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It’s easy to gather customer feedback but the big question is how to analyze it? All around the world, a million customers are providing feedback to the organizations, but these organizations still tend to overlook such a precious piece of information. Why do you think this occurs so often? Either they don’t realize how much potential customer feedback has to improve their product/ services or they are overwhelmed with so much information and don’t know the right methods of customer feedback analysis.
Why it is important?
The main driving force of a business is the customer. The reason an organization is still existing in the market is that the product is meeting the needs of its customer and when that stops, it fails. It’s extremely necessary to address your customer’s complaints regarding the product to improve or update it which can be done through Customer Feedback Analysis which recognizes clients sentiments, needs, and expectations from the product/ service.
How it is done?
There are several methods to do Customer Feedback Analysis. It’s possible to do it manually when the data is small but in case of large data, it will be more efficient to automate the process using AI techniques in Fellafeeds. Let us address the elephant in the room now!
1. Net Promoter Score
It measures the customer experience as well as customer loyalty towards the brand. NPS scores are measured using a single question such as “How likely is it that you would recommend the brand to your family or friends?”
Respondents give a rating from 0 (i.e., least likely) to 10 (i.e., most likely) and depending on their response they fall into various categories:
Promoters: They respond with a score of 9 or 10 and are the most loyal customers who refer other people as well.
Passive: They respond with a score of 7 or 8 and are open to switching to other brands if they get a better deal.
Detractors: They respond with a score between 0-6 and are unsatisfied customers who would never promote your brand and might cause trouble through negative word of mouth.
NPS = % of Promoters - % of Detractors
This determines the customer experience but it’s important to know what’s driving your NPS score by gathering more data to take better and informed decisions. To know more about how to convert detractors to promoters check out this blog post: https://goo.gl/bA62SF
2. Customer Satisfaction Score
It is the most straightforward and easy to understand a survey and measures customer satisfaction through a simple question like “How satisfied were you with your experience?” which can range from 1-5 or 1-10, again higher score is desirable.
It is such an easy and quick survey that you can put it multiple times on various high points of your website to know what your customer is feeling about different aspects of your business.
3. Customer Retention Score
You can easily understand from the term itself that it revolves around retaining customers. It’s easy to attract customers and sell them your product but it’s equally important to retain them so that they keep coming back every month for your services.
Customer Retention measures the customers lost over a period. It is desirable for Retention score to rise and come as close to 100% as possible.