimize this risk it is crucial to directly collect customer feedback and then use that feedback to drive innovation which aligns with your customers’ needs, demands and expectations. In this blog we will discuss how businesses can use a customized Customer Feedback System to embrace innovation and modernization.
See Also: The Role of Customer Feedback Systems in Improving Business Performance
How to Use Customer Feedback Systems to Drive Innovation
What is a Customer Feedback System?
A customer feedback system is a combination of software tools and strategy businesses utilize to gather, manage and analyze customer opinions through a multitude of communication channels and mediums. It offers a well-structured and systematic framework where customers can share their opinion, ideas and suggestions. There are various methods to collect customer feedback such as businesses can use feedback surveys, online polls, social media channels, email, etc. to ask their targeted audience to opine on a specific topic or matter. The customer feedback system is powered by a modern, AI-driven and comprehensive software application, that carefully gather, categorize and analyze both structured and unstructured customer feedback data and produce actionable insights and reports.
Fundamentally a customer feedback system facilitates collecting customer feedback from multiple communication channels, mostly in fully automated manner and then consolidate the feedback data in a centralized platform. No matter how many channels you are utilizing (multi-channel feedback management), if you are a single branch or multi-branch business, or even if you are in multiple countries and locations or even if your audience is online, the customer feedback system offer a centralized management framework for all. Businesses can consolidate feedback from various touch points which makes analysis easier and with automated AI-powered analytical tools businesses can produce customizable reports and insights as per their needs. A customer feedback system offers tons of benefits which reduce the cost and maximize the impact and outcome.
See Also: Overcoming Challenges in Implementing Customer Feedback Systems
What is a Customer Feedback System?
Collecting Customer Feedback Data with a Digital Customer Feedback System
Every business has multiple touch points where customers interacts with the business or its services. Thus maintaining a satisfactory interaction become crucial. Traditional feedback gathering methods are inefficient and incompatible with modern communication channels. Businesses can interact with customers at their premises, or through their website, mobile apps, social media, email, WhatsApp, call centers, etc. All these channels must be linked to a feedback gathering tools. A modern customer feedback system provides comprehensive tools to gather feedback data in an almost fully autonomous way. Thus the customers can easily share their experience, thoughts, opinion, suggestion and even complaints. These features help businesses minimize the cost of their feedback campaign and save resources.
A digital customer feedback system doesn’t only help reducing staff efforts and save cost, but it helps executing feedback campaigns in extremely efficient and effective way. The customer experience manager or CX manager can puss different surveys on different channels. The system can be linked with customer information and other internal systems, which enable feedback system to automatically identify customer persona and push the right survey to the right customer. The customer experience manager can automate the surveys and reviews and bind them with some specific interactions. For example, the very day a customer visit the service center, they should receive the survey in the evening through email, WhstApp, or via Mobile Apps, etc. This saves a lot of time, efforts, and cost as well.
See Also: Best Practices for Collecting and Analyzing Customer Feedback
Collecting Customer Feedback Data with a Digital Customer Feedback System
Storing and Analyzing the Customer Feedback Data
Furthermore collecting the customer feedback data is not the only aspect of managing customer feedback, the difficult part in fact is to store, categorize, analyze and understand it. The customer feedback data comes in both structured and unstructured forms. The structure data could be the response from the happiness meter, or a questionnaire with multiple preset answers such as NPS score, etc. However, the unstructured data could be from the social media listening or customer suggestions which are in textual form, etc. Processing the vast amount of data and producing actionable insights is a tedious task. The customer feedback system offers in-built analytical tools which help understanding the large volumes of raw feedback data in to meaningful and actionable insights.
Once the customer feedback data is collected and analyzed, now is the time to act on it. This is very important, as this is where the key to innovation lies. When you found a lot of people are recommending same thing that is worth spending some time on. If most of your customers are criticizing a process or a product feature then it is important to improve it or completely reinvent it. Furthermore another round of feedback can clarify more details. If most of your customers are disliking a product feature, then gather all these participants and send them a more in-depth survey and as them for their recommendations. That kind of strategies will help you identify new opportunities such as finding problems that your customers are facing and then innovate your products in a way to solve these problems.
See Also: 11 Customer Feedback Examples for Business Success
Storing and Analyzing the Customer Feedback Data
Leveraging Customer Feedback System to Drive Innovation
The modern customer feedback systems also comes with in-built AI tools. Which not only expedite the analysis process but also offer in-depth analysis, predictive analysis and automated alerts system. All these tools help producing actionable insights and prompt actions. When it comes to drive innovation and make improvements to your products and services, this is where the AI comes to play. The AI-powered analytical tools are super-efficient and accurate which help customer experience manager identify the emerging trends in the customer feedbacks regardless of which channel the data is coming from. Moreover the AI can also help identifying common pain points. The AI-powered analytical tools effectively analyze the unstructured data as well and capable of delivering much in-depth contextual and behavioral analyses.
