Collecting and analyzing customer feedback is not “good enough”. It can make or break a business. Ultimately, this drives customer loyalty and retention and, most importantly, revenue growth. Customer feedback can lead to a 20% increase in customer satisfaction and a 12% increase in customer retention (Forrester Research 2022).

While capturing customer feedback is one thing, analyzing customer feedback is the most important part. After all, you need to understand, analyze and use feedback to reveal its potential. Simply put, it can:

  • Improve customer engagement: Even with website engagement tracking, you can make changes to improve customer experience.
  • Improved communication: This allows you to have an open conversation with customers, so they leave with a positive experience – and are more likely to stay with you and support you.
  • Improve strategic thinking: You can apply this data to influence all other aspects of the business, from strategic thinking to product development and marketing.
  • Increased efficiency: You can streamline many business functions such as sales forecasting and lead tracking, allowing you to focus on analyzing customer feedback and taking action.

Fortunately, there are tools designed to help analyze customer feedback. Let’s go over a few hacks in the following steps. To help you get started, here’s an easy-to-follow four-step process for increasing your revenue through customer feedback surveys.

Step 1: Depend on CRM for easy analysis

With a CRM system, you can gather all this information in one central place, which is essential for conducting a comprehensive and in-depth analysis of customer feedback. CRM can help you conduct customer feedback surveys.

Step 2: Think about data capture

There are many ways to capture this information, thanks to the many communication channels we have now. Some require direct customer contact, others focus on customer journey analysis.

Now, that can be scary. How is it possible to capture and compile all this information and conduct a customer feedback survey? The simple answer is a good CRM system.

Step 3: Measure the success

With many highly visible ways to visualize this information, you can ensure that you have the right focus to share money, products, and sales. And those who are involved in high-level businessmen. And the most exciting thing is to be able to evaluate the impact of each change made, based on the analysis of customer feedback.

With regular reporting programs, you can see the impact of changes in customer satisfaction levels over time. And money.

Step 4: Share insights from customer feedback analysis

Once you have captured and analyzed the information, the next very important step is to go through the results with team members. This is another place where CRM systems come in handy. Multiple team members can view the information and you can assign them to perform follow-up tasks, such as providing direct complaint-tracking services.