Neil Hammerton, CEO and Co-founder, Natterbox, tells us how the ability to better understand data can help organisations gain a greater insight into their customers, drive better business decisions and build better relationships to increase ROI.
Companies’ data stores are their very own goldmine.
Data is collected via many different routes, the most important of which are those related to customers and the channels that they use to interact with brands.
It is no good to just collect data, however. Businesses must implement processes and technology that enable them to analyse data appropriately, as a crucial step to understanding the customer and what they require. It can then be used to enhance the overall customer experience, in turn helping business to reap value.
The ability to better understand data can help organisations to better understand their customers, drive better business decisions and build better relationships which leads to increased ROI. But how is it done?
The forgotten channel when it comes to data: Voice
While businesses have begun investing more time and money into analysing data from online channels, one channel often forgotten about is voice. This is largely because collecting and analysing data from phone conversations has traditionally been a very difficult thing to do. As a result, most of us expect a poor experience when contacting businesses via phone. This is ironic considering voice is one of the most expensive channels to operate. Until now, brands have had only one choice – paying for technology that delivers subpar customer experience.
In the past, consumers were willing to put up with this but in the current digital age, business are just one click away from losing a customer to a competitor. It is vital now, more than ever, that brands utilise assets to provide the best possible experience to their customers. In fact, consumers are ready to not only stay loyal to a brand, but pay more, all in the name of receiving a better customer experience.
As a result, companies are eager to seek out solutions dedicated to improving customer service. Once an appropriate technology is selected, data science takes center stage. Thankfully, where voice is concerned, data analysis is becoming more accessible as the number of tools on the market continues to increase.
You have the data, but what are you going to do with it?
By definition, data represents large sets of information that can be analysed to reveal patterns, trends and associations, particularly those relating to customer behaviour and brand interactions. Data insights might include buying patterns or information around the sentiment of a consumer’s recent interactions. Taking the time to truly understand this data can help offer a more tailored service for customers.
For example, if a customer calls in and has recently placed an order with your company, they may be provided answers to the most frequently asked questions regarding their product, shipping information or refund policies before they even enter the call queue. One easy way of corroborating the data from customers’ multiple interactions with a brand is by linking the businesses communication channels with a CRM platform. Doing this on even a small scale can help drive huge results for the business. In fact, a study showed that just a 5% increase in customer retention, driven by an elevated customer experience, can generate more than a 25% increase in profit.
It’s easier than you think
One of the key barriers to unlocking the value of voice data is the perception that it is expensive and difficult to implement. At one point, this was certainly the case, with even the most simple systems requiring a dedicated IT team to function.
Recent advancements in information have helped us to understand how big of an asset data truly is for brands. Data has never been more important as it is right now for businesses who are fighting to maintain their customer base in light of the pandemic which has created a tumultuous time for industries across the board.
As a result, there are data analytics tools on the market that not only act as long-term solutions but can also offer quick wins for businesses like no longer having to worry about having their own internal expertise. Although it may seem ironic, the sophistication of new technologies is itself lowering the technical barrier to entry. Businesses can adopt new solutions and be up and running within a matter of days, leveraging their customer data in ways they have never imagined.
Those that don’t take advantage of the tools available will quickly fall behind in this fast-moving, customer-centric environment. The data is out there and the time to analyse and understand it is now.