Consumer feedback is the key to improving customer experience and your overall business strategy. But it’s not the end-all of things. You need to know how to act upon the conclusions you extract from the raw data. Putting critical information like this to work is the way to benefit.
Are you among those who gather plenty of customer feedback but remain uncertain on how to get meaningful insights that you could form a plan with?
This is where actionable insights become a valuable factor for your strategy.
What Are Actionable Insights?
An actionable insight refers to processed information that prescribes direct actions you can take based on the analysis of raw data. This is often the result of data analytics. It provides organizations with enough data to make an informed business decision.
For example, you’re looking through your online customer experience management survey’s responses and noticed that surveyors skip the third question. Taking action on this insight means improving the question or changing the wording or question itself.
Actionable insights are not the products of mere hunches. It should be the result of the most current information and hard numbers from surveys, heatmaps, and other sources of statistics.
Better Decision Making with Actionable Insights
Actionable insights are the key to strategic decision-making. Well-thought-out decisions can drive positive business outcomes since the information came directly from your customers. Simply put: you know what they want, you act on what they want, and, therefore, you’ll give them what they want.
Google can attest to the positive impact of actionable insights. The search engine giant ran a test of 41 different shades of blue for advertising links to see which color would perform better. They optimized the color according to the public’s choice. As a result, they increased their ad revenue by 200 million dollars.
This might not be a common outcome, but it illustrates the importance of testing your options. Many firms want to be data-driven (74 percent, according to Forrester) but only 29 percent can connect the insight they gather to actions they can take.
Turn Feedback into Action
Once you’ve studied the data, it’s time to take action. There are three ways to do it:
Adaptation as a form of action. Say your company lacks slots where cars can park. Providing more parking spaces isn’t always a viable solution. You have two alternatives: encourage employees to save on gas by carpooling with colleagues nearby or work with the city council to improve public transportation.
Rethinking your strategy. Data analysis can validate if your current strategy is working. Let’s say your buyer’s journey on your website has a bump or two (e.g., they can’t checkout or the web page doesn’t have enough specs). Take measures to address these and see if the changes worked or need further thought.
No action required. Data analysis can also lead to insights that aren’t necessary actionable but help you learn more about your business’ efforts. For example, customers of your clothing store aren’t big fans of your orange-colored limited edition tumblers, but they still buy it anyway. So, there is no action required to fix it.
Data is only useful if you put it to work. Once you analyze the information you have, organize them and use them to confirm ideas. Finally, make a plan and execute it.