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Obtaining and maximizing market feedback
- 1. Obtaining and Maximizing Market Feedback Compiled & Presented by Florence O. Idowu Florence.idowu@outlook.com 17th June, 2020
- 2. OBTAINING MARKET FEEDBACK Yes No Data Analytics: gathering and interpreting
- 3. What is Market • Market Feedback (M.F) is also known as Customer Feedback (C.F) • M.F or C.F are information gathered directly from customers • They express the satisfactory level of a product or service • Market feedback can only be retrieved through market research
- 5. 1. Surveys 2. Feedback boxes 3. Reach out directly 4. User activity 5. Usability Tests 6. Networking
- 10. • Video recordings of sessions •Log collection and analysis • Network packet inspection • Keystroke logging •Kernel monitoring • File/screenshot capturing Example of UAM software includes but not limited to: Salesforce, Oracle, Paycom, PeopleSoft, Workday, Tableau etc
- 14. Do these to improve customers support • Practice Active Listening. ... • Learn to Empathize With Your Customers. ... • Use Positive Language. ... • Improve Your Technical Skills. ... • Know Your Products and Services. ... • Look For Common Ground. ... • Communicate Clearly. ... • Measure and Analyze Customer Feedback.
- 15. MAXIMIZING MARKET FEEDBACK Data Analytics: analyzing and utilizing
- 16. Data Analytics is a systematic process used to gain information that drives business decisions, optimize business processes, reduce expenses, minimize risks, and increase revenues. It is often refer to as Business Analytics, Business Intelligence or Market Feedback Analysis (MFA). Most data-driven companies treat their data as a corporate asset and leverage it for competitive advantage.
- 17. The Five Stages of Data Analytics
- 18. 5 Steps to Building a Data-Driven Business 1. Create data infrastructure 2. Define data strategy 3. Prepare data 4. Visualize data 5. Analyze data
- 19. 4 Ways to Successfully Leverage Data into Value 1. Visualization and analytics of performance data 2. Visualization and analytics of customer data 3. Analytics of operations data 4. Telemetry and monitoring for in-house systems
- 20. 5 Quick ways to interpret and transform data into value 1. Invest in new innovations such as IT softwares to help speed data to value 2. Make cultural change where possible 3. Communication is key 4. Make use of networking platforms to reshape the business 5. Establish a strong technology backbone
- 21. 5 Pitfalls to Avoid for SME 1. Too many big data 2. Low quality data 3. Unmanageable sources 4. Lack of data strategy 5. Insufficient Infrastructure
- 22. Conclusion
- 24. MFA Outcome
Editor's Notes
- Steps To Writing A Customer Feedback Survey Come up with a purpose and a title. Determine who will receive your feedback survey. Identify the feedback questions you want to ask. Create a “thank you” page. Track and measure customer feedback.
- Feedback boxes are also known as suggestion boxes. However, the digitalization of business now allows for mobile and online feedback boxes to achieve maximum customer satisfaction.
- Another step to achieving high level of customer satisfaction is by reaching out to them directly. It won’t hurt to ask about their thoughts and decisions concerning your products and services.
- User activity monitoring (UAM) solutions are software tools that monitor and track end user behavior on devices, networks, and other company-owned IT resources. These solutions come in form of soft wares which serves as customer relationship assistant, and increase customer satisfaction.
- Usability testing is a way to see how easy to use something is by testing it with real users. Three basic principles underlie usability testing: Usability testing permeates product development. ... Usability testing involves studying real users as they use the product. ... Usability testing involves setting measurable goals and determining whether the product meets them.
- Important networking applications for business owners: LinkedIn, Facebook, Twitter, Instagram etc and most importantly Customer Relationship Management Softwares. They are accessible on multiple devices.
- Data Analytics is a form of business intelligence applied for the growth and development of any business. It is a strategic business practice that can be used by many industries by gathering data from individual or multiple sources by summarizing the data into useful knowledge
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- To understand any data, such data must first be visualized. 3D does the work better.
- Example of some IT softwares include Hadoop, Tableau, salesforce, oracle, Google forms (for survey) etc. these techniques can make complex algorithmic model more simple and explainable.
- Successful business analytics depends on having skilled analysts who understand the technologies, and organizations that have a commitment to data-driven decision making