How Your Business Can Benefit from Customer Feedback Analysis?

Published on:
Mon Jul 11 2022
Customer Experience

In 2021, more than 77% of consumers claimed to read business reviews online, according to BrightLocal. Today, customer feedback is more important than ever. But how can a business actually take action on the customer feedback it receives? Effective customer feedback analysis is just as important for a business as collecting feedback.

What is Customer Feedback Analysis?

Simply put, customer feedback analysis is the process of analyzing the customer feedback your business collects. Depending on how often your business is gathering feedback and its method for doing so, you could potentially have a large amount of customer feedback data. And while data is often useful to have, if you aren’t able to effectively analyze that data, your business can’t benefit from the customer feedback it receives.

Essentially, customer feedback analysis is used to uncover actionable insights your business can use to improve its customer service, its products or services, and continue to grow.

However, analyzing customer feedback doesn’t come without some challenges.

What are the Challenges Involved with Analyzing Customer Feedback?

It can be difficult to adequately organize and categorize the customer feedback you receive. The quality of feedback you receive can vary greatly with some feedback being more generic than others.

  • People communicate differently: The way we speak and communicate is often different from person to person. While one person may say that it’s difficult to navigate your website, another person may say that your check-out button isn’t easy to find. Someone else might say that your products aren’t organized, or that they wish there was a place to read more about your products. Determining what your feedback is actually saying and then categorizing that data can be a challenging process.
  • Feedback quality varies: Not all of the feedback you receive will offer the same value. Some may provide short feedback that’s generic or vague, while someone else could provide in-depth reviews about your business. Having an effective feedback form is important for ensuring that the feedback you receive is actionable.

What are the Benefits of Effective Customer Feedback Analysis?

Effective customer feedback analysis provides businesses with a deeper insight into their customer experience and journey, as well as the business’ strengths and weaknesses. Here are some benefits of effective customer feedback analysis:-

  • Prioritized Solutions

Being able to analyze customer feedback enables a business to understand where its priorities should be. A business that only relies on internal discussion of its products or services won’t grow nearly as much as one that leans on customer feedback to improve its business model.

The biggest benefit of analyzing customer feedback is that it highlights trends across your audience bases to help inform your next steps.

For example, If customers keep indicating that they’d like to access your services through a mobile application, then creating an app could be a good decision.

  • Improved Products and Services

Tapping into customer feedback provides your business with an outside perspective that can be used to inform the future of your products or services.

While you may be aware of the problems your business solves for consumers, hearing directly from those who use your products or services can be invaluable for your marketing and refining your offering.

Continue Growing with Customer Feedback Analysis Solutions from DropThought

When customer feedback is analyzed correctly, your business can continue to grow. But collecting and organizing customer feedback is difficult without software that can help you manage it.

DropThought offers customer feedback software with intuitive interfaces, user-friendly dashboards, and reporting, and helps you take advantage of all the insights customer feedback provides.

Schedule a free demo with us today, and start taking action on your valuable customer feedback.