Six Tips for Turning Customer Feedback into a Powerful Business Tool

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Don't Lose Review Data in Departmental Silos

More than half of companies task their marketing or customer service teams with collecting and managing customer reviews. Often, these teams become the endpoint for valuable insights buried in review data, which can help identify issues in the supply chain, sales cycle or in product development. Establish an internal process for routing review data to various teams in your organization to put these insights to work and improve the customer experience moving forward.

Marketing pros love to talk about Big Data, and with good reason. Without Big Data insights, email campaigns, A/B testing initiatives and programmatic ads, personalized customer engagements and other efforts can prove even less valuable than the heavily branded ads that preceded them. However, many marketers continue to overlook their most valuable data source: their customers. This, even in the face of growing budgets dedicated to collecting and analyzing this data.

Perhaps the oversight results from the sheer volume of customer feedback available today. Social channels, support forums and review sites give every customer a chance to share his take on retail experiences, critique customer service and air his grievances with a brand's products. Harnessing this feedback, and welcoming even the most negative of customer reviews, can be daunting. Yet, those reviews have a proven influence. According to a recent survey conducted in part by Censuswide, 62 percent of consumers are more likely to do business with a company after reading a positive review, and one in five will go on to spend at least 10 percent more with that company.

So, how can your brand listen, measure and act on the VoC in order to turn customer feedback into a powerful business tool? Peter Holten Muhlmann, CEO of Trustpilot, has identified six tips to help your organization take advantage of Big Data opportunities.

Peter Mühlmann founded Trustpilot in 2007 and has been the main driver behind the company's continuous global expansion. In 2013, Peter was named Danish Entrepreneur of the Year by Ernst & Young.

 

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