Building strong customer feedback loops into your product is the key to becoming an effective Product Manager. They assist you in determining where you may be losing clients and how to address their concerns. You’ll need them to gain a better grasp of how users interact with your product.
Many businesses understand how to gather consumer feedback. The actual challenge is figuring out how to build continuous feedback loops that give useful, actionable data that can help with strategic goals. Customer feedback loops essentially assist you in determining how successfully your product satisfies your user’s problem.
First things First
What are Feedback Loops?
Let us look at a few of them.
- “Build-measure-learn”
Eric Ries explains in his book “lean startup” http://theleanstartup.com/, the “build-measure-learn” process:
Build-Measure-Learn may sound simple, but it’s proven a game-changer for companies that have previously produced goods without soliciting feedback from potential consumers. Companies would occasionally strike it rich, but many would end up creating complex goods that no one needed.
It follows :
Building a product
Measuring consumer metrics
Learning from them to better respond to customer needs and enhance the product for the company’s long-term viability.
- The Net Promoter Score (NPS)
A market research metric that determines the chance of your consumers promoting your business to their friends and family. It is a predictor of consumer happiness, brand loyalty, and customer experience. The Net Promoter Score (NPS) is used to categorize customers and assist organizations in improving their customer experience.
- Customer Effort Score (CES)
The Customer Work Score (CES) is a single-item statistic that determines how much effort a customer must put in to resolve a problem, complete a request, return a product, or get a question answered.
Important things to keep in mind when building CES Surveys:
- Optimize for Mobile
- Automated Triggers
- Keep it Simple
- Share your data
- Customer Satisfaction Score (CSAT)
It stands for Customer Satisfaction Score, and it measures how satisfied your consumers are with your product overall. This story can be told as a pop-up or as a link to a landing page that consumers are sent to after getting the job done. It can also be sent out as a component of a bigger survey if you’d like more in-depth information.
There are a few other methods as well:
Social media:
Social media is a wonderful illustration of how marketing can help Product Managers. Facebook and Twitter, for example, are great ways to reach out to your consumers in a method that they’re already familiar with. They’re more likely to say what they truly believe, rather than what they believe you want to hear.
Following up with ex- customers
Many subscription-based businesses need a cause for cancellation before allowing consumers to proceed, with the ability to give further feedback in the form of comments. This will assist you in better comprehending your churn rate.
Closed Beta
Another option is to run closed betas. A closed beta is a great way to get feedback. It allows you to observe what performs effectively in your application and aids in understanding the tasks that your consumers are attempting to do. Your beta testers and their input have a huge impact.
User Interviews
User Interviews may help you sympathize with your consumers by providing you with a detailed knowledge of their beliefs, opinions, and experiences. It helps you understand users perspectives which will in return help you enhance your product.
Employee opinions
Within your organization, different perspectives may bring important — and sometimes surprising — insights. And these insights when taken into consideration can help you make relative enhancement and changes in the products itself. As much as user’s point of view is important, so is of the employees.
Webinars
Webinars are an excellent method to get feedback from your consumers. It’s a fantastic method to ask for specific feedback since the audience is there with you, benefiting from you, and you’ve created a level of trust via your interactions.
The importance of feedback is the synthesis of the learnings from that feedback, not just the things that consumers have asked. Take action based on the input! It’s time to put all that important knowledge to use once you’ve talked to your consumers, asked for their input, gathered the data, and shared it with your organization. If all you do is ask questions and make no adjustments, it’s a waste of time.
To sum it up, you can provide your consumers a more tailored experience if you develop a feedback loop culture. Customers will have a better overall experience if you provide them with a tailored experience. They will not leave if they have a better customer experience. If they don’t leave, they’ll share their pleasant experience with others about how much they like using your product or service. And if they share with other, that’s even better. You are just attracting more potential customers!
