All companies have issues with customer experience. Few, if any, can determine the negative impact these issues have on commercial performance and the order in which to fix them for maximum return on investment.
The link between experience and business value has been missing, until now.
Over the past two years, we’ve helped clients put hard numbers against customer experience issues by combining large commercial and customer experience data sets with qualitative insight from customer research.
This is the only approach that allows us to quantify the value lost by customer experience issues, the work required to fix them, and the potential return from doing so.
How we do it
It has been well documented that 90% of the world’s data was created in the past 2 years. With the rise of social media, the Internet of things (IOT) and entirely new categories of device entering the market, this exponential increase is unlikely to slow down any time soon. As a consequence, most businesses are now big data repositories, whether they like it, or not.
We work with clients to gather data from across their organisation, then structure and analyse it in a way that provides insight into ‘what’ is happening and where the largest opportunities are to improve business performance.
However, big data analysis carried out in isolation only tells half the story. To understand ‘why’ issues are occurring and the best way to fix them we introduce an additional layer of qualitative insight from customer research – either from lab-based testing, or contextual ethnographic studies.
This combination of the ‘what’ and the ‘why’ helps clients make better-informed decisions about where to deploy the finite resources available for delivering ever-better experiences to ever-more demanding customers.
This includes answering questions such as:
- Should we invest in more staff for the call centre or develop a new self-service mobile app?
- How will revenues change if we adjust the position of the paywall?
- What is the best way to increase cross-sell and up-sell to existing customers?
- How much is a point of NPS worth to our business and what is the most effective way for us to increase NPS scores?
As part of an ongoing programme, Experience Analytics can become the single most important tool for managing complex customer-centred organisations.
Get in touch to find out more about how Experience Analytics could help your business.