WHAT’S MISSINGFrom Your Big Data Picture?

2014

These days, there’s no short supply of data.

Every department has its own favorite source of data and we all seem to be trying to solve similar business challenges.

But we each come at it from a different direction.

Every department has its own favorite source of data and we all seem to be trying to solve similar business challenges.

Which begs the question:

What’s missing from your big data picture?

Which begs the question:

What problems areyou trying to solve?

• How to grow revenue?

• How to grow revenue?

• How to retain customers?

• How to grow revenue?

• How to retain customers?

• Ways to be cost efficient?

• How to grow revenue?

• How to retain customers?

• Ways to be cost efficient?

• Best methods of ensuring compliance with regulations or policy?

• How to grow revenue?

• How to retain customers?

• Ways to be cost efficient?

• Best methods of ensuring compliance with regulations or policy?

• How do we do all of this and still satisfy customers?

All of these questions are drowning in data from CRM, Billing or other operational systems.

All of these questions are drowning in data from CRM, Billing or other operational systems.

This data tells you WHAT happens, but struggles to tell us WHY because it doesn’t account for customer experience.

Analyzingbehavioral data from customer interactions should be important to your company.

Customers tell us everything we need to know every single day.

Customers tell us everything we need to know every single day.

It’s just that this feedback is buried inside thousands of captured customer interactions and it isn’t easy to extract and organize this data.

But it is crucial to do so because this data is the missing piece of the puzzle.

Customer Interactions contain key behavioral events.

Customer Interactions contain key behavioral events.

These events tell you what a customer actually did or experienced during an interaction, such as expressed an emotion, mentioned a competitor, or received a sales offer.

When an interaction analytics solution is used to organize them, these events can be quantified and analyzed to uncover correlations, trends and root cause.

How does it apply?

How does it apply?HERE’S A PRACTICAL EXAMPLE…

Using only traditional data, a company can tell how many times a customer has called into the contact center.

Using only traditional data, a company can tell how many times a customer has called into the contact center.

They will know what current subscription package that customer has, their age and how long they’ve been a customer and they will know when that customer churns.

But, what they’re unlikely to know is:

• What did that customer say during their interactions?

• Why did they churn?

But, what they’re unlikely to know is:

• What did that customer say during their interactions?

• Why did they churn?

• Could they have better predicted the outcome and proactively stopped it?

• Could they have better predicted the outcome and proactively stopped it?

• Were they unhappy with the service they received?

• Could they have better predicted the outcome and proactively stopped it?

• Were they unhappy with the service they received?

• Did they mention a competitor or an increase in their bill?

• Did the agent make a retention offer every time they called in and expressed dissatisfaction?

• Did the agent make a retention offer every time they called in and expressed dissatisfaction?

• Is marketing confident that the offer the customer received was the most targeted and effective one available based on this customer’s circumstances?

• Did the agent make a retention offer every time they called in and expressed dissatisfaction?

• Is marketing confident that the offer the customer did receive was the most targeted and effective one available based on this customer’s circumstances?

• Could a different package have been more appealing and yielded a different result?

When behavioral events are factored in, such as

• mentioning a competitor,

When behavioral events are factored in, such as

• mentioning a competitor,

• voicing dissatisfaction about an unresolved technical problem, and

When behavioral events are factored in, such as

• mentioning a competitor,

• voicing dissatisfaction about an unresolved technical problem, and

• expressing confusion over the new equipment they were sent,

When behavioral events are factored in, such as

• Mentioning a competitor,

• Voicing dissatisfaction about an unresolved technical problem, and

• Expressing confusion over the new equipment they were sent,

the propensity for that customer to be tagged as ‘likely to churn’ increases dramatically.

Suddenly,

• Marketing offers become much more refined

Suddenly,

• Marketing offers become much more refined

• Predictive models become much more accurate

Suddenly,

• Marketing offers become much more refined

• Predictive models become much more accurate

• Agents’ behaviors are better understood

Suddenly,

• Marketing offers become much more refined

• Predictive models become much more accurate

• Agents’ behaviors are better understood

• Measurement of customer satisfaction expands

Suddenly,

• Marketing offers become much more refined

• Predictive models become much more accurate

• Agents’ behaviors are better understood

• Measurement of customer satisfaction expands

• And the effect on a company’s bottom line becomes much more profound

But where do we go from here?

The rise of big data has brought so many new and innovative ways to use and combine data sources.

The rise of big data has brought so many new and innovative ways to use and combine data sources.

For companies to take it to the next level, they need to harness a solution that allows them to organize their interaction data in the same way they’re organizing their traditional data so the two can be integrated together.

The results that can be achieved when customer behavior is factored into the mix are simply too powerful to be ignored.

The results that can be achieved when customer behavior is factored into the mix are simply too powerful to be ignored.

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