Robi Ganguly (CEO at Apptentive - Customer Feedback Platform) talks about how to think about your "feedback funnel" and feedback conversion rate to generate more revenue.
Leveraging the customer's perspective (through customer feedback) is really important to improving each of a company's funnels (sales, marketing, product development, etc.) because the feedback loop accelerates your development.
Typically we think about increasing the conversion rate for each of our funnel. But we do not think about increasing our "feedback conversion rate" and sometimes not even about the concept of a "feedback funnel".
Channels (ie. helpdesk emails, app store reviews, social media or a 1-800 number) are disjointed feedback streams often run by separate teams. It does not reflect a coordinated funnel which makes it hard to connect the dots and get a sense of the conversion rate.
Looking at large B2C companies - divide the number of people providing feedback (regardless of the feedback channel) by the total number of customers of that company and that "feedback conversion rate" is typically <1%.
The opportunity is in tapping into the silent majority of your audience and in so doing, tapping into learnings that can accelerate your business and grow revenue.
Being proactive in asking for feedback can result in a significant increase in Feedback Conversion Rate, from <1% to ~24%.
A lot of companies have narrowed their feedback funnel so much that the NPS score they are getting is representative of a minority and therefore appears much higher than it is. .
By listening to the same customers over time you develop a truer, more complete picture of their shifts in emotion thus helping you predict churn and providing learnings on how to evolve the product and generate revenue.
Leveraging the customer's perspective (through customer feedback) is really important to improving each of a company's funnels (sales, marketing, product development, etc.) because the feedback loop accelerates your development.
Typically we think about increasing the conversion rate for each of our funnel. But we do not think about increasing our "feedback conversion rate" and sometimes not even about the concept of a "feedback funnel".
Channels (ie. helpdesk emails, app store reviews, social media or a 1-800 number) are disjointed feedback streams often run by separate teams. It does not reflect a coordinated funnel which makes it hard to connect the dots and get a sense of the conversion rate.
Looking at large B2C companies - divide the number of people providing feedback (regardless of the feedback channel) by the total number of customers of that company and that "feedback conversion rate" is typically <1%.
The opportunity is in tapping into the silent majority of your audience and in so doing, tapping into learnings that can accelerate your business and grow revenue.
Being proactive in asking for feedback can result in a significant increase in Feedback Conversion Rate, from <1% to ~24%.
A lot of companies have narrowed their feedback funnel so much that the NPS score they are getting is representative of a minority and therefore appears much higher than it is. .
By listening to the same customers over time you develop a truer, more complete picture of their shifts in emotion thus helping you predict churn and providing learnings on how to evolve the product and generate revenue.
Leveraging the customer's perspective (through customer feedback) is really important to improving each of a company's funnels (sales, marketing, product development, etc.) because the feedback loop accelerates your development.
Typically we think about increasing the conversion rate for each of our funnel. But we do not think about increasing our "feedback conversion rate" and sometimes not even about the concept of a "feedback funnel".
Channels (ie. helpdesk emails, app store reviews, social media or a 1-800 number) are disjointed feedback streams often run by separate teams. It does not reflect a coordinated funnel which makes it hard to connect the dots and get a sense of the conversion rate.
Looking at large B2C companies - divide the number of people providing feedback (regardless of the feedback channel) by the total number of customers of that company and that "feedback conversion rate" is typically <1%.
The opportunity is in tapping into the silent majority of your audience and in so doing, tapping into learnings that can accelerate your business and grow revenue.
Being proactive in asking for feedback can result in a significant increase in Feedback Conversion Rate, from <1% to ~24%.
A lot of companies have narrowed their feedback funnel so much that the NPS score they are getting is representative of a minority and therefore appears much higher than it is. .
By listening to the same customers over time you develop a truer, more complete picture of their shifts in emotion thus helping you predict churn and providing learnings on how to evolve the product and generate revenue.
Notes for this resource are currently being transferred and will be available soon.
Large companies are very fluent in funnels:
But these inherently miss a really important piece = the customer
[💎@04:03] Leveraging the customer's perspective (through customer feedback) is really important to improving each of a company's funnels (sales, marketing, product development, etc.) because the feedback loop accelerates your development.
[💎@05:05] Typically we think about increasing the conversion rate for each of our funnel. But we do not think about increasing our "feedback conversion rate" and sometimes not even about the concept of a "feedback funnel".
[💎@06:05] Channels (ie. helpdesk emails, app store reviews, social media or a 1-800 number) are disjointed feedback streams often run by separate teams. It does not reflect a coordinated funnel which makes it hard to connect the dots and get a sense of the conversion rate.
