Importance of Consumer Feedback
Customers are the backbone of any business. The real experience is experienced only by the end-user. Gathering consumer feeds helps firms in many ways. Some of them are:
To Assess Customer satisfaction: Expanding business and at the same time retaining existing customers should go hand in hand for any business to prosper. This becomes possible only when the organization puts in the effort to know and understand how its existing customers are contented with the products and services that are being offered.
Inputs for SWOT analysis: SWOT refers to Strengths, Weaknesses, Opportunities, and threats. End consumers are the ones who are sharing real-time experience and critical inputs that are essential for a business to grow. Feedback is a combination of complaints and compliments. Hence, this helps the organization to further strengthen what they are already good at and work on their improvement areas.
To boost business: Recent times, the businesses are largely administered and managed virtually. With e-commerce in place, consumers trade and share their feedback online. Hence, it is transparent for all on the opinion shared by the end-user. This transparency of one’s experience on social media encourages the new potential customer to initiate the business.
Aid Business decision: Business decisions are the most critical aspect to consider for the well-being of the business. And these can not be ascertained through assumptions, inter-departmental opinions, or guesses. To conclude a business decision or a strategy, the feedback data received from the end-users serves as the most vital input.
Types of Consumer Feedback
Customer feedback is raw information. It needs to be further analyzed categorically to extract the benefit from the data that have been collected. With the help of various data metrics, the consumer feedback can be classified as follows:
Brand feedback: Brand is a huge aspect of a product. Consumers, while sharing the feedback is highlighting the brand of a product. Under one brand, there can be multiple chains of products.
Satisfaction feedback: The feedback is highlighting on the satisfaction level of the product that is being consumed.
Brand loyalty feedback: Brand is an image based on which consumers select the product in the competitive market. If the consumer is expressing their views on the loyalty aspects such as returns, schemes, rewards, etc., they are categorized under this type of feedback.
Sales feedback: Feedback that is received on sales and marketing strategies and techniques.
Feedback Collection Platforms
Feedback collection can be set up through many of the ways mentioned as follows:
Survey or Questionnaire: It is a process of collecting information from a group of people. Such as, google forms with a set of relevant questions asked and collecting the data, and making a graphical representation to measure the value of each question.
The follow-up email: Email is a formal communication tool that is used to seek or exchange information. Once the product is sold, a follow-up email can be sent to consumers asking if they were happy with the purchase they have made, or any further information they may require, etc. Such follow-ups not only make customer feel valued but also help in retaining them.
Follow-up call: Calling customers in a brief period after the sale, helps consumers share their detailed experience on the products.
Feedback anytime, anywhere: By having a link in the business web page, where consumers can easily access and share experience.
Analyze recorded calls: Feedback need not have a tagline. Consumers may share their experience anywhere or any time while interacting with the salesperson, or service call or commenting on the product’s social media page. Analyzing such platforms as well fetch in a lot of essential inputs.
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