Any business that ignores customer feedback is undoubtedly on its deathbed. Particularly for SaaS companies, disregarding customer feedback spells disaster.
As a B2B SaaS company, you must continually hone your services to elevate customer satisfaction and customer success. The only way to keep your customers happy is by delivering products and services that tick all their boxes. And this is only possible by seeking customer feedback and acting on it.
That’s why you need a concrete feedback management strategy to help you source feedback from customers and assimilate the data into your product development and improvement processes.
Before we dig into the nitty-gritty, let’s first define customer feedback management (CFM).
CFM: What Is It?
Feedback management is the process of gathering customer feedback, analyzing the feedback data, and leveraging the data to improve your products and services. Customer feedback management tools enable you to track your customers’ suggestions, complaints, reviews, requests, and new product ideas in real-time.
How Does Your SaaS Company Benefit From Tracking Customer Feedback?
Collecting customer feedback gives your SaaS business the upper hand in many ways. Here are some of the advantages of tracking feedback.
1. Facilitates Customer-Focused Product Development and Improvement
First-hand feedback from customers who utilize your software services to get their job done is invaluable because it gives you a true and fair view of your product’s value. Consequently, when designing new products or making feature tweaks, you’ll be guided by the customers’ point of view. This way, every update you make will iron out your customers’ pain points conclusively.
2. Tracking Feedback Data Informs Selective Spending
Analyzing feedback data establishes the specific snags you need to resolve. Instead of investing money in every direction, you back the solutions that’ll improve your services and increase your ROI. This boosts customer success as well as your bottom line.
3. Gathering Feedback Data Helps You Refine Customer Experience (CX)
Positive and negative feedback unveils the merits and flaws of your services and products. Hence, you can execute changes to work out the negative parts and build on the good parts. Ultimately, this will enhance CX and alleviate customer churn.
4. Customers Feel Heard When You Act On Their Feedback
When you incorporate customers’ ideas and suggestions in your digital products, they’ll know you indeed took the time to listen to their voices. These customers will reward you by being loyal to your company.
Considering that 91% of customers who don’t complain simply leave, you should cherish the loyal customers who care enough to leave feedback. Actualizing their feedback is the best way to show these customers you value their point of view.
Here’s How to Do Feedback Management Well
The customer feedback management process follows four sequential stages, as detailed below.
Step 1a: Listening for Feedback in Everyday Interactions
Your customer support, success, and sales teams gather valuable insights from their daily interaction with customers. By listening to customers, these teams collect actionable feedback that guides your product improvement process.
The key to success here is having a mechanism to collect all of the feedback and input from frontline teams. Armed with these insights, you can create a very natural feedback management process that is part of day-to-day operations.
Step 1b: Asking Customers for Feedback
When you need more input, you can always ask customers for feedback. You approach customers and ask them specific questions regarding their experience with your products. The idea is to capture more feedback and blend it with the data collected by your frontline teams.
There are many survey mediums you can use to reach out to your customers. You should use the method that advances your intent best. Here are some of the survey mediums you can use:
- Online and in-app surveys
- Feedback boxes
- SMS, emails, or phone calls
- Net promoter score (NPS)
You must frame and ask the right questions following your overarching objectives. On the whole, your customer feedback questions should seek to understand:
- The overall level of customer satisfaction
- Customer service problems that inhibit CX
- Product issues that hinder CX?
When using a survey, you should make sure your survey is apparent, easy to submit, and user-friendly.
Step 2: Analyzing and Categorizing the Feedback Data
To analyze feedback data efficiently without suffering information overload, it’s best to group the data into simplistic categories. Let’s say your customer feedback questions focused on product issues. In that case, you may cluster your feedback data under:
- Primary bugs and defects
- Secondary bugs and defects
- Feature requests
- Usability suggestions
- Big new ideas
It will make data analysis so much easier for your technical and customer success teams. Even better, you can use customer feedback software to automate the entire process.
Step 3a: Prioritizing the Customer Feedback
After analyzing feedback, you may group it into two broad categories — actionable and non-actionable feedback. You should only prioritize the actionable feedback because it adds value to your products, and gets you the desired results. Many businesses also take a view of what can be acted on quickly vs. requires longer-term effort.
Actionable insights enable you to:
- Swing into action and improve your software services purposely
- Measure whether your current strategies are panning out
- Validate business assumptions
On the other hand, non-actionable insights circle around issues you already know and may not add value to your software. Hence, non-actionable feedback should be low on your priority list.
Step 3b: Applying the Customer Feedback
This is the most intensive and crucial part of the feedback management process. Here, you get down to business and act on the actionable feedback. Your engineering and customer success teams must work hand in glove to incorporate customer feedback into the product and overall experience. They should also accommodate insights and data from your employee feedback management system. Both teams must have a clear picture of the expected outcome from the modifications.
Step 4: Following Up
It’s only courteous to reach out to the customers who provided feedback to let them know you’re acting on their ideas. Making follow-ups proves that you’re genuinely a customer-centric company.
Surprisingly, researchers found out that 43% of customers fail to leave feedback because they’re not sure businesses care. When you make follow-ups, customers are convinced that you appreciate feedback and will be more responsive to your future surveys.
When you do feedback management right, you’ll keep your customers happy and satisfied. As a SaaS company, your greatest asset is delivering an exceptional customer experience through your services. This means you must collect and implement customer feedback consistently, and that’s why you need a solid customer feedback management strategy.
Fortunately, you can leverage this guide to ace your feedback management process. Or you can do one better and utilize Quala to capture feedback from interactions frontline teams are already having with customers.
Quala’s Customer Success Platform
Quala organizes observations and insights from frontline Customer Success Managers so you can systematically track customer feedback in real time, and layer it on top of product usage data, customer revenue data, and more for a richer understanding of your customers and their needs.
Learn more and request a demo today.