Voice Of The Customer 2009

Voice of the (Social)Customer: Listen and Then Act

Voice of the (Social) Customer

Voice of the (Social) Customer “ The revolution has not been a business revolution, it has been a social revolution – one in how we communicate.” – Me, 2009

VOICE OF THE (SOCIAL) CUSTOMER

Who is the Social Customer?

The Social Customer – The Rise

New definition of trusted source

2008 Edelman Trust Barometer (60%), most trusted – “a person like me.”

Not an industry expert or academician or financial advisor

Information available nearly instantaneously – either structured or unstructured via the web (Google, Yahoo, MSN)

On Demand software as a service

Enterprise value chain supersedes siloed supply, demand & support chains

Link between lifestyle and business – consumers adopt “sexy” content

The experience is the thing

Edelman Trust Barometer

2003 – “A Person Like Me” – 22%

Most trusted source moved from non-connected (to corporation) experts to “a person like me.”

Customers demand authenticity & transparency now

Social customers communicate :

24X7

Via multiple channels

With accelerated & enhanced expectations

With the idea that all institutions will respond the way we want them to

With trusted sources i.e. peers

Sea change in use of technology

Gen Y first generation to spend more time on the ‘Net than watching TV

Implications for marketing staggering

74% of all U.S. adults spend time online (source: Pew Internet & American Life Project)

The Social Customer – The Establishment

Social networks as active participants in effecting change (blogosphere, podcasting)

Collaboration between company & customers to provide useful value for each begins

Personal value chain subsumes enterprise value chain

Ubiquitous technologies leading platform

The Live Web (Web 2.0) (Twitter, Facebook)

Customer begin to include business as feature of life choice, not a separate factor – user generated content becomes part of business (Samsung open IP to engineers)

The social customer is increasingly a mobile customer

Consumerization of the enterprise (Blackberry Pearl)

Using Social Networks

Nielsen Online research “Global Faces on Networked Places” (March 2009):

Fastest growing sector for Internet use is communities and blog sites (5.4% in a year)

Member communities reach more Internet users (66.8%) than email (65.1%)

Voice of the (Social) Customer Source: Brian Solis

Each customer wants a personalized experience…

They couldn’t care less if they are high value or low value customers

They don’t know if they are high or low value to you

But you have to accommodate even low value customers because of what they can do to you if you don’t

But how do you begin to “know” millions of customers?

First, understand how they interact with you at every point, in every channel

That means detailed mapping, not just surveys, etc.

Ultimately, the tools for the customer to manage their own experience are paramount

Give them access to information that allows them to make informed, empowering choices which thus, provide value

Voice of The Customer

The social customer is demanding a rich, engaging customer experience

Contact centers and multi-channel interactions with the customer are where the experience with a business is typically most intense.

Customer service is becoming perhaps the most important of the CRM pillars

Insight Doesn’t Come Easy

Social customer demands much more of company

Company needs to know the customer personally

Not just transactions

Not just behaviors

Not just demographic info

But emotions and attitudes

Plus who the influencers are

Knowing how the customer is thinking & feeling is of paramount importance to that insight.

How do you find this out when

The customer communicates on multiple channels?

There are thousands & even millions of customers ?

Must monitor & analyze all channels

However, don’t be fooled by myth of decreasing interest in using phone

Forrester in 2007 found that preferred channel for customer service was phone including Gen Y (source: NATRMCE&SB Survey, 4 th Q, 2007)

Gen Y Stats:

Call – 41%

Store visit – 35%

Email – 6%

When dealing w/enterprise 77% still prefer phone (DMG Consulting/Yankee Group)

What’s the real problem here?

Another study from RightNow & YouGov Plc in 2007 of 2800 British consumers found that 69% of the respondents had actively complained between 1 & 5 times to a company

Expected the problem to be fixed to their satisfaction – 60%

Actually fixed to their satisfaction – 27%

No action taken at all – 34%

Bad customer service can go viral Voice of the (Social) Customer

Great customer service & insight can create advocates – who can go viral Voice of the (Social) Customer

Social CRM: Companies Respond

It’s all built around the conversation... Voice of the (Social) Customer

NETWORK

Need to look at the social network & social graph….

