Question 1

What is Enterprise Feedback Management Software?

Accepted Answer

Enterprise feedback management (EFM) software centralizes all customer feedback into a single hub where all data and information are easily accessible and packaged by analysis. It performs data collection on customer feedback to provide businesses with actionable customer or employee insights. EFM accomplishes this by creating and distributing optimized customer surveys to request feedback on their experience with the product. 
 EFM software or enterprise feedback management systems benefit businesses by compiling feedback across multiple channels into a single coherent picture of the customer experience. Structuring this feedback helps a company’s marketing, sales, and product development teams better visualize where to find customer pain points and opportunities. Furthermore, the insights gleaned can aid business strategy and decision making by notifying leaders of negative feedback in real time. EFM is an excellent tool to promote customer loyalty by acting as a company’s listening instrument. It should be noted that EFM software focuses more on external customer feedback rather than internal employee feedback. 
 EFM software can perform all the capabilities required for products in the Survey category. Similarly, tools in the Experience Management (EM) category can perform all of the features described in the EFM category. The Survey, Enterprise Feedback Management, and Experience Management are mutually exclusive categories. Depending on business needs, the company may need more or less than what EFM software offers. 
 What Types of Enterprise Feedback Management Software Exist? 
 Although most EFM software allows for creating custom surveys with unlimited questions, some EFM platforms provide more granularity regarding certain survey formats. Below is a list of a few buyers might see in various EFM software. 
 Net promoter score (NPS) surveys 
 The NPS survey is one of the best EFM tools to measure customer loyalty. An NPS survey gauges customer satisfaction by asking customers a single question. Often, this question is like, "How likely are you to recommend products to a friend or colleague?" Customers then respond to the question on a scale of 1–10. Companies translate those scores to identify how many customers were detractors (1–5), neutral (6–8), or promoters (9–10). 
 The NPS gives a company a better sense of its performance. Over time, a company can compare its performance on the NPS survey to see if it is losing or gaining customer loyalty. Narrowing down the brand performance to one question increases users' chances of participating in the company’s survey. 
 Customer effort score (CES) surveys 
  A CES survey asks customers a single question about how easy it is for them to get the support they need. This is a great way to isolate customer satisfaction needs based on customer support and understand if customer service is an aspect of the business that is lacking. 
 Customer satisfaction surveys 
 A customer satisfaction survey allows customers to answer various questions based on a particular experience at a company. This can be a reaction to a company-sponsored event or a particular product. The end goal is to measure short-term customer satisfaction. This can be a helpful marketing tool to promote a particular product or experience and develop a long-term plan based on what products are working well.

Question 2

What are the Common Features of Enterprise Feedback Management Software?

Accepted Answer

EFM products contain these core features as part of their package: 
 Survey builder: The main feature of EFM software is its survey creation capabilities. Users create custom surveys to distribute to customers and record their responses to an internal team using a centralized EFM database. Team members can then collaborate on the survey within the EFM software and add supplementary questions or edit other aspects. The survey interface also allows for customized survey layouts and company-branded images, giving the survey a more professional look. 
 Omnichannel feedback: EFM software can make it easy for customers to share their feedback by answering surveys through a customer's preferred communication channel. This allows companies to give customers multiple options, translating to a higher participation rate. 
 Triggered workflows: When a customer completes a survey, EFM software will automatically notify the user and automate the next step in the feedback process. This helps with workflow management and customer follow-up. Depending on the customer sentiment, different workflow tasks may be triggered. PR teams may be in charge of responding to customers who responded negatively to the survey, while marketers may be the ones to promote the positive responses. The triggered workflow function lets the company decide how relevant content is routed to the appropriate teams. 
 Data reports: EFM software provides users with data-driven analytics. Instead of manually counting the number of customer responses and identifying important keywords, EFM software will do all the calculations, providing numerical data based on customer feedback. 
 Text analytics: Text analytics allows users to gather data from open-ended questions that are asked within customer surveys. While businesses can easily and simply gather insight from questions that can be answered in a straightforward "yes" or "no," open-ended questions are more challenging to sift through. Open-ended questions are important to add to any survey because they allow the customer to elaborate on common problems that they are experiencing with a product or brand. Text analytics can sort customer sentiment based on keywords, efficiently organizing the data. 
 Customer interaction: Some EFM solutions allow users to contact customers directly through the software’s dashboard. This enables users to respond to negative customer sentiment as soon as possible and engage in conversation regarding the customer’s negative experience with the brand or product. 
 Other enterprise feedback management software features include Brand Design Consistency, Device Responsiveness, and Security.

Question 3

What are the Benefits of Enterprise Feedback Management Software?

Accepted Answer

Outreach: EFM software has the ability to reach out for customer feedback across communication channels, like SMS, email, live chat, and social media. This expands the company’s ability to recognize a large portion of its customer population, providing the most accurate and granular datasets to best inform its marketing, sales, and customer service teams on how to respond to each opportunity. 
 Customer insight: With highly customizable survey building instruments, the ability to ask for customer feedback is only limited by the user’s ability to communicate their question. The feedback from tailored survey instruments designed by an SME gives a company the most impactful insights into customer needs to guide its business strategies moving forward.  
 Customer loyalty: Creating an avenue for customer feedback makes them feel heard and promotes quick resolutions to their pain points. Building a relationship where the customer feels heard creates trust and comfort that is difficult to put a price tag on. For customer success managers, these efforts are critically important for customer retention. Overall, loyalty is heavily impacted by customer experience. 
 Notification: Using EFM software to keep an ear on the ground can prepare the business against unforeseen challenges that can negatively impact its business-customer relationship. A robust EFM infrastructure allows the company to react decisively whenever customers voice a complaint or a negative experience.

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Best Enterprise Feedback Management Software - Page 18