“We have only two sources of competitive advantage: the ability to learn more about our customers faster than the competition, and the ability to turn that learning into action faster than the competition.”
Jack Welch, former CEO of GE
Most organisations appreciate the need for customer feedback and text analytics. Some merely send out surveys as a “tick box” exercise to satisfy regulatory bodies and/or senior management. Others do it with more focus: to fully understand their customers and gain customer insight to improve customer satisfaction.
These two types of organisations can be best illustrated by this iceberg:
The “tick box” organisations find out what’s on the surface of the iceberg. They ask lots of questions and probably know what most customers think of their products and services. It’s that old adage “80% good”. But standard “tick box” surveys have limitations:
However, there are some organisations who want to look under the surface of the water. They want to dive deep to find out how they can make customers even happier and more loyal or what’s making them defect to other brands. They want to improve the customer experience by realizing the power of unstructured data.
“You don’t manage customer loyalty, you manage the drivers of loyalty. Find out why your customers want to leave and then tackle the root causes of those issues.”
Dave Mingle, Executive Director, Global Customer Experience Program, GM
Wouldn’t it be great if you could have a focus group of your customers at every strategic and operational meeting within your business? You’d ask them directly, what is it about your brand that makes them come back and buy again? And what is it about your brand that would make them defect to your competitor?
Well, now there’s a way that you truly can have that focus group at your fingertips 24/7. It uses open-ended customer feedback, analysed by text analytics. When analysed automatically and accurately in real time, open-ended feedback gives you all the information you will need to truly understand what makes your customers happy or unhappy so you can take action accordingly.
Text Analytics enables you to:
Text analytics has come of age and has revolutionised the way organisations are able to collect quality, insightful feedback.
Just three brief words of warning:
Rid yourself of your long, tedious tick box surveys and let customers be free to say what they think is important about their experience. Give them a chance, and they will tell you what they love, and what they hate. You don’t have to ask a specific question to get the answer. Ask less to get more.
So, back to our original question – why bother with text analytics and does it really make a difference?
We believe it makes a huge difference. Text analytics enables you to dig deep to find out exactly WHY customers give the scores they give. Start embedding this information in your organisation and acting on it to make significant improvements to your customer experience and you will reap the benefits directly on your bottom line.