Influence VOLUME Tonality Frequency Voice of the (Social) Customer

PLEASE DON’T CALL ME AGAIN!

Please don’t call me again

And at the level of the individual phone call…. Voice of the (Social) Customer DECIBELS Emotion Detection Keywords/phrases Tempo Context

What is common to both is that the customers are aggressively conversing

And that you are capturing and analyzing the live conversations in real or near real time

Voice of the (Social) Customer What does this picture tell you? I’m asleep I’m frustrated I’m dead I’m exhausted

Visual (or verbal) cues provide information but, you still have to interpret & judge

What do you do – Customer Service Models

Agent based call centers (Ayava, Genesys, Siebel, Amdocs)

Process based CRM (Sword-Ciboodle)

Community driven customer service (Helpstream, RightNow)

Customer experience focused call customer service (Kana)

Web self service (RightNow)

Looking at the Technology

“ If companies mined the data that they were sitting on in all those megabytes of recorded customer calls, they would have a much clearer idea of what problems were costing them precious dollars in customer service. They could focus future development efforts on fixing those issues and reduce the volume of costly customer support contacts.”

Ian Jacobs, Senior Analyst, Datamonitor (DestinationCRM, June 13, 2009)

Technology

Text/sentiment analytics

Speech analytics

CCPM systems

Social media monitoring

AVR/IVR

Web Self-Service

CRM Integration

Contact Center Performance Management

Key customer-driven components

First Call Resolution (FCR) – not necessarily first contact resolution.

Root Cause Analysis - not just what is causing problem but why problem is caused

Next-Best Action – analysis across all touchpoints to evaluate & predict future customer needs.

Customer Experience Analytics – look at the results of the outcome.

Speech Analytics

Word spotting

Call categorization

Context

Stereo capture – agent and customer

Emotion detection

“ Yeah, you’ve been just great to me.”

Data

Reason for the call,

Competitors' names or products mentioned

Call length

Root cause analysis

Voice of the (Social) Customer Source: Donna Fluss, DMG Consulting, March 2007 Key Speech Analytics Benefits re: Customers Savings & Benefits of Speech Analytics Hard $$ Soft $$ Staff Reduction in agents X X Reduction in QA staff X Increased supervisory efficiency X Cost Reduction in call volume x Increased FCR x Reduction in agent talktime x Reduction in hold time x Reduction in line charges x Reduction in agent turnover x Revenue Increased sales x Decreased cost of sales x Increased campaign conversion rate x Corporate Improved regulatory compliance x x Improved customer experience x Improved customer loyalty and branding x Timely competitive information x

With all this change going on, remember :

The social customer controls the conversation, but not your business

With all the transformation going on, the use of technologies like speech analysis supports insight, it doesn’t substitute for it.

Be smart in how you interact and with the tools you use to enhance the interaction and you will benefit

Don’t change and your business will suffer

Voice of the (Social) Customer Chances are good you are a social customer. So think like one. Please.

Author: CRM at the Speed of Light (4th Edition, November, 2009) President: The 56 Group, LLC Managing Partner/CCO: BPT Partners, EVP: National CRM Assn. Co-Chair: Rutgers CRM Research Center Named #1 CRM Influencer (Non Vendor) by InsideCRM 2007 Named #1 CRM Blogger 2005, twice in 2007 by TechTarget and InsideCRM & InsideCRM 2008 CRM Magazine 2008 Top Influencer PGreenblog: http://the56group.typepad.com Social CRM: The Conversation (ZDNET): http://blogs.zdnet.com/crm Email: [email_address] Twitter: http://www.twitter.com/pgreenbe Facebook: http://www.facebook.com/pgreenbe Cell phone: 703-551-2337 THANK YOU Voice of the (Social) Customer