The customer feedback system offers advanced analytical tools which are can effectively understand the severity, urgency and importance of different patterns. For example, there is a sudden rise in negative feedbacks by customers who are interacting with your online payment processing system. This indicates immediate actions, whether you need to check if your system is down, or if it is malfunctioning and you have to resolve it. In such case the customer feedback system automatically notify the relevant authority or team to take quick actions. For example, if the negative feedbacks regarding a specific feature of your product starting to rise, then this is an indicator that either this feature is outdated or your competitors are offering better feature than yours. This indicates that you have to come up with innovative features, either by customizing existing or redesigning the entire product.
See Also: How to Develop a Customized Customer Feedback System to Ensure Success
Leveraging Customer Feedback System to Drive Innovation
Without any digital solution collecting, categorizing and processing large volume of feedback data is not possible. Therefore businesses adopt modern customer feedback systems. However, a complete redesign of a product is not a simple task. It requires a lot of resources and efforts. This is where the customer feedback system can provide additional information which help you make more informed decisions. The in-depth data analysis can also highlight the correlation between customer satisfaction and a specific product feature. Specialized surveys are used to identify such features of your product and your strengths which help focusing on important aspects and let businesses align their innovation with customer needs, desires, expectations and market trends.
The customer feedback system has remarkable ability to integrate with existing systems, databases and solutions. Businesses can integrate it with their core business application, web portals, smartphone apps, customer database, sales and service tools, call centers, and various digital channels. This integration enable the customer feedback system to offer extraordinary data categorization and segmentation abilities. Segmenting customer feedback data by customer purchase pattern, priority, demographics such as age, gender, location, etc. will help you produce more effective and accurate insights. Based on these insights new features can be developed as well as improvements can be made in existing features. This segmentation also help building personalized customer experience which tend to yield higher satisfaction.
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The customer feedback system has remarkable ability to integrate with existing systems, databases and solutions.
Implementing Feedback Loop to Expedite the Innovation
The best way to leverage the full potential of a customer feedback system to drive innovation is to adopt a continuous feedback loop. This means that the customer feedback system continuously gather feedback data and provide valuable insights on regular and continuous bases. This insight is very helpful in fostering a dynamic organizational culture aimed to amplify and expedite the innovation. Whether it is small improvements in existing products or customer service, or whether it is a development of new product or service, the continuous feedback loop will provide the essential fuel for innovation. Continuously collecting customer feedback from multiple channels will help identifying the new market needs. This will make businesses more responsive and prepared for strategic changes.
It is also crucial to inform your customers when certain actions are taken in light of their feedbacks. This is also called a closed-loop customer feedback system. Informing customers about the changes made in products, services, or operational processes will give them a sense of connection and importance. This will also help encouraging customers to participate in your feedback campaigns in future. However, creating and implementing such a loop with traditional feedback management strategies is not possible. Therefore businesses require a digital customer feedback system which automates repetitive tasks and save time and resources. Furthermore by follow-ups, reminders and regular communication businesses can strengthen their relationship with their customers.
See Also: Importance of Customer Feedback Tool for Small Business Owners
Implementing Feedback Loop to Expedite the Innovation
Conclusion
The customer satisfaction is the single most important aspect which can make or break your success. The customer satisfaction depends on how happy or unhappy your customers are from their experience with your products or services. The best way to acquire in-depth understanding of customer happiness and satisfaction is to ask them. Businesses often conduct customer feedback campaigns, however, low participation or poorly organized feedback management processes undermine the outcome. Therefore businesses needs a systematic and well-structure customer feedback management framework. Businesses operating in Dubai, Sharjah, Abu Dhabi and other regions of UAE are well aware of tough competition and ever changing market conditions. This further increase the importance of customer happiness and satisfaction.
A modern customer feedback system is a digital tool powered by a smart AI-driven software solutions. Which not only make feedback collection process more accessible and engaging but it also help minimizing the resources and cost for the feedback campaigns. The customer feedback system automates various crucial processes, it makes feedback submission more accessible and engaging, and it provides advanced analytical tools to acquire actionable insights. The customer feedback system help setting up a continuous feedback loop which continuously fuel the development and innovation. Whether it is a positive feedback or negative feedback, the feedback data help businesses learning about their strengths and weaknesses, which help them innovate new features, methodologies and processes.
The customer feedback system also offer seamless integration with core business applications, information systems, and databases and even with modern online communication channels. The innovation is essentially a change, and changes are riskier. But if you have the right information, you can adopt to changes that benefits you. The customer feedback system does exactly the same, it provides invaluable data which help businesses to embrace innovation with full confidence and success.
See Also: Integrating AI in Customer Feedback System
Furthermore businesses can leverage the same customer feedback system to analyze and understand the impact of their new features, products and services. In this blog we have discussed how the customer feedback system can drive innovation and ensure a long-term sustainable success. If you want to learn more about the subject or if you want our help to provide you a bespoke customer feedback system, please feel free to contact us through our Contact Us page or leave a comment in the comment box below and we will get in touch with you soon.