As your business grows, chances are the bottom line doesn’t match up as closely as you’d like with the front line. What we mean is that face-to-face interactions happen less and less as a business grows, whether B2B or B2C, and customer retention strategies become more convoluted. This creates disconnect between you and your customers.
Predating the age of instant customer feedback and social media interaction, Enterprise Feedback Management (EFM) systems have long been used to gather feedback from conversions, analyze the aggregate and standardize customer service solutions across a larger organization. For many businesses, from the largest, worldwide operations to midsized businesses with more modest budgets, an EFM system can be the difference between a business that fails due to customer criticism and a business that exceeds because of customer recommendations.
What is an EFM Program?
Enterprise feedback management is the name used for the software or automated programs that collect and manage customer feedback, aggregate data, and report results – and may also tease out solutions to trends found within that data.
Have you ever bought a product or service and then immediately received a survey asking you to rate and answer questions about your experience? It’s likely that these follow-ups have been generated automatically by an EFM program.
These tools are nothing new; they’ve been around since long before the dawn of social media or on-site reviews. What’s remarkable is how they’ve innovated to stay competitive in a growing market for multi-channel solutions.
A New Age of EFM Analytics
When social media grew as one of the preferred methods for consumers to interact with companies, the makers of EFM software found it less easy to encompass all feedback and generate customer insight. As a response, EFM programs evolved to collect and separate feedback data, and then generate insight and allow output to be standardized across all aspects of the business.
This resulted on almost all major companies relying on EFM data; the leading providers of EFM data are relied upon by thousands of corporations worldwide to manage huge loads of incoming customer feedback, and by most of the top business schools. The reason? Without software in place to collect and parse feedback, measure loyalty, and build insights on customer relations based on market research, companies would have to commit a large portion of their overhead budget to make discoveries currently handled by EFM systems.
Unfortunately, this leads to a misconception that EFM is only attainable by the largest businesses. By using affordable, flexible software like SurveyGizmo, even small and midsize businesses can enjoy the benefits of a robust, customizable EFM system.
What Benefits are Carried by EFM Software?
For a business of any size, having access to an effective method of measuring the performance of your teams’ interactions with customers and decision makers in all industries makes EFM a useful tool.
Modern EFM programs go far beyond basic customer feedback, bundling business feedback from multiple channels and areas, including employees, partners and social media, among others. Here are a few unique benefits to developing an EFM program for your business:
Build Sophisticated Customer Profiles
Creating customer personas has already been established as an effective strategy of understanding the audience of a particular business; EFM simply allows companies to be more accurate and specific with the various demographic and behavioral features of their customers, and better target likely conversions.
For example, you can ask key questions about positive or negative feedback coming from different customer groups and the data that an EFM system provides can tell you what to change in your customer interaction strategies, leading to…
Fewer Negative Reviews and Less Negative Feedback
When a business has a system in place to compile and interpret data to better understand the errors in their customer interactions, they can better target the consumer and address reservations that the customer might be having with the conversion process.
If negative feedback is addressed and policies are changed whenever possible to address customer concerns, negative feedback will become more and more infrequent, allowing your business to foster a set of more positive customer interactions. Customers expect their concerns with a business to be addressed quickly and completely allowing for the creation of…
An Increase in Customer Loyalty over the Long Term
Strong interactions with customers produces brand loyalty as a direct result. Much of customer service is about the human experience at the point of sale, the interaction with a salesperson and the ease of the process. When customers have a positive experience with a business, they’re likely to have a positive view of said business and return the next time they wish to make a purchase in your industry.
But Aren’t EFM Systems Only Optimal for Large Businesses?
This is a common misconception based on the price of the traditional EFM softwares. If you don’t do billions in revenue annually, it’s likely that it isn’t cost effective to use one of the systems relied upon by the largest companies in the world.
For midsized businesses, however, there is now a cheaper option. SurveyGizmo collects and analyzes customer survey data and integrates with other useful tools for small and midsized business, making EFM programs more accessible to businesses smaller than Fortune 500s.
Tools like SurveyGizmo have been relied upon by smaller and midsized businesses for some time, because they generate reports and insights that are simply crucial to successful customer relationship management (CRM) strategy and market research. Targeted surveys and intuitive market research creates a simple-to-use platform through which businesses of any size can manage their customer base and learn from key insights generated from customer surveys.
We’ve blogged about the importance of CRM strategies like those offered by Salesforce in the past, and talked about the benefit of creating customer feedback channels through SurveyGizmo’s intuitive platform, integrated with Salesforce’s CRM platform for increased understanding of effective customer service strategies; using SurveyGizmo’s innovative tools can be heightened an extra notch with the analysis and data reporting made possible for any sized business with any budget.
SurveyGizmo allows all business to have access to an EFM program, to glean more insight from customer surveys and general feedback, in turn increasing the effectiveness of advanced market research.