By Sterling Scott, Director of Marketing @ Stratifyd
What is the customer feedback loop?
The customer feedback loop is a system where knowledge gained from customer interactions is used to improve future customer interactions. This system begins and ends with the customer.
The customer feedback loop is the primary means of increasing customer acquisition and retention when closed.
Challenges with closing the customer feedback loop
The challenge with closing customer feedback loops is that most data from customer interactions go unused. The little data that is used, doesn't get analyzed until long after it expires.
At the macro level, this means that strategies are driven by structured empirical data alone – ignoring the most valuable information – what the customers are saying and how. At the micro level, this means that sales and service employees interacting directly with customers are unable to take data-driven next steps and actions. For their managers, this means missed opportunities to improve employee performance.
Solution for closing the customer feedback loop.
To close the customer feedback loop, you need to turn every customer interaction into actionable business intelligence. This starts with knowing what customers are saying and how they are saying it.
You must collect data from every channel – phone, chat, email, social media, online reviews, CRM, etc. This unstructured data should be analyzed together in one place alongside structured data to give you a comprehensive view of your customers. This single view of your customers should tell the story behind the data and enable leaders across all departments to quickly make data-driven decisions.
This data should be used to assess customer loyalty and know the likelihood of acquiring or retaining customers. This data should also be used to assess employee performance on calls and chats. All the insights gained can be used to enhance sales and marketing strategies and improve product roadmaps by building them around the customers.
Where are you in the customer feedback loop?
You are a part of a customer feedback loop regardless of your role, department, or industry. You have a part to play in creating successful customer interactions and enhancing customer experiences. If you are on the front line interacting with customers in sales or service, then you are obtaining knowledge of the customers' wants and needs. You know their complaints and have an idea of customer sentiment.
If you work on a marketing, product, or customer experience team, then you should have access to the insights gained from the sales and service teams. You should also have additional insights gained from surveys, online reviews, social media interactions, etc.
If you are a leader in any of those departments or in general, you need to have strategies informed by the data gathered from your customers so that you can increase customer acquisition and retention.
Whether you're in the call center or the boardroom, you are a part of the customer feedback loop and you play a role in closing the loop.
Watch this short video to learn how Stratifyd helps businesses close the customer feedback loop.