We live in a world where customer and employee satisfaction is as important as the service or product you are selling. According to research, U.S. companies lose approximately $83 billion every year due to defections and abandoned purchases because of poor online experiences.

Gathering customer feedback is part of the process of improving whatever it is you’re offering. But gathering the feedback is just the first step – feedback analysis is what will allow you to refine your service or product. From identifying areas of improvement to learning who your users are and what they want, feedback analysis is critical to understanding how your business should progress.

What is Feedback Analysis?

Simply put, it’s the process of examining customer data, identifying customer pain points, and creating tangible reports and metrics. For example, let’s say you are a client browsing products online and want to use a specific payment option to pay for a product, but the seller doesn’t offer this option. The dissatisfied customer leaves the site to purchase the same product elsewhere, where they can pay with their preferred payment method.

Information like this is invaluable to business owners. If the situation above happens often enough, the business might consider adding this payment option to entice more customers to buy the product from their site. The business would only be able to understand this about their customers through feedback analysis.

Think of feedback collection as identifying a problem and feedback analysis as creating a solution to the problem.

Up-To-Date Feedback Analysis

As customer behaviors and needs change, so should your products and services. Vice versa, when a business changes its services or products, it’s important to immediately analyze customer reactions and experiences, gather information, and amend as needed. Something that may be obvious to you, as the business owner or services provider may be confusing and difficult to navigate to a customer. That’s why feedback analysis should be part of a concrete and well thought out business plan.

Timely feedback analysis allows you to act quickly, and in today’s competitive world that could mean the difference between gaining a loyal customer or losing them forever.

How DropThought Can Help

Our analytics are catered to your specific business goals. We identify customer or employee pain points and provide you with clear, actionable metrics and solutions. You’ll receive detailed, downloadable reports that you can then share with other stakeholders.

We also allow you to gather feedback through many different channels, from event and transactional feedback to digital and on-site feedback.

We collect feedback through multiple touchpoints, surveys as well as text analysis. We analyze open feedback to unravel specific trends using text analytics technology.

Our revolutionary technology has helped countless businesses get deeper insights about their clients and allow them to modify their processes to better serve them. Whether you’re trying to break into a new market and want to understand it better or you need to analyze your existing customer base, we are here to help! Request a free demo and begin the journey of understanding your user base, customers, or employees today.