[💎@07:07] Looking at large B2C companies - divide the number of people providing feedback (regardless of the channel) by the total number of customers of that company and the conversion rate is <1%.
Do not try to limit feedback. In doing so, you generate a vocal minority that is vastly skewed toward either extremely negative feedback or extremely positive feedback,. Encourage feedback.
[💎@08:00] The opportunity is in tapping into the silent majority of your audience and in so doing, tapping into learnings that can accelerate your business and grow revenue.
[💎@09:00] Being proactive in asking for feedback can result in a significant increase in Feedback Conversion Rate, from <1% to ~24%.
This is now almost a 1 in 4 conversion rate as opposed to a 1 in 100 conversion rate.
[💎@09:32] A lot of companies have narrowed their feedback funnel so much that the NPS score they are getting is representative of a minority and therefore appears much higher than it is.
Mobile has a superpower!
[💎@10:05] By listening to the same customers over time you develop a truer, more complete picture of their shifts in emotion thus helping you predict churn and providing learnings on how to evolve the product and generate revenue.
Large companies are very fluent in funnels:
But these inherently miss a really important piece = the customer
[💎@04:03] Leveraging the customer's perspective (through customer feedback) is really important to improving each of a company's funnels (sales, marketing, product development, etc.) because the feedback loop accelerates your development.
[💎@05:05] Typically we think about increasing the conversion rate for each of our funnel. But we do not think about increasing our "feedback conversion rate" and sometimes not even about the concept of a "feedback funnel".
[💎@06:05] Channels (ie. helpdesk emails, app store reviews, social media or a 1-800 number) are disjointed feedback streams often run by separate teams. It does not reflect a coordinated funnel which makes it hard to connect the dots and get a sense of the conversion rate.
[💎@07:07] Looking at large B2C companies - divide the number of people providing feedback (regardless of the channel) by the total number of customers of that company and the conversion rate is <1%.
Do not try to limit feedback. In doing so, you generate a vocal minority that is vastly skewed toward either extremely negative feedback or extremely positive feedback,. Encourage feedback.
[💎@08:00] The opportunity is in tapping into the silent majority of your audience and in so doing, tapping into learnings that can accelerate your business and grow revenue.
[💎@09:00] Being proactive in asking for feedback can result in a significant increase in Feedback Conversion Rate, from <1% to ~24%.
This is now almost a 1 in 4 conversion rate as opposed to a 1 in 100 conversion rate.
[💎@09:32] A lot of companies have narrowed their feedback funnel so much that the NPS score they are getting is representative of a minority and therefore appears much higher than it is.
Mobile has a superpower!
[💎@10:05] By listening to the same customers over time you develop a truer, more complete picture of their shifts in emotion thus helping you predict churn and providing learnings on how to evolve the product and generate revenue.
Large companies are very fluent in funnels:
But these inherently miss a really important piece = the customer
[💎@04:03] Leveraging the customer's perspective (through customer feedback) is really important to improving each of a company's funnels (sales, marketing, product development, etc.) because the feedback loop accelerates your development.
[💎@05:05] Typically we think about increasing the conversion rate for each of our funnel. But we do not think about increasing our "feedback conversion rate" and sometimes not even about the concept of a "feedback funnel".
[💎@06:05] Channels (ie. helpdesk emails, app store reviews, social media or a 1-800 number) are disjointed feedback streams often run by separate teams. It does not reflect a coordinated funnel which makes it hard to connect the dots and get a sense of the conversion rate.
[💎@07:07] Looking at large B2C companies - divide the number of people providing feedback (regardless of the channel) by the total number of customers of that company and the conversion rate is <1%.
Do not try to limit feedback. In doing so, you generate a vocal minority that is vastly skewed toward either extremely negative feedback or extremely positive feedback,. Encourage feedback.
[💎@08:00] The opportunity is in tapping into the silent majority of your audience and in so doing, tapping into learnings that can accelerate your business and grow revenue.
[💎@09:00] Being proactive in asking for feedback can result in a significant increase in Feedback Conversion Rate, from <1% to ~24%.
This is now almost a 1 in 4 conversion rate as opposed to a 1 in 100 conversion rate.
[💎@09:32] A lot of companies have narrowed their feedback funnel so much that the NPS score they are getting is representative of a minority and therefore appears much higher than it is.
Mobile has a superpower!
[💎@10:05] By listening to the same customers over time you develop a truer, more complete picture of their shifts in emotion thus helping you predict churn and providing learnings on how to evolve the product and generate revenue.
