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Your Customers Are Talking to You
Did You Hear What They Said!?!?Niren Sirohi, Ph.D.
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Niren Sirohi, Ph.D.VP, Predictive Analytics
iKnowtion
Leads iKnowtion Predictive Analytics
20 years developing and implementing strategic analytic solutions for global brands
financial services, retail,
consumer goods, hospitality, and telecommunications
Today’s Presenter
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Apply Analytic and Consultative Best Practices:
Identify customer-level opportunities Inform customer-centric strategies Maximize customer-focused programs Measure customer-driven impacts
iKnowtioniKnowtion – Leaders in Analytics
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Who We Serve and What We Offer
Senior Management
Advertising and Media
CRM Market Research
Product Management
Customer Experience
Sales and Marketing
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Commoditization pressure
Explosion in channels with
the digital revolution
Shift in balance of power to
customers
Amplified Word of Mouth
High customer expectations
Today’s World Reality For Marketers
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Customer Feedback Is A Rich Source
It’s Varied and Comes in Many Forms
Structured(Quantitative)
Unstructured(Qualitative)
Company-Initiated Customer-Initiated
Illustrative for a Wireless Provider
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Customer Feedback
In isolation is NOT Enough
Customer Feedback
Operational Metrics Customer Transactions
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Current State of VOC Solutions
Today’s solutions have serious shortcomings
“Type of Data” Silos
Lack pattern recognition ability Don’t drive action
Don’t cover all touch-points
Speech Text
SurveyWeb
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Leverage Elastic, MPP, Cloud-based Analytics Platform
Integrating Siloed Channel Infrastructure
Execute trades
Positive comment on
Adds money to brokerage account
DataProcessing
Signal Creation
Action Orchestration
CRM
Web
Interactions
Jack placed a large sell order today that did not
execute
Yesterday, Jack made a negative comment about our fund platform on our
Facebook page
A week ago, high value customer Jack tried to watch a video on our
website that failed to loadReal Time Listening
Jack is a high value, high risk customer who should get a call from his advisor:■ Acknowledge issues■ Offer free trades■ Ask for recommendation
if satisfied
ALERT!
Real Time Decisions
Wealth Management
Advisor
Phone Call
..... ....
Story begins…
...Happy Ending
3:50 pm
4:00 pm
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Touch-points: Opportunities to Influence Experience
Examine the Customer’s Entire Journey, NOT Just Activities Which
You are Involved in Today
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Measure Behavioral Intentions
Net Promoter Score Tracks Sentiment
Likelihood to Recommend
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Key Questions of Analytics
What is the expected business impact of improving customer perceptions by X%?
What operational and process changes will be needed to improve customer perceptions by X%?
How do we generate continuous insights from real-time customer feedback across touch-points and channels?
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In Order To Be Actionable
Focus Analytics on Linkages
Operational Performance
VOC (Customer perceptions,
feedback, intentions)
Customer Behavior
(Transactions, Engagement)
Business Performance
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Structural Equation Models
Used to Estimate LinkagesCustomer
Perceptions
Information
Ticketing
Rides
Lines
Food
Grounds
Entertainment
Operational Metrics
Information
Ticketing
Rides
Lines
Food
Grounds
Entertainment
Return
Theme Park Experience
Share of Wallet
Incremental people; sooner (ticket revenue)
Incremental spending on food, merchandise (revenue)
Improve wait time 5 minutes
Total cost to improve
experienceNPV Total incremental
revenue
Behavior Outcome Financial Outcomes
5%2%
10%
15%
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Touch-point Analytics
Identify Experience Improvement InitiativesLoan Officer interaction and process improvement initiatives drive $146M in incremental annual revenue for mortgage refinancer
Improvements in customer perceptions of Advocacy drives 15% incremental market share for ISP
Improvements in service delivery drive $75M in incremental annual revenue for mutual fund manufacturer
26 customer experience improvement initiatives drive incremental $741M in revenue for an airline
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Analyzing and Taking Action on Real-Time VOC
Will Drive Positive Customer Experience
Aggregate Insights Identify unmet product and
service needs Identify experience pain
points Proactively identify potential
PR issues
Targeted Actions Send product offer to
specific individuals Inform specific customer
about fix of pain point Execute proactive save for
dissatisfied high-value customers
Real-Time Big Data Analytics Stack
Speech
Text
Machine Learning
Pattern Recognition
Trend Spotting
Log Analysis
+ CRM
Nick, 25 year old gamer
Research
Buy
Use
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Ideation
Test and Learn
VOC Programs
Act
ActAnalyze
Sustained Value Generation
From Transformational Customer Experience Generate activation ideas Customer experience initiatives Experience process design
Pilot initiatives in market Develop measurement plan Make go / no-go decisions
Develop VOC strategy Develop VOC infrastructure Continuous learning process
Customer
Build Foundation
Outside-in thinking necessary to identify and fix key pain points
Commit to listening and analyzing the Voice of your Customer (VOC)
Summary
Leverage Big Data analytics to detect meaningful signals in VOC
