Unlock the potential of customer feedback analysis

Customer feedback is an immensely powerful tool for businesses that aim for growth. It provides true insight into what makes customers tick so businesses can improve their product and service offerings.

In this blog, we’ll cover how to capture and easily run customer feedback analysis. Starting with exactly how it generates revenue — then we’ll give you a look at how monday sales CRM can lift a weight off your shoulders.

How customer feedback analysis impacts the bottom line

Gathering and analyzing customer feedback is not a “nice to have”. It can literally make or break a business. Ultimately, it drives customer loyalty, customer retention and — most importantly — revenue growth. In fact, customer feedback can lead to a 20% increase in customer satisfaction and a 12% increase in customer retention (Forrester Research 2022).

While capturing customer feedback is one thing, customer feedback analysis is the really important bit. After all, you need to understand, analyze, and use feedback to unlock its potential.

Put simply, it can:

• Improve customer engagement: Even with website engagement tracking, you can make tweaks to improve customer experiences.
• Boost communication: It gives you an opportunity to have an open dialogue with customers, so they come away with a positive experience — and are more likely to stick with you and recommend you.
• Improve strategic thinking: You can leverage this data to influence all other areas of the business, from strategic thinking, to product development, through to marketing.
• Increase efficiency: You can streamline so many business activities like sales forecasting and lead tracking, freeing you up to focus on reviewing the customer feedback analysis and taking action.

Thankfully, there are tools built specifically to make customer feedback analysis so much easier. Let’s talk you through a few hacks in these next steps.

4 steps to boost revenue with customer feedback analysis

To help you get started, here is an easy-to-follow, four-step process to boost revenue with customer feedback analysis.

Step 1: Lean on CRM for easy analysis

With a CRM system, you can pull together all this insight into one central location — crucial when running comprehensive and thorough customer feedback analysis. Actually, CRMs can even help you to run the customer feedback analysis.

Here’s how:

1. Categorize feedback: CRMs make it quick and easy to create and assign categories to data. With some clever CRM systems, you can sort customer feedback into different categories, like product suggestions, support issues, and complaints.
2. Segment data: With a CRM, you can slice and dice your customer data. For example, you can look at feedback and pricing history. This all makes it easier to analyze feedback by specific customer segments and then more easily identify trends in the data.
3. Automate analysis: Some CRMs even feature built-in analytics tools like sentiment analysis. This allows businesses to identify themes in customer feedback.

Step 2: Consider data capture

There are so many ways to capture this insight, thanks to the multiple communication channels we now have available. Some require direct contact with the customer, others focus on analyzing customer journeys.

Here are just a handful of examples:

• Surveys and quizzes: These are probably the most popular. They can be quick and easy to do. Plus, they can be shared via email, in person and can include open-ended questions and gamification techniques.
• Net Promoter Scores (NPS): With an NPS approach, you ultimately find out if customers would recommend your brand.
• Customer interviews or focus groups: This one’s not for every business as it can be resource-intensive. These capture more in-depth feedback and allow the business to ask questions to find out more.
• Online reviews: Sites like TrustPilot, TripAdvisor, and even Google reviews provide valuable feedback — even if it IS sometimes negative.
• Website analytics: This one doesn’t require customer input. It focuses on analyzing website traffic, bounce rates, and time spent on site to understand customer behavior and preferences.

Now, this may be daunting. How is it possible to capture and piece together all this insight to then run customer feedback analysis? The simple answer is this: A really good CRM software.

Read also our guide on Voice of Customer (VoC).

Step 3: Measure success

With multiple highly visual ways of visualizing customer feedback analysis, you can make sure you have the right lens to share with finance, product, and marketing. And also senior stakeholders and investors too. And the real exciting bit is being able to track the impact of any changes made, based on customer feedback analysis.

With a regular customer feedback programme and reporting, you can see over time how changes impact customer satisfaction levels. And revenue.

Of course, all of this is only useful if your team actually uses it.

Step 4: Share customer feedback analysis insights

Once you’ve captured insight and analyzed it, the most crucial next step is to run through the findings with team members.

This is another place where a CRM system comes in handy. Multiple team members can view the insights and you can assign them to follow-up actions — like automatically being assigned a task to follow up on a complaint. With a tool like monday sales CRM, you can easily track everything to make sure you never miss an action again.

So what does a good CRM system look like and how does it unlock customer feedback?

Unlock the power of customer feedback with monday sales CRM 

Take your customer feedback analysis up a notch with CRM features that help automate repetitive work, centralize customer feedback, and organize everything in one place.

Here are just a few ways:

• Import your feedback data: You can either use Excel or an API to import customer feedback data into the platform Then you can merge duplicate data and eliminate any overlaps.
• Create customizable forms: You can create forms to suit your brand and data capture needs. These forms then store all the responses in one central location. No more hopping between lots of spreadsheets and tools trying to piece bits together.
• Build dashboards and reports: With our visual dashboards, you can generate reports that show customer feedback changes.
• Collaborate with colleagues: As monday sales CRM is renowned for its ease of communication and collaboration across teams, you can make sure everyone is on the same page and can work together to act on customer feedback.
• Communicate with customers: Finally, you can even react to customer feedback with timely and appropriate feedback. For example, if a customer has a query or complaint, you can assign a task to a team member to follow up and resolve the issue.

If you still have unanswered questions, take a look at the most commonly asked questions below.

Frequently Asked Questions

How do you analyze customer feedback?

The first step is to collate it all in one place. From here, you can analyze it. If you’re lucky enough to have a dedicated and freely available data team, then they can help manage categorizing feedback and finding trends. But most businesses rely on a clever CRM system to pull all the feedback together and even segment it to produce customer insight.

What are the 5 methods of obtaining feedback from customers?

There are so many methods and channels you can use to capture customer feedback. The most popular ones are:

• Surveys
• Net Promoter Scores (NPS)
• Customer interviews or focus groups
• Online reviews
• Website analytics

What is user feedback analysis?

User feedback is another term for customer feedback. Whether you call it user feedback analysis or customer feedback analysis, this is the process of understanding customer needs and behavior to then increase customer satisfaction and loyalty.

Take action on customer feedback with monday sales CRM

To sum up, customer feedback analysis is a must-have in understanding how customers perceive your business, products, and services. Why?

Because the outputs inform data-driven decisions, rather than ones based on gut-feel. This means you can focus your time and resources to boost profits and better satisfy customer needs.  If you’re looking for a competitive edge to boost customer satisfaction and drive growth, customer feedback analysis is for you.

Choose monday sales CRM to improve customer experiences today.