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Leveraging Data for a True Omnichannel Experience

Whether engaging with your brand in store, on the website, via mobile app or across the vast array of social channels your customer expects a consistent brand voice and quality of experience. How do you learn about your customer’s behavior across these channels and adjust your strategy accordingly? Does every brand need to exist on every channel or can you focus your efforts to those channels most popular with your target demographics? Learn the answers to these questions and the specific practices to guide your own brand through this process.

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Leveraging Data for a True Omnichannel Experience

  2. 2. Niren Sirohi, Ph.D. Partner, Global Data Science Lead Leveraging Data for a True Omni-Channel Experience
  3. 3. 3 Ph.D. in Management at Cornell's Johnson Graduate School of Management, MBA with a major in marketing, and graduate degree in Mechanical Engineering Today’s Presenter ■ Develop & implement strategic analytic solutions ■ Global brands -- financial, auto, retail, telecomm, hospitality ■ Hobbies: technology & rock concerts
  4. 4. 4 Apply Analytic and Consultative Best Practices to:  Identify customer-level opportunities  Inform customer-centric strategies  Maximize customer-focused programs  Measure customer-driven impacts iKnowtion – Leaders in Analytics
  5. 5. 5 Agenda for Today ■ VoC and why it’s important ■ CX strategy and customer behavior ■ True omnichannel experience ■ Key ingredients for success ■ Getting started
  6. 6. 6 Source: The State of Marketing 2013, IBM’s Global Survey of Marketers $83 billion lost each year
  7. 7. 7 State of VoC today 80% of companies say they deliver “superior” customer service. 8% of people think these same companies deliver “superior” customer service A typical business only hears from 4% of its dissatisfied customers Only 2-7% of companies self identified as being very good across various VoC competencies 70% of companies are collecting customer feedback, only one-third actually believe that they are designing solutions to problems based on the insights Only 11% of companies have reached the top 2 stages of VoC maturity (collaborators and transformers) Source: Temkin Group and Customer Service Facts, Quotes and Statistics
  8. 8. 8 VoC Myths VoC = Explicit Feedback VoC Data is Sufficient VoC Only from Customers VoC = Survey Data
  9. 9. 9 Your customers are sharing their needs Please press 1 for service, 2 for billing…
  10. 10. 10 But nobody’s connecting the dots…
  12. 12. 12 Information isn’t transformed into insights and next best actions Need predictive and prescriptive analytics
  13. 13. 13 Insights and next best actions not relevant and inconsistently shared across the firm
  14. 14. 14 Information is unable to be used in the moment
  15. 15. 15 Everyone in the organization can benefit from VoC Product Management Pricing CRM Customer Care Customer Experience Sales Marketing and PR Early, continuous, real-time input on customer perceptions to pricing strategy, competitive pricing, and gaps Identify next best action for individual customers and prospects based on contextual, in the moment data and historical behavior Drive efficiency and effectiveness of care operations by enabling agents with timely alerts and recommendations. Identify sales and CRM leads Understand key pain points and influence the customer journey to reduce customer effort, reduce detractors, and build advocates Gain insight into competitive sales strategy, prospect needs, perceptions, and decision factors Early warning indicators on brand health and perceptionsEarly, continuous, real-time input on product features, functionality, performance, competitive differentiators
  16. 16. 16 Signals from VoC can lead to action at the aggregate level… “I cannot reset my password online.” “The web portal would not let me add this feature.” “Why can’t I check / reschedule my appointment online?” “I can’t see the current status of my install order online.” “Company X gave me a great deal on triple play when I came off promo pricing at brand Y.” “They are fleecing you with off-promo price increases.” + CRM data + CRM data + CRM data High value customers are not able to complete account management tasks online and have to call in Customers in the first 30 days are frustrated to not be able to check status and schedule appts online Competitors are wooing our most valuable customers away when they come off promo period Fix the web portal and reduce call volume Build an appointment and order management application and reduce call volume Understand price elasticity and adjust off-promo pricing strategy to maximize retention VoC Signal Action Improve Operational Efficiencies (reduce call volume) & Improve Customer Satisfaction Inform business strategy and customer lifecycle management
  17. 17. 17  …as well as at the individual level Execute trades Positive comment on Facebook Adds money to brokerage account VoC Platform 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 load Real 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
