Definition - What does Customer Feedback Management (CFM) mean?
Customer feedback management (CFM) refers to Web applications or portals designed to help businesses take ideas from customer feedback and turn them into future products or developments. In this way, customers become indirectly involved in the product development process. This customer-centric approach can help businesses grow.
CFM is an organized or central way for companies to take customer complaints, ideas, suggestions or requests and turn them into products. The goal is to use customer feedback to expand services and products in a way that is likely to appeal to customers. CFM software helps to collect, organize and analyze customer feedback, allowing companies to better respond to market changes and meet customer demands.
Feedback analytics, surveys and polls, and idea management are the three areas CFM specializes in. These tools help companies to capture customer feedback and analyze the data for future developments. CFM software often looks at all these sources of customer feedback to obtain data. Some CFM software even allows business partners, customers and employees to interact and collaborate on product development.