HOW TO DERIVE BENEFITS FROM CLIENT FEEDBACK?

Publish date:

• 13th December, 2023

“You can’t delegate growth or customer satisfaction.” —  Quote by Jeffrey R. Immelt, former CEO of General Electric.

Client feedback is a very strong tool for companies that are looking for growth. It provides valuable revelations into what excites clients so companies can enhance their goods & services. In this blog, we write about how to obtain & simply run client feedback analysis. Client feedback and its study work wonders for businesses and their success. And how monday.com is the tool to make it happen the digital-first way.

How does client feedback analysis affect the company's financial bottom line?

• Enhance client engagement: Even with website engagement tracking, businesses can make modifications to enhance client experiences. With a careful study of the feedback received, an agile company will be quick to make any changes to keep clients happy if there is dissatisfaction.

• Improve communication: Businesses get the much-needed chances to indulge in open dialogues with clients, so they feel “heard” and appreciated. This leads them to feel delighted as in customer delight. Therefore, they will stay loyal to brands that value them and become “unofficial ambassadors” for the brands and businesses that go the extra mile thanks to customer feedback analysis.

• Enhance strategic thinking: Use the feedback collected to the other areas of the business, such as strategic thinking to goods development, right up to marketing or sales. Every company can formulate plans/strategies etc based on the feedback received via different means from clients.

• Enhanced efficiency: Businesses can optimise many activities such as sales forecasting & prospect tracking, allowing the management or team to focus on analysing the client feedback analysis and being an action hero.

Collecting and studying client feedback should be part of good practices in a business. It can make or break a company. In the long run, it fuels client loyalty, client retention, and enhanced revenue.  An increase of nearly 20% in client satisfaction and about 10% improvement in client retention as per a study - by Forrester Research in 2022. Acquiring client feedback is important but so is its study to make sense and take remedial action. Businesses need to understand, study, and use the feedback to get it to work for you, your business, and its success.

How to derive benefits from client feedback and its analysis?

1. With the use of a CRM system, businesses can consolidate all feedback into a unified location, so no data is lost. This data is available in the form of reports etc. for analysis.

2. Seek client feedback from different ways such as surveys, client interviews, online reviews, and so on.

3. Share the analysis of client feedback with the entire organization. This can lead to reflection, brainstorming, course correction, and so on.

This is where a tool like monday.com comes into play to study customer feedback as well as keep clients happy so they remain loyal & by your side. For more details on this business tool of choice, call us for a demo cum discovery session with our expert team.

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About the Author

Rahul Ray

Rahul is a seasoned consultant in travel, transport and hospitality sector subject matter expert with over 20 years of experience and constantly challenging himself to re-define travel distribution and channels, Dedicated Son, Love Nature and Politics both