  18. 18. 18 Benefit Examples Insights Drive Customer Experience Improvements: ■ Optimizes interactions throughout the customer journey ■ Pinpoints CX improvement opportunities with the highest expected ROI Intelligence Leads to Greater Customer Value: ■ Helps convert brand detractors into brand loyalists and advocates ■ Guides the development of expanded value propositions, leading to higher share of wallet Customer Feedback Fuels Innovation: ■ Highlights existing product enhancements and new product opportunities ■ Tracks brand perceptions and drives customer- centric business transformations 75% Improvement in repeat call prediction 3X Uplift NPS Scores Increase in Customer Retention 15% Higher Customer Value20%
  19. 19. 19 Key Ingredients for Success Real time listening across touch-points Data integration across touch-points and enterprise systems Disseminate and share signals with relevant stakeholders and give them actionable recommendations Integrate with frontline systems like CRM, contact centers etc. Efficient Signal Extraction from structured and unstructured data
  20. 20. 20 Unstructured Data Explains “Why” Structured (Quantitative) Unstructured (Qualitative) Customer-Initiated Company-Initiated Voice of Customer Categories DepthofInsight Representativeness of Feedback
  21. 21. 21 Analysis of text, speech, & contextual data across channels Text Dear DirectCom Online Service, I have a question about my most recent bill. I paid the full balance online in the amount of 47.61$ on February 16th. When I checked back the payment didn’t show up, and I was charged 50$ fee on top of that. This is not acceptable! The online payment confirmation number back the payment didn’t show up, and I was charged 50 and I was charged 50 and I was $ fee on top of that. This is not is 49733. Please verify and make sure I get the fee back to my account. This is not the first time I have a problem with the online payment. Best regards, Gina Lowell. SpeechContext Misinformed Frustrating This is the 2nd time I’m calling Phone Social Media Chat Email Web Phone Survey Keywords and Topics Talk Over Analysis Emotion Detection Call Flow Analysis So confusing Sick and tired Desktop Analytics Customer Demographics Interaction History Customer Feedback Keywords and Topics Sentiment Analysis Chat Response Time Social Buzz
  22. 22. 22 Customer Service Knowledge / Helpfulness Attitude Multiple Attempts Tier 2 Escalation Problem Resolution Troubleshooting Follow up Quality of Service Refunds / Discounts Customer Support Rep Communication Skills Language Barrier Listening Speed of service Accessibility / Reaching Rep Transfer / Hold Reaching Right Person IVR Business Hours Phone Experience Runaround Hold Time Transfers Real Person … … … … Branches (19) Leaves (111) Illustrative Domain knowledge and Machine Learning transforms unstructured data into structured insights …
  23. 23. 23 Insights help improve contact center operations Attitude of reps is a clear strength Troubleshooting abilities, communication and language skills need improvement Improve routing skills and workforce management to minimize hold times and get customers to the right rep the first time Telco Call Center Speech and Text Analytics Category Leaves Volume,Sentiment
  24. 24. 24 Incremental NPS Changes by Making Driver Improvements CX improvements lead to significant improvement in NPS Automotive CX Drivers -29 19 17 15 13 10 11 7 6 1 70 -40 -20 0 20 40 60 80 Problem Resolution Beginning NPS Hold Time Personal Effort Providing Best Help Dealer Resolution Attempt Listening Courtesy Automated Phone Ease of Use # of Consumer Affair contacts Final NPS Structured Unstructured
  25. 25. 25 Insights can be incorporated into Predictive Models 1 2 3 4 5 6 7 8 9 10 ModelPerformance Structured plus unstructured Structured only Observed Benefit by Model Deciles Variation explained by structured data only Variation explained by both structured and unstructured data Illustrative Unstructured data helps explain more of the observed variation when developing predictive customer behavioral models
  26. 26. 26 Develop Strategy and Prove the Value First 3-4 months ■ Assess current VOC data being collected and efforts to derive insight and act upon them ■ Develop VOC roadmap and strategy ■ Integrate and analyze VOC data on a pilot basis to build business case Build Capabilities and Implement Next 5-6 months ■ Collect requirements from different stakeholders who would value from VOC insights ■ Develop capabilities (people, process and infrastructure) to collect, analyze, share, respond and act on VOC data Accelerate Impact On-Going ■ Identify test and learn opportunities ■ Launch, measure and refine VOC programs ■ Add additional data sources and stakeholders ■ Refine capabilities An omnichannel experience requires a multi-step journey 1 2 3
  27. 27. 27 ■ Commit to continuously listening to and analyzing the Voice of your Customer (VoC) ■ Increase focus on predictive and prescriptive analytics ■ Focus on customer journeys, not interactions ■ Detect meaningful signals in VoC and act on them Summary
  28. 28. 28 Niren Sirohi, Ph.D. Partner, Global Data Science Lead (781) 494.9989 x201 A TELETECH COMPANY Thank You
  29. 29. QUESTIONS?