Bill Gates once said that software innovation, like almost every other kind of innovation, requires the ability to collaborate and share ideas with other people, and to sit down and talk with customers and get their feedback and understand their needs.
While sitting down with customers might not be feasible, today's savviest enterprises know that capturing user sentiment about their products and solutions is of immense importance.
Pendo released results of a survey recently that shows companies that capture both qualitative and quantitative feedback create better products and see increases in customer engagement. The survey polled 200 product managers and execs from consumer software, B2B software and e-commerce companies revealed the following:
+ Companies using in-app feedback along with in-depth product analytics reported 109 percent higher annual revenue than those who did not.
+ 77% of organizations that brought together these two sources of product data reported higher growth than their competitors, and 72% reported higher profitability.
+ Companies with more advanced product analytics and feedback programs showed greater user engagement. 45% reported an average visitor frequency of more than once per day compared to 14% for those who had less developed programs.
+ 70% of advanced organizations solicit user feedback more than once a month compared to less than 50% of less developed organizations
“The survey results validate what we have seen with our most successful customers”, said Pendo CEO Todd Olson, “Companies that continuously measure and listen to their users build more successful and profitable products. We’re completely focused on making it easier for companies to do this.”