Insights & Analytics: Overcome Data Roadblocks
Digging deep into data can give a meaningful understanding of what customers are thinking, leading to easier strategic decisions and a better customer journey. The tricky part is overcoming common data challenges. It’s easy to miss the mark, causing roadblocks and blinders to the significant discoveries that could be made.
So, how can brands make sure they’re winning with insights and analytics every time?
AVOID COMMON DATA FAILS
Most companies have a massive amount of customer service related data available to them. It’s estimated that companies in the US spent over $19 billion acquiring and analyzing customer data in 2018.
When used properly, these insights can produce some fascinating and valuable insights into customer (and employee) behavior. Unfortunately, it’s easy to misinterpret the data or tell the wrong story. Here are some common data fails that all brands should avoid:
Most of the time, data is being pulled from multiple channels and sources. It’s easy to try and measure too many things at once, making data “dirty” or muddled.
Often times, the focus of data lands on something other than customer sentiment, making it difficult to truly understand the root cause and how to categorize the information.
It’s easy to chase after the instant gratification that data can give. Getting caught up in this can cause premature pivots on Key Performance Indicators (KPIs) and a loss of focus on the long-term vision.
With all good intentions, sometimes Executive teams can cause data to fail because of their own interpretation. Often they are seeing what they want to see, rather than seeing data for what it really is.
WIN WITH DATA
Companies that win with data are the ones that harness it and generate insights in a way that will make a positive difference to their customers, employees and pockets.
Here are some tips to ensure data is being used in the most successful way both today and for the long term:
In customer care, often one disposition code can cover 10 very different results. That’s why the first step to solving data issues is to ensure that metric definitions are clear and understood. There is never such a thing as too much communication and collaboration when it comes to defining metrics. The amount of data available is overwhelming to say the least, so prioritizing and clearly defining them by what is most critical for the success of the business is key.
There’s no hard and fast rule on which KPIs are most important to prioritize, as every organization is going to be different. Although, it’s pretty widely accepted that Service Level, NPS and CSAT are the main ones to look at.
A metric that is gaining popularity is Customer Effort Score (CES). This metric measures experience with a product or service. Customers rank their experience on a seven-point scale from “Very Difficult” to “Very Easy”, determining how much effort was required to use the product or service and how likely they’ll continue to use it.
Since this metric has gained popularity, there’s evidence that the ease of a brand experience is sometimes a better indicator of customer loyalty than the measurement of CSAT.
Make Insights Actionable
So, you’ve collected your facts, statistics and customer data. Now what? Data isn’t any good unless it’s put into action.
Analyzing data opens up a world of deeper understanding of what makes customers tick and what will drive improvements to serve them better. This is when actioning insights can move the strategic needle forward. Taking action on insights should be ingrained in the data gathering process.
It’s also important to track progress on the actions taken and switch gears when necessary.
In our next blog, we’ll talk about how it’s crucial to continue moving customer care programs forward through listening, real-time reporting and performance management. Download our thought paper to learn more!