What is enterprise feedback management?
Enterprise feedback management (EFM) describes the processes and software used to collect and manage customer feedback at an enterprise-level organization.
EFM gives an organization – departments like product management, marketing, and customer success – the actionable insights they can use to improve their services, products, and customer experience. EFM becomes increasingly valuable at a large organization that wants to understand its relationship with customers better but is battling things like information silos, complex customer segments, and disjointed communication channels.
Benefits of EFM
EFM helps companies open a dialogue with their customers through quantitative and qualitative survey data so they can better understand their needs, pain points, level of satisfaction, mindset, etc. This, in turn, helps improve several key performance indicators across the business, including customer acquisition, lifetime value, retention, and advocacy. Specifically for product management, EFM can be used to inform the product roadmap.
Specific benefits include
- Fixing product defects and usability issues
- Prioritizing new features/products that align with customer needs
- Creating a consistent customer experience across touchpoints
- Finding and fixing gaps in customer support and onboarding
- Improving customer-facing employee training and performance
EFM solutions help companies manage customer feedback. This includes collecting, organizing, analyzing, and disseminating customer feedback so that it is actionable. EFM solutions include the following features:
- Survey creation: To solicit customer feedback, EFM tools let you build surveys that you can deliver across customer touchpoints, including email, SMS, web, and in-product.
- Survey delivery: Send surveys to targeted customer segments and trigger surveys based on customer actions, customer types, specific points in time, etc.
- Auto responses: Automatically respond to customers based on their survey answers.
- Data Analysis: Advanced EFM tools will analyze the data to identify trends. They may also provide predictive insights.
- Centralized Analytics: EFM solutions store and organize data so stakeholders have the ability to access the data and insights gathered from customer surveys easily.
- Integrations: Some EFM tools will integrate with other information systems like CRMs.
Essentially, EFM helps companies understand themselves from a customer’s point of view. This perspective is the foundation of a customer-centric business and, when leveraged effectively, can positively impact just about every aspect of the customer experience and the company’s bottom line.