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Capture, Analyse and Act on Customer Intelligence: Building a Voice of the Customer Program
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Are customers loyal to your business? How do they feel about your products or services? Knowing these answers can have a tremendous impact on revenue and profits over time. In today’s global marketplace, obtaining regular customer feedback is essential for companies striving to consistently provide excellent customer service—and stay ahead of the competition.
“Voice of the Customer” (VoC) is a term used to describe the in-depth process of capturing a customer’s expectations, preferences, and experiences, with the goal of linking them to business metrics.
VoC processes represent a radical change in many businesses, where gathering customer feedback
typically mirrors organisational structure: Customer service departments gather input based on transactional interactions; marketing departments analyse interactions on websites and in marketing campaigns; and product management examines input to assess feature requirements.
Each business unit gathers information via its own methodologies and for its own use, stranding critical information in silos—and depriving companies of the benefit of inter-group communication. While many organisations recognise the importance of engaging their customers, most find it difficult to evaluate the VoC across surveys, phone calls, Web chat, emails, and social media.
The emergence of formal VoC and customer experience programs has surfaced to bring some order to the chaos. Concurrently, customer experience executives have begun to deploy a variety of ad-hoc customer feedback technology to help them “listen” to customers, create programs, set strategies, measure success, communicate internally, and empower employees to make customer-centric decisions. Until now, however, no single solution set has captured, centralised, and analysed customer interactions across multiple channels.
Capturing the Voice of the Customer
1 McKinsey Quarterly, “Why US Productivity Can Grow Without Killing Jobs”, David Hunt, James Manyika, Jaana Remes, February 2011
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In every business, serving customers well is critical to success, loyalty, and growth. Establishing a formal VoC program includes creating a methodology to gain an understanding of the customer journey, then deploying it throughout the enterprise.
Creating a customer journey map (such as the one shown here) can help you better understand customer interactions, listening posts, and moments of truth.
The key areas of this methodology typically include thefollowing:
Segmenting CustomersKnowing the different types of customers you have isimportant to creating a tailored customer experience. By understanding the motivations and needs of each customer group, you can develop highly targeted, effective customer programs and retention strategies, resulting in greater profitability for each segment.
Understanding Customer InteractionsOnce segments are defined, the next step is to understand the interactions your customers have as they conduct business with your organisation. One of the biggest challenges most companies face is that their organisation is built aroundfunctional silos. This is very noticeable to customers (as they get passed between departments while seeking service), as well as to the companies themselves. Customers want your business to provide a single, seamless journey across all touch points—from the initial marketing campaign through purchase, post-sales, and repurchase.
Establishing Listening Posts and Moments of TruthOnce you understand the customer experience lifecycle andmap customer interactions, you can begin to define listening posts. These are specific points in the customer journey in which to monitor feedback, typically through surveys, phone calls, and social media. Look around your organisation while designing listening posts. You may be surprised how much customer feedback is at your fingertips!
Once critical listening posts have been established, “moments of truth” can be defined. These are moments that prove to be the most important to your customer, and may include the initial account setup, the first contact with customer support, renewal time, or all of the above. No matter when these moments of truth occur, they can make or break your customer relationships.
Monitoring ProgressThe last step in developing a VoC program is to measure, analyse, and take action on your progress toward customer-centricity. By analysing the data you have collected, you can take action, improve processes, and become a customer-focused organisation.
Creating a Voice of the Customer Program
Customers don’t think in terms of channels when interacting with your business—they are looking for products, solutions, or answers. They may email and call when trying to solve a problem. They may answer a survey or send a tweet as a means of expressing their satisfaction or dissatisfaction.
As a customer experience executive driving a formal VoC strategy, you are faced with enormous complexity. You need solutions that can track and analyse the customer journey across all touch points, each of which presents unique challenges. You also need to correlate and validate insights to help prioritise the most necessary and effective actions. Consequently, your VoC solution must be able to capture: • What customers tell you when they initiate a
conversation through one of your channels — via phone calls, email, initiate a chat, etc.
• What customers tell you when you initiate a specific conversation typically through a feedback survey (Web, email or IVR survey).
• What customers tell others about you through their communities, social networks, and the Web.
You may find that different types of conversations generate very different insight. To get a complete, unbiased view of what customers really want, it is critical to gather and analyse all forms of customer feedback. Otherwise you will, by definition, be listening to only part of what your customers are communicating.
The challenge is to orchestrate a programmatic approach to assessing the customer experiences across all channels of interaction. Your organisation needs to be able to capture customer feedback across multiple channels, interpret it in the context of business objectives, and then act on it to drive improved performance and customer experiences.
Managing Challenges fromDiverse Information Sources
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By utilising a Voice of the Customer Analytics Solution to implement your VoC program your organisation can realise key benefits, including:
Managing the Customer Experience and Driving Loyalty — By leveraging unsolicited feedback as well as highly targeted customer surveys, you can build customer centric strategies that reflect actual customer comments and sentiments.
Improving Operational Efficiency and BusinessProcesses — Although key customer service performance metrics, such as average handle time (AHT), first contact resolution (FCR), and customer satisfaction (CSAT), are helpful, they may not provide sufficiently granular insight to translate into specific actions. Voice of the Customer solutions can provide this insight, enabling you to make better, more informed decisions to enhance your operations and processes.
