This document discusses how companies can capitalize on opportunities presented by existing customers during economic downturns. It emphasizes that maintaining customer loyalty and effectively serving current customers is crucial for survival and a source of savings and growth. Analyzing customer feedback through tools like Attensity Voice of the Customer allows companies to understand customer sentiment, identify issues, and take actions like preventing churn to preserve revenue and uncover opportunities to increase revenue through customer satisfaction.
1. GROW YOUR COMPANY IN A DOWNTURN
Capitalize on Hidden Opportunities
Your Customers Provide
More than ever, companies are focused on their existing customers to drive business value. During challenging economic times these
customers and their continued loyalty is the lifeline for survival. The necessity of effectively and proactively serving your existing customers
is a tremendous opportunity for both savings and growth.
The old metric that talks about taking less money to keep a current customer than to get a new one is not only true — but a key part in allowing
companies to maintain a customer base without spending excessively. Not only do your current top customers tend to represent the largest chunk
of your revenue, but their loyalty and positive word of mouth represent your future growth. The place to make your modest investments with the
strongest ROI this year is in your current customers.
In a tight economy there are two critical things that these investments can enable:
• Revenue preservation — find out if customers are going to leave, understand why and save them; and
• Revenue growth — understand if customers are having issues ("cries for help") and delight them by acting on those issues. This generates
amazing word of mouth, builds a network of customer advocates and creates growth.
THE ATTENSITY SOLUTION “The purpose of business is not to
Attensity Voice of the Customer (VOC) offers the power of Attensity' text analytics software in an make a sale, but to make and
“on-demand” hosted offering or for your use in-house. It enables you to rapidly and accurately analyze keep a customer.”
customer feedback - given directly to you in emails, services notes or survey responses and publishing - Peter Drucker, legendary
online in Blogs, reviews, forums, etc. management consultant
Through reports, dashboards and alerts, users are kept up-to-date on customer sentiment, issues, “Just a 10% improvement in
requests and requirements. Potential for attrition is tracked, as well as opinions and comparisons to customer retention results in a
the competition. Attensity VOC includes access via a web-browser so that business analysts, quality 30% increase in the value of the
and service personnel and executives can easily gain access to powerful customer insights. company.”
- Bain & Company
Attensity VOC offers the power of Attensity’s patented Extraction Engines™ that automatically pull out
and transform facts found various forms of unstructured customer feedback into data that can be “A 5% increase in customer
queried, reported on and analyzed. The newly structured feedback is then fused with existing structured retention can increase business
data like customer segment, product identifiers or specific survey scores so that it can be analyzed by profits by 25% to 125%.”
users in the context of their business. Dashboards, reports and an ad hoc query tool enable the customer - From “Leading on the Edge
experience analyst to uncover issues, identify trends and analyze customer sentiment. of Chaos: The 10 Critical
Elements for Success in Volatile
Attensity VOC On Demand requires no installation and provides customer analysts with immediate access Times,” by Emmett C. Murphy
to valuable customer feedback that can drive critical business decisions around products, services and and Mark A. Murphy, Prentice
customers. Hall Press, March 2002
CUSTOMER FEEDBACK ANALYSIS WITH ATTENSITY “Acquiring a new customer can
cost six to seven times more than
retaining an existing customer.”
A N A LY Z E O N - L I N E
- From “Customer Acquisition
Versus Customer Retention,”
Surveys
Service Notes
CRM Data
by Frederick Reichheld, Bain
& Company, November 2006
Emails
Blogs CREATE 1 Review Auto 2 Interact, Re ne 3 Identify 4 Try It
Web Forum BUSINESS Generated Query, Alert... Potential Again!
etc. CATEGORIES Reports Actions
MANAGE
Voice of the Customer Analytics
CATEGORIES • Sentiment Analysis
A ensity • Churn
Process • Product Issues
• Market Buzz
(competitive, issues, sentiment)
SOLUTIONS FOR GROWING YOUR COMPANY