Enterprise Feedback Management: Understanding The Need

Understanding enterprise feedback management is essential in today’s economy.

If your need is to increase company profits and retain customers, and you already have provided a quality product, then managing your customers concerns with a overall system is where you are obligated to focus next.

Today, Enterprise Feedback Management systems are used by diligent businesses in many different sectors such as travel, retail, health industries, financial services (such as brokerage and bank institutions), manufacturing, etc.

The list of businesses now using such a system for collecting data could go on forever as it is not limited to one field.

These industrious companies know that customer demands are paramount with the voice of the customer in today’s market.

A powerful Enterprise Feedback Management system will have a powerful impact across your entire business.

The goal is to direct informed information to the employees all the way to executive leadership.

By tracking the feedback from customers and understanding what their needs are, you can provide a healthy operation.

What is customer feedback and will you buy my dishwasher?  

Your first thought might be:  yea yeah,  customer feedback. I really don’t want to hear people complaining about my amazing product.  This sounds like it isn’t worth my time.  What does it matter in the long run to my company?  People’s comments don’t really matter.  It is too much work anyway!

From your personal life, you know firsthand that it matters.  

If you are online looking for a new dishwasher to buy, you can’t help but scroll down through the reviews to see what other customers thought of your intended dishwasher purchase.  You do a quick online search and see that Sally S.  thought this was the worst dishwasher ever made in the history of dishwashers.  John T. said his new dishwasher exploded spewing water all over his brand new kitchen and Bob Smith said his dishes were never clean.  I am guessing, like me, you are going to continue shopping for another model and company.  Regardless of the lower price, regardless of the amazing sale, this dishwasher is not worth your time or money.  

The customer feedback was effective for you, the consumer.

On the other side of that review is a company hit hard by unhappy customers. Your new model dishwasher isn’t selling so well.  Your profits are plummeting quickly and people aren’t looking at the other older models you have to offer either.  You are tanking in sales in what feels like an overnight change. Your huge warehouse is full of unwanted dishwashers. Stores are sending you the unwanted model back on top of it all. It is a complete disaster. Yes, indeed, the customer feedback was effective.

Customer feedback is how your customer feels about the product, your service, or the company.

It is their personal opinion about their experience with you. As you now know, it can be super effective in changing the trajectory of your profits. With the rapidly multiplying types of media we have available today, this feedback can be found everywhere you look and can be shared way too quickly. It isn’t just on your company website anymore, it is now on social media, store sites, blogs, etc.  

You have grandma posting on Facebook and her granddaughter tweeting.  There are even companies without a product designed only for reviews such as Yelp, Angie’s List, Google Reviews, etc.   

Comment cards in the store are a thing of the past.  

Instead, I am going to instagram and post a disturbing photo of the dishwasher mess all over my kitchen. I won’t forget to caption my post with your business name on it either.     

I hate my terrible dishwasher from  YOUR COMPANY!

How can you and your company manage all that customer feedback?

So what can you do in this sea of internet chaos? You could spend every minute of every day trolling the internet looking for your name to spot up in random places. You could hire (and pay) a team of employees to maintain all of the comments or you could find another way to handle the onslaught. Ultimately, having a system already in place is a simple solution. A way to condense it all down and have it all in one space ready to pull up at any moment. 

You must Stay on Top of it All

This where the need for Enterprise Feedback Management comes into play. Instead of killing yourself by becoming a blob on the computer or paying a hundred employees for this simple task, you can have the work done for you. Enterprise Feedback Management is a system of software created for companies to collect and use all this valuable information.  This tool is able to hunt and gather for you. The best feedback manager is designed to be used by multiple departments or users in an organization.  You can quickly receive the information on your timeline too.  The information can be gathered when needed (think hourly, monthly). You are also able to get a concrete number evaluating the overall review accumulation.  

This is great…

However, with this new insight into the effectiveness of comments and feedback, you must now stay on task and know what is happening with your reputation and product.  Passive companies are no longer successful companies. Standing by and watching is not an option.

Know thyself, Know thy Customer

Who is your targeted customer? Knowing who you are directing your services towards and their perception of your product helps with outcomes now and in the future. Without knowing the voice of your customer, you are working in the dark. The voice of your customer is a term that describes your customers feedback about their experiences with your products and services. It helps focus on customer needs and expectations.  Thus, again, allowing you to improve your product and or customer service needs. Happy customers mean happy profits.  

Happy profits equate to a prosperous company.

Use that feedback

All companies that are using an Enterprise Feedback Management system are given the opportunity to improve.  These management systems are designed to stimulate large quantities of feedback or responses from your customers. A plan on implementing change with the feedback given is the next step needed. A successful plan will rely heavily on what happens with the customer feedback after collection. Taking time to consider how this customer interaction is dealt with must happen within the company itself.  Your results must be properly analyzed to help you hone in on those needs. This implementation must also happen within reason.  You need to consider your company size. If you want to develop effective change you need to delve out appropriate responses to individual departments. However, if your company is small, this undertaking might include a much simpler plan. You want to consider your customer needs and use the software in the plan to balance those needs required. Once this has been developed, the information is collected, and you now have to capability to analyze the responses with purpose. This follow through is essential. Using the invaluable information is where the change happens.

Even the good ones matter

Yes, yes, the positive reviews must also be analyzed. This great feedback enables you to continue doing your business well. Here you have the opportunity to develop a loyal customer. Following up with the positive reviews creates a relationship with that customer. These positive customers are also leaving those glowing feedbacks on your reviews for the world to see. This positive outcome brings potential customers to you. They advertise their happiness and create more business for your product. And because you followed up with them, they are likely to come back becoming a loyal customer. Loyal customers remember your excellent service and caring.

So, what about all those despondent customers?

The complete view you are able to receive by getting all kinds of different reviews in one systematic method allows you to know your customer. This is the gift of an Enterprise Feedback Management system, you are able to focus on what the unhappy customers are responding to in their disgruntled responses as well. These negative complaints can be your best assets for making your company great. They are an opportunity, not just a drag on resources. Once you receive the negative review, you are able to follow up with that customer and find the critical problem areas.  Sometimes, turning a negative customer into a positive one. People want to feel connected to a business. They want to like the company they are purchasing from and feel that the company actually cares. If you are able to follow up in a manner that is beneficial, it will matter. The negative reviews round out the whole picture.

It is Easy and Helpful

Enterprise Feedback Management gives you the opportunity to listen to your customers. By understanding their needs more effectively, you are able to serve them. You can utilize this tool to make needed improvements and impact your overall profitability.  

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