Closing the Feedback Loop
November 25, 2020
Most businesses fail to achieve their targets, not because they fail to achieve what they set out to do, but because they waste time, money, and effort doing the wrong thing or building the wrong product.
Helping them to take the risk, and the cost, out of bringing radical ideas to life is what TenX does.
But how do you actually do it?
One secret to being superb product innovators and removing as much risk as possible is to build great customer feedback loops into your product.
Feedback loops help you understand why you are, or are not, attracting customers, why you might be losing customers, and how to fix their pain points. They even help you identify pain points that you didn’t even think existed.
Early & direct feedback loops are critical to better understanding your customers, how they experience your product, and how they really feel.
Most of the time your customers will end up telling you that your internal business opinions are wrong. Having direct access to customer verbatims can be confronting. But it’s confronting in an extremely beneficial way. It’s hard to hear that your baby might be ugly. It can be harsh. But sometimes you need to hear it anyways.
Having a ‘voice of the customer’ team is one helpful approach, having your entire organisation have direct democratised access to the actual words of an existing or prospective customer is an entirely different beast. It’s nirvana.
Over the course of the past 6 months at TenX, we have heard consistently from businesses that they don’t have enough confidence in knowing what they are doing is the right thing. They are paralysed with fear. They’re afraid of making a mistake. Covid hasn’t helped ease that fear.
The quickest way to get the certainty that they need is to implement a customer feedback loop.
We have also heard through many unrelated empathy interviews from everyday consumers that kiwis are being bombarded with messages such as: ‘rate this service out of 10’, ‘would you recommend us to a friend’, ‘click here to complete a short survey about your recent purchase’. The key insight here is that customers don’t understand why you are asking them these questions. They don’t know anything, or care, about Net Promoter Score (NPS). Mostly, these surveys are just a waste of time in their eyes. They can’t relate to them. They see them as being transactional.
When they want to leave feedback, they want it to be in a short & sharp manner, that is simple & easy.
A customer wanting something that is simple & easy. Killer insight, we know.
However, for a business that wants to get their customers’ feedback, it has to be captured in a manner that is customer-first, not business-metric first. Super simple. Yet not something that (m)any New Zealand businesses actually do.
We thought there might be a better way. A way that solves a problem for the business, in a way that solves the problem for the customer.
We thought - how might we reinvent how Kiwi businesses collect user feedback?
We have spent the last while crafting a solution.
Because we know it works & trust it completely, we followed our own systematic approach to uncovering underserved needs and ideating impactful solutions.
- Empathy Lead ✅
- Lean Canvas ✅
- Innovation Modelling ✅
- Hypothesis Mapping ✅
- Out of Industry Inspirations ✅
- Ideation ✅
- Experimentation ✅
We now have a nice working product that works both for the business and works for the customer.
Easy to use. Just enough information to learn what makes your customers tick and allows you to act upon what you have learned.
- Is simple to use ✅
- Is affordable ✅
- Real-time data ✅
- Customisable with different styles & designs ✅
- Easy to install. A Few lines of code ✅ (So easy that tech n00bs can install in a few minutes.)
- Intelligence Dashboard ✅
- Collated Key Metrics ✅
- Targeted Actions ✅
And because we heard that everyone likes emojis - it uses a lot of emojis. Like, a lot 😂.
Early feedback is important to us. Vitally important.
So important… it’s why we are offering our first Software-as-a-Service (SaaS) product, imaginatively named Feedback, on a pay-for-the-value-it-gives-you early-adopter plan. It’ll allow you to capture up to 50k customer reactions per month.
No value for you. No payment to us. It’s as simple as that.
We’d love to hear from you!
Eoghan & James.