Today, we’re excited to announce the beta launch of Loop — a first-of-its-kind Voice of the Customer software platform that provides B2B SaaS companies with a faster and more affordable way to collect, analyze, and respond to market feedback.
Customer behavior is changing faster than ever. In the U.S. alone, companies spend $20B annually on market research in order to stay ahead. But these traditional methods are slow, expensive, and do not provide insights quickly enough for companies to respond to market conditions as they change. By the time companies get the data they need, the market has shifted and it’s too late to act.
I experienced this problem first-hand when working as a product marketer for a legacy software company that was transitioning to the cloud. Before the move to SaaS, we would collect customer insights once or twice a year via formal market research surveys. Every year, the research became more expensive as customers required more incentives to respond. To mitigate the rising costs, we sent fewer surveys and depended on referencing outdated reports to make critical roadmap decisions.
But moving to a SaaS model meant that we no longer had the luxury to “delay” customer feedback. We had to rapidly adjust product development to meet customer needs. To make this possible, we gathered data from the places our customers were already providing feedback. We spent hours each week listening to customer support phone calls, analyzing sales opportunity notes, and reading through customer emails. We did our best to identify key issues, measure impact, and recommend actions, but the overwhelming volume of customer and market feedback made it impossible to understand the full picture in real-time.
Traditional market research is dying. Customer feedback is growing at an overwhelming pace. And SaaS companies are more than ever competing on their ability to respond. Without access to customer feedback, we cannot change, we cannot grow, and we are destined to fail. It is Loop’s mission to help companies quickly access, understand, and embrace feedback to become the best versions of themselves.
With Loop, staying on top of customer needs has never been easier. Loop automatically listens for feedback across channels—from online reviews to support tickets to sales opportunities. We use text analytics and natural language processing to review each piece of feedback for product, pricing, and service gaps that have the potential to impact company performance. Loop alerts companies of trending issues before they become major problems, enabling teams to be more proactive, intentional, and impactful in executing product roadmaps and go-to-market initiatives. Loop then measures which of these initiatives drive the greatest improvements in customer feedback over time, so that companies can make smarter, faster decisions about which needs to serve, features to build, and prices to charge.
Loop is built specifically for B2B SaaS teams, and aims to be simple and affordable enough for growing companies. We want to make it super easy for any SaaS company to come to our website, search for their products, and view high-level insights for free.
Our team has been hard at work the last few months, and we are very excited to share that Loop’s Beta version is now live and available to access on our website. Sign up for a free account or upgrade to a paid plan to drill deeper into feedback, add data channels, and more.
Access is first come, first serve, until Loop becomes generally available this summer.
If you’d like to know more about what we’re building, or want to geek out on Voice of the Customer best practices, feel free to reach out. We’d love to chat.
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