In this article, we go over how successful companies collect feedback to their best advantage as well as best practices for SaaS businesses.
The nature of your product determines the optimal way of collecting feedback. Check out these creative ideas that can inspire you to collect feedback and boost the metrics that are most important to you.
What is Product Feedback?
Product feedback is any insights on the topic of a product, including
how satisfied a customer is and why
what potential bugs customers struggle with
the types of features customers would like to see next
This type of user feedback should be at the center of your product development strategy. It comes from people who actually use the product for the purposes it was intended for.
If you fail to collect product feedback from your customers, you won’t be able to accurately identify their needs or offer effective solutions. And these things are the biggest drivers of customer loyalty, retention, and satisfaction.
Google’s search engine is about finding the most appropriate results for a query and listing them in order of relevance. The user then clicks on a result and leaves Google’s platform.
So, if you think about it, what Google offers as its product (surpassing other search engines like Bing and Yahoo by miles) is its search algorithm. Google claims the goal of the algorithm is to “end search”. This means a user should not have to click on more than one result to find their desired answer.
They judge how well the product performs by what results are clicked on, what the bounce rate is like, and whether the user stops their search. So even just by clicking a result on the search page, you are giving the search mogul information about your experience.
You may have come across their microsurveys that ask how helpful, useful, or relevant the information you found was.
The search engine uses these two sources of information to identify what the algorithm does well and what could possibly be improved.
YouTube’s algorithm is not as vital a part of its service as Google's. Users stay within the platform when they watch videos. In this case, it is the experience of content consumption that YouTube wants to perfect, not merely the YouTube search feature.
YouTube uses metrics like watch time, audience retention, and video view to perfect its algorithm. But it also makes use of super fast microsurveys in the form of “thumbs up” and “thumbs down” to learn about viewers’ experiences.
This influenced the platform to remove the negative vote count and (allegedly) adjust the algorithm to push content that is “liked” rather than just consumed.
Uber is a mobility service provider. Drivers can register their private cars and users can book rides via an app.
The app collects two-way feedback in real-time. Both users and drivers are rated. This way Uber can collect information about the satisfaction of both groups.
Customers can rate their satisfaction on a 5-point rating scale and provide additional comments, whether it be positive or negative feedback. Drivers accrue a score, and once it falls beneath a certain limit, they can be deactivated for poor service.
On the other hand, drivers can report whether a user is problematic which also gives the company security and insights on how the product can be improved.
This is very helpful, as their actual product is not the app, it is the service provided by third-party drivers. By hearing both sides, Uber can use the insights to ensure all users and drivers have the best experience.
Amazon is an online shopping platform where users can both buy and sell products. They mainly collect customer feedback from those who purchase a product.
After a completed purchase, a buyer has 90 days to leave product and seller reviews, feedback, and ratings. Customers can comment on the response speed, level of communication, resolution, and product quality.
This system is automated in a way that regulates the purchasing experience. Sellers who receive low-quality ratings don’t get a boost in search and are likely to be disregarded by potential buyers. There is also a filter to sort results by seller rating.
This is advantageous to Amazon, as they don’t have direct influence over the quality of service or products from the people who list them. However, when a customer is dissatisfied, they may judge the shopping platform for the poor experience.
Survicate helps collect customer feedback across the entire journey, but there is a more traditional approach - website and chatbot surveys. This method works great for any SaaS business or company operating in the online world.
Customers, ie. those who have not yet purchased a subscription plan, tend to have higher expectations than paying users. It’s important to make the onboarding experience user-friendly, intuitive, and informative for the best conversion rates.
Even the most skilled product managers won’t be able to test this step in the customer journey accurately. They have too much knowledge about your tool or service. That’s why gathering customers' insights is key here.
Product experience survey
A product experience survey lets you learn what users enjoy about your product and how often they take advantage of it.
These feedback forms help discover what users value most about a product. These insights are great for marketers to use in ad and reach-out campaigns. Our template also includes an NPS question for a bird’s eye view of your customer satisfaction.
Product-market fit survey
As the name suggests, a product-market fit survey examines how well your product satisfies strong market demand. Positive feedback to this survey means you identified your market, and the product you offer fulfills the need.
It’s always hard to determine benchmarks, but according to Sean Ellis, who developed the metric, you should aim for 40% of positive responses.
Feedback to this survey will help optimize your product, boost growth, and ensure profit continuity.
User experience survey
A user experience survey will tell you why customers behave the way they do and how they feel about their interaction with you. While there are more targeted surveys that measure customer service, this type of feedback can also provide insights on the topic.
The insights gathered with this feedback form will help you
drive product development in the right direction
evaluate your software’s ease of use
come up with ideas on design attractiveness
examine how users feel about the security you provide
Pricing feedback survey
Running a pricing feedback survey can help you set the optimal price for your product. One that will be a compromise between the maximum profit and the most your users are willing to pay for extended features.
Use this survey to gauge how your users feel about your pricing in comparison to your competition. This feedback form is usually most useful for new companies who haven’t gotten their pricing down yet.
But you can also use this survey after introducing new features to find out whether your users value your product more than when they started using it.
B2B customer satisfaction survey
Customer satisfaction is just as important for B2B as it is for B2C. Learn how your customers feel about your customer service, the reliability of your product, the value for money you offer, how user-friendly your website is, and the security you ensure for your users.
Collecting feedback is the first step towards improving your product, boosting conversion rates, and making sure your customers stay with you. Once you get that precious data, you want to use it to its best advantage to avoid wasting your budget, time, and opportunities.
An effective feedback loop relies on taking the best advantage of the insights your customers provide. Good product feedback tools have inbuilt capabilities that help analyze customer feedback data and use it to improve your product and services.
Survey results can help you spot trends, patterns, and relevant business information. Let’s have a look at how easy it is to analyze customer feedback with Survicate.
First of all, you get a general rundown of the number of responses, the date of the last responses, completion rate, and total views.
Single-answer selection questions are presented with percentages of how your customers responded.
You’ll be able to look through all open-ended question answers one by one. By using one of our integrations, you can identify respondents with tags and attributes.
The interactive word cloud lets you exclude terms you aren’t interested in to nail down issues you are actively working on.
And lastly, we recommend you connect Survicate with Slack to receive real-time updates about the feedback you receive. That way, you can immediately address issues or even reach out to struggling customers.
Analyzing product feedback regularly is vital to improving your company's success.
To get a sense of customer satisfaction and gain valuable insights from open-ended feedback, you'll need machine learning applications like Survicate to analyze your findings and gain valuable product insight.
Sign up free to launch your first survey and start receiving immediate responses. Our platform is user-friendly, requires no coding skills, and provides sophisticated analysis insights to help you turn gathered data into a marketing and product strategy. Visit our pricing.
Senior Content Manager
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I'm Sabina Fox, a video marketer at Survicate, and I specialize in creating videos and optimizing SEO strategies. I love making videos that connect with people and using creative ideas and data to get great results for our brand.
NET PROMOTER, NPS, AND THE NPS-RELATED EMOTICONS ARE REGISTERED U.S. TRADEMARKS, AND NET PROMOTER SCORE AND NET PROMOTER SYSTEM ARE SERVICE MARKS, OF BAIN & COMPANY, INC., SATMETRIX SYSTEMS, INC. AND FRED REICHHELD.