The act of methodically going over and classifying client feedback is known as customer feedback analysis. You can discover common problems and places for improvement with the use of this procedure. You can modify your goods or services in certain ways. Correctly resolving problems demonstrates to clients that you appreciate their opinions, which may increase satisfaction ratings.
This blog will cover every aspect of customer feedback analysis that may provide you with a competitive advantage, foster customer loyalty, and propel your company forward.
What is customer feedback analysis?
It is the voice, sentiments, and impressions of your customer regarding their experiences and sentiments regarding your service or product. By examining these comments, you can learn all you need to know about customer satisfaction and the whole experience. It provides an opportunity to transform a subpar product experience and increased churn rate into a positive experience and high levels of customer satisfaction.
Importance of customer feedback analysis
According to a study 58% of customers are willing to pay more for better customer service. It highlights the importance of customer feedback review or analysis to drive business success. Here are some other reasons you should analyze customer feedback:
- Enhance services: You can penetrate the specific area to improve your MSP services by analyzing feedback from your customers. For instance, if you frequently notice that your customer always complains about the delay in resolving issues, you can focus on speeding up ticket resolution time.
- Increase customer satisfaction: Listening to customer feedback allows you to address a specific issue. For example, if a consumer complains about inconsistent communication, you may increase their happiness by providing them with regular updates.
- Encourage innovation: New service options may result from customer recommendations. You might provide new security packages that meet your customers’ needs if they frequently ask for sophisticated cybersecurity solutions.
- Reduce churn: Responding promptly to consumer feedback aids in customer retention.
For instance, you can provide your support staff with further training if a customer is dissatisfied with their level of competence. To lower the chance of losing your customers, you can even pair them with an engineer with greater expertise.
How to Analyze customer feedback How to Analyze customer feedback How to Analyze customer feedback
Customer feedback analysis takes a lot of time, and you may find yourself trapped in it for hours at a time. It is crucial that you have a roadmap with you. This is a step-by-step guide to customer feedback analysis:
Step 1: Collect all data in one place
To analyze customer feedback effectively, gather all feedback data in one place. Here’s how:
- List every channel through which you get feedback. Emails, polls, questionnaires, online reviews, social media, customer portals, in-app, and support exchanges can all be included.
- Decide on a central spot to arrange and save the comments. This might be a data warehouse, customer relationship management (CRM) platform, or feedback management system. You may also use a spreadsheet, such as Google Sheets or Microsoft Excel, if you would rather do your analysis by hand.
- Add feedback information to your central repository from all sources. This might consist of:
- Exporting survey responses to a .CSV or Excel file
- Downloading online reviews in a standard format
- Using APIs to retrieve data from social media
- Integrating customer support systems to capture interactions
- Arrange the information such that it can be easily classified. For your analysis, establish fields for customer IDs, feedback source, date, feedback kind (complaint, feature request, praise), and other pertinent information.
- Establish a procedure for adding fresh comments to the repository on a regular basis. Use APIs or integration tools to automate the process or schedule recurring data imports.
Step 2: Categorize your customer feedback
Categorize customer feedback to better understand key issues, trends, revenue impact and sentiment. Here’s how:
- Establish a structure for categories: Create a list of business-related categories that are in line with your objectives, such as user experience, price, customer service, and product features.
- Establish category labels: Give each category a clear, succinct name that appropriately conveys the subjects and excludes them from one another.
- Assign categories to the feedback: Examine each comment and group it according to its main theme. Depending on the volume of input, you may either conduct this manually or with automated methods.
Step 3: Identify patterns
It takes thorough study and close attention to detail to find trends in consumer feedback. Here are some methods to assist:
- Sentiment analysis: Determine if the comments are neutral, negative, or favorable. This makes it easier to find regions of satisfaction or typical pain sites.
- Keyword analysis: To find reoccurring problems that require attention, look for often used terms and phrases.
- Theme analysis: Find and group similar themes, such as “pricing” or “usability,” and then dissect them into more focused subjects to gain a deeper understanding.
Step 4: Prioritize actionable insights
Here’s how to prioritize insights:
- Assess how each item impacts overall customer experience or key business metrics.
- Check how well each action aligns with your business goals and objectives.
- Prioritize items that directly contribute to achieving those goals or improving key performance indicators (KPIs).
Step 5: Create the customer feedback analysis report
Use these guidelines to draft an action plan and feedback analysis report:
- List the main conclusions drawn from your analysis.
- Determine any recurrent themes, both favorable and unfavorable.
- Emphasize key performance indicators such as sentiment distribution, customer happiness, and areas that require development.
- Create a plan that includes the procedures, deadlines, roles, and materials required to carry out the actions.
- Work together with the appropriate teams to guarantee a well-coordinated effort.
Benefits of effective analyzing customer feedback
There are four main advantages of using client feedback surveys for your company:
- Business expansion: Gathering and acting upon consumer input can increase sales. If you enhance the consumer experience, you may be able to increase pricing by as much as 25%.
- Improved customer experience: Enhancing the customer experience is essential for retaining customers, and it may be achieved through the analysis of feedback. Resolving customer complaints can increase loyalty and lower attrition.
- Enhanced net promoter score (NPS): NPS gauges the likelihood that clients will refer to your business. It is computed by deducting the proportion of Promoters from the percentage of Detractors. Customers are more inclined to recommend others when the NPS is greater.
- Improved goods and services: Feedback gives you a clear picture of what your clients enjoy and don’t like about your offerings. You can make the best changes to your goods or services by analyzing this data.
Why you should choose Team GPS to record and analyze customer feedback
With Team GPS, you can manage customer feedback and satisfaction better with the ability to:
- Create custom surveys to measure customer satisfaction score (CSAT), customer effort score (CES) and NPS.
- Track survey results on an easy-to-use dashboard.
- Link insights to individual scorecards to identify top-performing engineers.
- Align scores with your business goals and adjust your strategy as needed.
- Connect customer feedback to engineer performance and use it to provide better guidance during 1:1 meeting.
Schedule a meeting with us to discuss how Team GPS can help you leverage customer feedback to strengthen customer relationships.