How Product Feedback Is Key to Product Success

How Product Feedback Is Key to Product Success

It’s no secret that insights from customer feedback can drive product success. But with so much product feedback floating around it’s not always easy to know which product ideas you should prioritize.

In a post-pandemic world, product managers are having to adapt quickly. They’ve seen huge changes in consumer habits and shifts in business operations, which has led to complete product overhauls in some industries.

It’s not surprising, then, that product teams are feeling overwhelmed and struggling to keep up with customer demands.

To keep on top of product feedback, and adjust to new norms, you’ll need a versatile product feedback strategy and the right product feedback tools so you can validate and update product ideas on the go.

In this post, learn why it’s important to collect product feedback and discover strategies for gathering customer feedback. Finally, explore the tools making it easier to manage your product feedback.

Why Is Collecting Product Feedback Important?

Product feedback might be requested before a product launch to help develop a product, or after a product launch while a customer is experiencing the product. It can focus on specific product features, or the overall product experience, and helps improve a product over time.

Every product decision you make should reflect your customers’ needs, and collecting product feedback can help you understand what those needs are.

Once you’re able to put yourself in your customers’ shoes, you can:

1. Improve your products

By collecting product feedback regularly and over time, you’ll be able to pinpoint exactly what your customers need, and what they like or dislike about your products.

If you want to know whether you should update an existing feature, improve the user experience, or even launch a new product, you’ll need to dig in deep with product feedback tools for the answers. Advanced AI techniques, like sentiment analysis, can be a great starting point to quickly detect what your customers love or hate about a product or feature, and deliver granular insights that are often missed through manual analysis.

2. Let customers know you’re listening

Once you’ve collected product feedback and implemented changes, it’s important that you close the feedback loop, to let customers know you’re listening, but also to encourage them to spread the word about your brand.

3. Go above and beyond your competition

Collecting and analyzing customer feedback about your products will help you respond directly to your customers needs and put you one step ahead of your competitors.

But you can go even further to collect customer feedback about your competition from public sources, like online review sites, social media platforms, and more. That way you can identify gaps in your competitors’ product offerings and use them to your advantage.

4. Acquire new customers and prevent churn

Collecting product feedback won’t just help you improve products, it will also lead to higher customer satisfaction, increased customer acquisition, lower customer churn and, ultimately, higher revenue.

Strategies for Collecting Product Feedback

COVID-19 has forced customers to adapt to new lifestyles and habits, which means their needs have also changed – and continue to change. To make sure you can keep up with your customers’ changing needs, you’ll need to collect regular product feedback – and use it to drive good product decisions and development – and engage with customers on a new level.

Product managers, in particular, will need to effectively manage customer feedback, so that they’re able to adapt to changing needs and validate their product decisions and ideas before and after a product launch.

Below, we’ve outlined some agile strategies for collecting feedback that can be used to achieve the short- and long-term goals for your product.

Some product feedback strategies you don’t want to miss out on:

Customer collaboration

Co-creating products has proven to be a successful strategy for collecting product feedback in the past, and one that should be replicated in a post-pandemic world. Collaborating with customers might involve sending out customer surveys to get quantitative and qualitative product feedback, or engaging with customers in messaging apps, Slack communities, and on social media.

Some companies, like Ikea and Lego have gone a step further and created co-creation platforms and reward incentives to encourage customers to get involved with product ideation and creation.

This approach to product creation puts the customer at the center of your business, and helps engage them in new ways, improve the customer experience, and reassures customers that you’re listening.

Get feedback post-launch, at every stage of the product journey

You can only find out what customers think about your product once they’ve experienced it. Asking for product feedback immediately post-launch is a crucial step in your product development process. But you’ll also need to gather feedback during different stages of the product experience, because customer needs and expectations evolve over time.

In uncertain times, you might decide to launch a minimum viable product (MVP) – a product with just enough features to satisfy early adopters – on product curation websites, like ProductHunt. This is a particularly useful, learn-by-doing strategy, often adopted by software companies, because it’s expensive to launch a new product with multiple features. By collecting valuable user feedback early on, product teams can make sure they are meeting the needs of their customers, and reduce the risk of launching a product that fails.

Collecting product feedback from your target customers post-launch helps you quickly gauge what is working well and what should be done to make their experience better. You can send product satisfaction surveys, or use multivariate user testing to collect behavioral data. This will help you easily validate particular aspects of a product, but you might still want to back up this data with qualitative insights.

Qualitative customer feedback, like open-ended responses, social media comments, and customer service feedback, often provide deeper insights, and can tell you exactly why a customer likes or dislikes a feature, and what they’d like to see improved.

Monitor real-time product feedback

In-app feedback surveys are great for collecting instant product feedback while the user is experiencing your product, but you’ll only get insights on the topics that you propose. That’s why it’s also important to monitor unsolicited product feedback in real time, like social media comments, online reviews, and chats. These unsolicited opinions will provide your product teams with a wide range of insights that cover topics you may not have even considered.

AI tools, like MonkeyLearn can constantly monitor, analyze, and interpret product feedback, so you can quickly innovate and respond to real-time feedback on the go. Named entity recognition (NER), for example, can be trained to recognize your product name, so you’ll be alerted and the related data collected, every time it’s mentioned across the internet.

Combining NER with topic classification can discover specific product features that your customers mention. Then, using sentiment analysis, you’ll be able to instantly detect which aspects of your business are seen as positive and which negative. Clearly, the features that your customers dislike will be the ones you prioritize.

Make the Most of Your Product Feedback

Collecting product feedback is only the beginning.

You’ll need to implement a solid product feedback loop that enables you to perform in-depth analysis on your customer data, take action, and close the loop.

It’s important to choose an agile strategy for collecting product feedback, so that businesses can quickly respond to changing needs and create products that their customers love. And collecting both quantitative and qualitative product feedback on the go, and at different stages of the product journey, will help you fully understand what those needs are.

Quantitative product feedback is straightforward to collect, and feedback tools like Net Promoter Score (NPS) and CSAT surveys provide quick and comprehensive visuals of your data. However, they don’t analyze the qualitative feedback found in open-ended questions. To analyze this data, whether from social media comments, open-ended responses, or online reviews, you’ll need to tune into advanced AI tools like MonkeyLearn.

Schedule a demo today, to see how MonkeyLearn can help you analyze huge amounts of product feedback and deliver insights that will ensure you create the right products for your customers.

Rachel Wolff

February 4th, 2021

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