Creating a Unified Customer ExperienceCustomers expect an outstanding, consistent experience,regardless of how they choose to interact with your organisation. Whether through your website, retail or
branch locations, contact centre, social media, or other environments, every interaction with a customer represents an opportunity to delight or disappoint—impacting loyalty and long-term customer value.
Enhancing and Innovating Products and Services — Given the opportunity, customers are happy to share their ideas on how your organisation can improve its products and services. Many will elect to “opt in” and let their voice be heard on a regular basis via a structured program, while others will indirectly identify their needs as they work through customer service teams. By taking an enterprise approach to collecting and analysing feedback, organisations can gain “virtual focus groups”. These can help improve product and service offerings, recommend future capabilities, and help ensure updates are aligned with customers’ wants, needs, and expectations.
Realising the Value of AnalyticsFeedback data collected from customers and employees can be used to create long-lasting, mutually profitable relationships, improve operations, and help your company outperform its competition. However, drawing conclusions from millions of tweets, emails, and chats, thousands of
Benefits of a Voice of the Customer Solution
Analytics tools, reports, dashboards, andscorecards make critical business intelligencereadily available in a visual format.
hours of recorded phone calls, and hundreds of survey responses can be a tremendous challenge. Before you can realise the potential of feedback, you need a means to translate that voice—and those ideas—into actions and informed business decisions.
Through analytics tools, such as reports, dashboards, and scorecards, critical business intelligence becomes readily available in a visual format. Your organisation can gain a powerful way to access, structure, analyse, and share VoC information.
Key Technologies
Verint® offers a wide array of solutions from a single source:
Impact 360® Speech Analytics — Mines recorded customer interactions to surface the intelligence essential for building effective cost containment and customer service strategies.
Impact 360 Text Analytics™ — Uses natural language processing to analyse customer communications from a variety of internal and external text sources, including chat, email, social media, and more.
Verint Enterprise Feedback Management™ — Provides an enterprise-wide customer feedback capability, enabling organisations to capture targeted, highly segmented customer feedback and sentiment as part of—or independent from—contact centre feedback.
Impact 360 Customer Feedback™ — Applies short, context-sensitive, dynamic surveys to capture customer feedback in real time, after customer service interactions are completed, often through an IVR as an extension of a conversation with an agent.
Verint Voice of the Customer Analytics Solutionsprovide a solution set to centralise customerfeedback across channels, interpret it in the context of business objectives, then act upon it to drive change. These innovative solutions can provide your organisation with critical data for rapid, targeted decision making.
Already supporting some of the world’s largestVoC initiatives, Verint offers measurable benefits,including:
Customer RetentionA leading global provider of payment processingsaved 4,500+ accounts, equating to $12.5 million in saved revenue, in the first 2 years. They saw a 100% return on investment in only 7 weeks.
Call Avoidance/Process ImprovementA large mutual life insurer reduced repeat calls bypinpointing situations that caused customers tocall back, and then tackled the root cause of thoseproblems.
A large online bank improved its businessoperations. They identified and corrected acumbersome password validation process, saving$400,000 in the first year after deployment.
Customer Service EnhancementsA leading telecommunications company learnedwhy customers called its contact centre, and how it could better train its service representatives to serve them. The solutions enabled the organisation to identify up to $180 million in projected cost savings in less than a year after deployment while increasing customer satisfaction by 30 percent.
Cross-sellingA large clothing retailer reduced customer calls,increased customer satisfaction, and enhancedrevenue-increasing cross sales by 300 percent.VoC solutions helped the company understand why customers call and how to better coach agents to enhance their sales and service skills.
Real World Benefits
Conclusion Today’s organisations are increasingly challenged to collect and act on the wealth of information derived through their customer communications channels. Voice of the Customer Analytics Solutions can help your organisation capture, analyse, and act on customer, business, and market intelligence, enabling you to enhance customer service operations, customer satisfaction, and customer loyalty.
With Voice of the Customer Analytics solutions, you no longer have to rely upon a variety of ad-hoc customer feedback
technologies to measure customer satisfaction, loyalty, renewal, and repurchase intent.
The Verint Voice of the Customers Analytics portfolio provides a complete, integrated solution set for capturing, centralising, analysing, and acting upon customer interactions across recorded calls, surveys, chat, email, social media, and websites.
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About Verint Systems Inc.Verint® (NASDAQ: VRNT) is the global leader in Actionable Intelligence® solutions andvalue-added services. Its extensive portfolio of Enterprise Intelligence Solutions™ andSecurity Intelligence Solutions™ helps worldwide organisations capture and analysecomplex, underused information sources—such as voice, video and unstructuredtext—to enable more timely, effective decisions. More than 10,000 organisations in150 countries, including over 85 percent of the Fortune 100, use Verint solutions toimprove enterprise performance and make the world a safer place. Headquartered inN.Y. and a member of the Russell 3000 Index, Verint has offices worldwide and anextensive global partner network. Learn more at www.verint.com.
About Verint Systems
