According to a research by Gallup on Behavioral Economics, organizations that leverage customer behavioral insights outperform peers by 85 percent in sales growth and more than 25 percent in gross margin. These are impressive numbers that already provide great motivation to dig in and leverage internal data about the customers.
The challenge is which data sources to pick? As in modern life customers communicate on a wide range of channels. Just to list a few:
- Call center
- Focus groups
- Social media
- Brand site
- Stores (if relevant)
As each of these data sources are different and potentially cater to different audiences and demographics, we highly recommend leveraging as many data sources as possible to gain a good mix of the Voice of the Customer in your analysis.
- Understand your market
Analyzing external data sources like Ratings and Reviews or Social Media will guarantee that you get a good amount of understanding of what non-customers are saying about the market in general, not just about your brand or products. According to a recent research 97 percent of customers said they had read reviews. There are so many ways now for consumers to share data and information that online consumer reviews and feedback data is in fact becoming the world largest consumer panel. And because it is an anonymous one it’s easy to share loads and loads of data since no one is worried about saying the wrong thing.
In fact, its even better then just the world largest consumer panel, as consumers are not concerned that they are listened to and as such convey their opinions more freely…
Another benefit that is specific for Ratings and Reviews is that they are the most detailed in terms of industry coverage – they will cover the most brands in your industry and will also be granular enough to cover SKUs / products.
- Understand your customers
Leveraging your own data will give you the most direct and brand specific feedback you can get. Your own customers are expressing their thoughts about you and your offerings, now all you have to do is pick it up. Typical data sources include the call center, open ended surveys, chats and emails. If you’re in retail, data from the stores around customer feedback or customer returns or even complaints can serve you well if you drill down on it.
- Understand specific aspects of your interaction with customers
By focusing on specific data sources your can get a better understanding of your interaction with your customers. For example, analyzing Customer Support records or calls will help you understand service issues. Analyzing eCommerce reviews and comments can help you understand pre-sales issues or supply chain issues (Out of stock). Analyzing Social Media can help you understand brand and market perception and possibly focus on understanding prospective customers.
By drilling down on specific sources, you can sharpen your understanding of specific customer interaction areas. But when you zoom out and look at these data sources together you have a chance to see the bigger picture to understand common themes, too.
- Understand your offering in depth
The more data and data sources you analyze, the more information you get about how your offerings are perceived in the market. There’s so many considerations out there today for consumers, from Value for Money, Quality, Service, Returns, Defects, Durability, etc. that you can’t miss out on any of them, and the more diversified data sources you access the better chance you have to cover them all.
- Understand your competitors
Consumer business is a tough one and brands battle for better star rating, upvotes, likes etc. as a path to more revenue or sustaining market share in a competitive environment. On the plus side it means you can analyze your competitors success and vulnerability based on the enormous amount of public data. Typical data sources here will be Ratings and Reviews, Social Media, forums and blogs but surprisingly there’s quite a bit of competitive info found in call center records or open ended survey questions, which is why its highly important to leverage all of them to cover all your bases.
On a positive note we now have more data we ever dreamt about that we can analyze. Making sure it is diversified as possible will allow us the most flexibility and granularity in our analysis. With more data sources we will get a
- Complete overview of our market, customers, competition
- Granular view where we want it, to foucs on specifics like Supply Chain, Satisfaction, Online Sales
This way we get a great 360 degree view.
Revuze is an innovative technology vendor that addresses just this with the first self service customer analytics solution. Without any involvement from your IT or Insights team, quick to setup and intuitive for use by anyone, Revuze typically delivers 5-10X the granularity of topics compared to anything else, and it does it without humans, in a self-training solution that can adapt to the moving target of consumer interests in the fast pace of today’s data growth rates