How effective customer feedback analysis provides a competitive advantage

How effective customer feedback analysis provides a competitive advantage

Key Findings:

  • 64% of Executives who prioritise Customer Experience (CX) investments state that they benefit from better sales growth and profitability and are likely to invest heavily in future CX initiatives
  • 90% of customers are influenced by positive reviews when buying a product
  • Competitive benchmarking is the most powerful tool in your CX toolbox to improve business results lead by customer experience initiatives
  • AI technology makes all the above real easy to find out what’s important to your customers and your business and it works 24/7.

From survey responses, complaints, live chats and website contact forms to emails, reviews and social media - there are a multitude of ways that customers provide feedback to companies. As long as there are customers, there will be feedback, but collecting and analysing this feedback can be an insurmountable challenge without the right tools. A good customer analysis provides you with the opportunity to anticipate what customers need, and use that knowledge to improve experiences, products, and services to meet those needs. In a global survey conducted by Economist Intelligence Unit, 64% of executives who prioritise Customer Experience (CX) investments state that they benefit from better sales growth and profitability and are likely to invest heavily in future CX initiatives.

The quality of data depends on the questions you ask.

Your customer feedback data won’t provide you with the answers you need unless you ask the right questions. An open-ended question, for instance, invites customers to voice their opinions and provide detailed feedback that can help you improve the customer experience. Once you identify your company's key pain points by focusing on two or three issues and gather the appropriate data, you can then guide your data analysis, providing you with valuable information to improve your business performance.

There are also vast amounts of publicly available review data from customers who have willingly provided feedback of their own accord. These are real advocates and will share their positive experiences as willingly as they do their negative ones. Here is an example of what one customer shared about their experience with their bank’s app:

The ability to understand the issues points your customers are facing will enable you to know what new products and services to offer that will not only benefit the customers, but will also benefit your business.

How to use your customer data to your advantage?

Analysing your current customers' feedback starts with a close look at your existing data, including surveys or complaints. From there you can identify the key factors influencing the way customers engage with your business, brand, or product. In the past this was a lengthy, complicated and unecessarly manual process, but Touchpoint Group's AI Customer Analytics Tool, Ipiphany, makes this process simpler and faster than ever. Additionally, Ipiphany allows you to benchmark your company with your competitors using publicly available reviews. When you compare feedback, you will learn about your business's weaknesses and strengths with a high degree of accuracy - and to understand what it takes to win in your category/sector.

Touchpoint Group's customer analysis will enable you to:

  • Get a better understanding of your customers and solve problems that ensures they not only stay but spend more with you
  • Build and maintain strong customer relationships based on what’s important to your customers.
  • Upsell and/or cross-sell additional products and services.
  • Diversify products and services.
  • Improve the customer service and experience through your digital channels.
  • Improve your understanding of industry trends in customer expectations in order to drive innovation that leads to a stronger market leadership.
  • More effectively convert and onboard new customers.

Analysing and understanding customer feedback is one of the most important things you can do on your journey towards making data-driven improvements to your business. Once you’ve established a baseline with your existing data, you can continue to analyse new feedback that comes in and make changes accordingly. The market never sits still, so your business shouldn’t either. New products, services and offerings are constantly being introduced to the market, so analysing your customer data and benchmarking yourself against your competitors give you that one step ahead. If you are looking for an efficient way to analyse your customer data, contact our team of experts to find out how you can leverage the power of our Customer AI Analytics Tool, Ipiphany, and get the most out of what your customers are saying about you.

 

Source:

The Economist - https://perspectives.eiu.com/sites/default/files/Genesys_Executive_Summary_-_GLOBAL_FINAL.pdf

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