Most customers have ideas on how your product could better serve them, the challenge lies in getting that feedback from them in an organized and efficient fashion.
Everyone has some process for getting feedback, but how do we know if that process is effective? How do we know if we’re getting enough feedback and hearing from the right customers or if we’re hearing only from a vocal minority? How much feedback is “enough” anyways?
To answer these questions, savvy companies are looking at what percentage of their customers they have captured feedback from. We call this the feedback Coverage Rate and it is calculated both in terms of percentage of accounts and percentage of revenue those accounts represent. A Coverage Rate of less than 15% is considered unsatisfactory and indicates a need to improve your feedback process, 15 – 25% is passable but still may warrant deploying additional feedback channels, and anything over 25% is excellent, you can feel confident making decisions based upon the feedback received. By leveraging the full extent of our platform and harnessing our active customer base, at UserVoice, we typically see a coverage rate over 50%.
Crunching those numbers can be difficult, especially when we’re looking at specific customer segments. To solve this problem, we’ve built integrations with your CRM systems to give you Coverage Rate reporting both across your entire customer base and for any customer segments:
Along with Coverage Rate reporting, we’re also giving you new data points to help you understand and communicate the magnitude of a piece of feedback. In the example above, you’ll now see that we not only tell you how many users, customers and revenue have expressed interest but also what percentage of all feedback that represents. We call this “Mindshare.”
So instead of saying “We have 29 accounts that need this functionality” we can now say “15% of our customers have expressed a need for this functionality”.