What Tools Can Help You Convert Customer Feedback into Actionable Insight?

What Tools Can Help You Convert Customer Feedback into Actionable Insight?

If you’re a marketer, you’ve probably heard John Wanamaker’s famous statement: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.” This quote doesn’t point to an advertising problem—it points to a marketing data problem. After more than 100 years, we still struggle with the same problem Wanamaker alluded to. The difference, though, is that where Wanamaker needed more data, companies today have more channels and data collected from those channels than they know what to do with. Successfully differentiating your company through customer experience requires you to take the wealth of Voice of the Customer (VoC) data collected across multiple channels and convert it into actionable insight. The problem is that many companies lack the proper analytical capabilities to actually make this happen. Tools to Convert VoC Data into Actionable Insight We recently conducted a survey that revealed the various solutions that the Best-in-Class firms for customer experience management (CEM) have in their VoC toolboxes. Here are some of the most critical tools to convert VoC data into actionable insights: Business Intelligence Data Quality and Integration Real-Time Decision Assistance and Guidance Digital Dashboard/Visualization Tools for Reporting Customer Activities Real-Time Reporting and Alerting Predictive Analytics Prescriptive Intelligence or Recommendation Engines Speech Analytics You’ll notice that many of the tools listed here are rooted in analytics. This is because customer experience management (CEM) programs must do a better job of balancing data capture and analysis. You can collect more data than anyone else about your customers, but if you can’t translate it into actionable insights to improve the customer experience, it won’t have...
Overcoming the Cloud Trust Fail

Overcoming the Cloud Trust Fail

With the number of companies utilizing the cloud, one would think that trust in the cloud is at record levels. In fact, trust in the cloud is stagnating even as investment in it keeps multiplying. A recently released Economist Intelligence Unit (EIU) study, commissioned by Google, of 452 senior executives worldwide found that while 38% of Enterprise IT is invested in cloud technology, only 16% of respondents expressed a high degree of trust in the cloud (good write up on the study can be found here, full study can be found here). The reasons for this can likely be found in the seemingly daily news stories about high-profile cloud outages. There was the Google Compute Engine outage in April, the Salesforce NA14 outage that dominated the headlines in May, and more recently BT in the UK.  Let’s not forget the several high-profile DDoS attacks bringing down Docker and the Library of Congress. However, the interesting thing about the study is that the companies who DO put trust in the cloud tended to have higher profits, market share, and revenue growth. To quote the study: “The relationship between trust in cloud technology and positive business outcomes at high-trust organizations appears to be linked to their willingness to foster business transformations that leverage what the cloud offers. Put simply, higher cloud trust appears to facilitate behavioral and process change within an organization.” So how do companies learn to stop worrying and love the cloud? Certainly, familiarity and use come into play. The cloud is still relatively new in many organizations. The EIU study suggests that incremental success builds trust in a...
Welcome to the Era of Empowered Buyers—How VoC Data Helps You Adapt

Welcome to the Era of Empowered Buyers—How VoC Data Helps You Adapt

Not too long ago, businesses could leverage their brand reputation to create a loyal customer base—one that saw the brand as a symbol of quality and great customer service. Unfortunately, the idea of brand loyalty is fading and companies must find new ways to adapt. Welcome to the era of empowered buyers. Your buyers have more data at their fingertips than ever before, making it increasingly difficult to break through the noise and influence purchase decisions. Our research indicates that companies feel the fact that customers are empowered with a wealth of information on competitive products and services is the primary challenge for customer experience management (CEM) programs. Differentiation is no longer rooted solely in products and services—it revolves around a superior customer experience. To truly differentiate your customer experience, you must have a finely-tuned Voice of the Customer (VoC) program in place. Adapting to Buyer Empowerment with VoC Data Addressing the challenge of empowered buyers requires you to both listen to customer feedback and also adapt to their evolving needs. Listening to customers and adapting to their needs aren’t new concepts—but the way we execute them is vastly different than in the past. CEM leaders have a wealth of channels available to them to capture VoC data effectively. According to our recent survey, the following are 5 of the most popular channels used to capture VoC data: Online surveys (69% of respondents) In-person surveys (58% of respondents) Social media (42% of respondents) Feedback/complaint forms on the company website (39% of respondents) Dedicated email inboxes (33% of respondents) These are just a few of the many ways you can...
Is Your Finance Team Getting Data Fast Enough?

Is Your Finance Team Getting Data Fast Enough?

The finance department has long been rich in data. Ever since the widespread automated financial activity through the adoption of ERP, financial decision-makers have had a wealth of information at their disposal. However, as the last few years and the wave of “big data” have taught us, raw information on its own doesn’t equate to actionable insight. While financial activities like budgeting, forecasting, and reporting have traditionally been a natural fit for analytical technologies, proving a sound business case for implementing such tools has never been trivial. These days however, the case is clearer. In order to exploit the power of analytics and improve performance, companies have become more mature and rely on internal capabilities including. Open (and secure) cross-functional data exchange. Finance leaders have a heightened need to reach into a wide variety of data sources and functions across the company. Best-in-Class organizations have an open exchange of data across functions to help enable and enrich financial analysis. Established policies for governing / controlling enduser data access. Before a company can unleash its analytical potential, it is necessary to put controls in place to make sure the right people are accessing the right data. Best-in-Class financial executives are 65% more likely to have these controls in place. Data exploration and discovery tools. Traditional reporting tools will always have their place in finance, but today’s business leaders understand the value of exploring data, developing analyses, and answering their own questions. Top companies are twice as likely as all others to use data discovery tools With a strong foundation of capabilities such as these, and a judicious use of technology, companies that have developed a formal analytical strategy are enjoying the fruits...
Centralizing the Financial Data Story

Centralizing the Financial Data Story

Data was supposed to solve everything. Once professionals figured out how to mine the data being generated by customers and business operations, the insights gained were supposed to instantly solve problems and streamline processes. And while data has greatly contributed to these types of transformations, it has also muddled the role of the CFO. A new survey conducted by CFO Research revealed that many CFOs still struggle with managing the data of financial planning and analysis intended to help their companies. In a nearly even split, CFOs either complain about not having enough data (32%) or having too much (30%). This disparity shows how the value of data mining on the financial side of an organization has varied depending on the systems, the CFO, and the intent of analysis. Regarding the future of data analysis, almost all CFOs (94%) agree that up-to-date and instant data is the only way forward. With this expectation creating more corporate pressure for actionable insights, CFOs need to find a way to collect the data they need, whether it’s more or less, and how to write a cohesive story with the results. Knowing Where to Look The biggest areas where CFOs are and should be using analytics include assessing customer risk and behavior, compliance and regulation, and evaluating the fluidity of their future operations. Many CFOs struggle with analytics, because they are using them to address all these different areas with a single set of data. The solution to centralizing how data is used is to apply only the appropriate data to the corresponding areas. Using customer behavior data to address compliance concerns would...
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