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Remember those days when we used to finish all our homework on time, but the teacher wouldn’t collect it the next day? Argh! We used to feel so dejected that all our hard work went down the drain with no appreciation, we could’ve just played instead!
That’s exactly what happens when you collect all that data from your customers and it’s left in a folder unnoticed without any analysis which results in no change in decisions and performance and gives our customers the same dejected feeling, and our biggest nightmare comes true and make them EX-customers.
Customer Feedback Analysis is important to formulate better decisions and increase performance not just for the growth of the organization but for the satisfaction of our customers as well. As they say, “A happy customer is the best business strategy of all”.
Negative Feedback should be pursued as constructive criticism as it directly tells what needs to be changed according to which you can formulate better decisions and increase performance, on the other hand Positive Feedback is the best source of motivation to keep going forward.
There are various types of such analysis which we will discuss further:
1. Product and Brand Analysis
We can all agree that we have our favorite brands for every category that we shop for which keep launching new products which are either a hit or miss.
Customer Feedback Analysis helps us discover the views and preferences of the customer about the product and/or brand. This will help in determining whether a company should update or discontinue a product and/or service to increase its sale performance and brand reputation.
2. Aspect Based Sentiment Analysis
A business has various facets which directly or indirectly affect the reputation of a brand. A customer might like the services provided by a salon or spa but is disappointed in the hospitality of the same, or some customers might prefer Italian Food whereas other prefer Indian food in a restaurant.
It is important to understand the customer demographics, and the expectations of the customer to formulate better decisions which requires real time analysis. FellaFeeds is a Customer Feedback App which helps perform real time analysis and updates the owner about any negative feedback immediately to allow them to implement new improvements that are directly suggested by a customer through customer survey.
3. Root Cause Analysis
Imagine walking into a store and finding everything on your list but have to wait for 40 minutes in a queue because there is only one payment counter which results in frustration, and you leave without buying anything.
Here the root cause for customer dissatisfaction and no purchase was not the limited stock, but the fact that there was only one payment counter to deal with a lot of customers, so the owner needs to install more payment counter to increase its sales.
Customer Feedback Analysis helps to recognize the root cause by identifying the problems faced by a customer through customer survey or feedback survey and formulate a quick action plan to deal with the same.
4. Customer Satisfaction Analysis
Customer Satisfaction depends on various functional and emotional factors. When a company launches a new product it keeps in mind the quality, price and current trends in that particular category. Customer Feedback Analysis reflects whether it is accepted by the customers or there is a scope of improvement which is critical for brands to understand taking the required action.