With a Clear View of CSAT Scores, NPS, Social Sentiment and More, You Can See Forever
When it comes to improving business processes, they say you can’t improve what you don’t measure. With a well-designed voice of the customer program, a business can use feedback from customers to improve its services. With interaction analytics, that same business can isolate pain points in the customer experience (CX), decipher and capitalize on trends across multi-channel engagements, and allocate resources to best minimize customer effort and costly direct engagements with customer service agents.
What if both of these initiatives could be combined and reported upon, tied up in a nice little package to give management the most up-to-date, comprehensive snapshot available for understanding how customers perceive the business, what’s driving their sentiments, why they’re calling, and where opportunities to improve CX exist? Today, they can. And in addition to accounting for every conceivable metric related to CX—customer satisfaction (CSAT) scores, Net Promoter Score (NPS®), sentiment for both direct (i.e. customer survey) and indirect (i.e. voice calls and social media) engagement, you name it—the business can access a new, lone comprehensive metric encompassing all of these:
total voice of the customer.
Total Voice of the Customer: Insights You Can Bank On
A financial institution—we’ll call it “Fair Bank” for purposes of this tale—had a problem. It was losing customers to other banks, on account of uncompetitive interest rates for savings accounts. To reverse this trend, Fair Bank implemented the
Total Voice of the Customer (Total VOC) solution from NICE. With Total VOC, the bank was able to leverage advanced speech analytics capabilities to determine which calls were positive or negative in customer sentiment, in near-real time.
Likewise, it gained visibility into customer sentiment expressed via social media outlets such as Facebook and Twitter. While direct feedback provides some glimpse into the mindset of customers, incorporating social media-based sentiment expands this umbrella to include those customers who were not sufficiently motivated to answer a survey, or call to complain, or otherwise engage directly with the bank’s contact center. Short of eavesdropping on personal conversations, Total VOC empowers Fair Bank to know, and act upon,
everything its customers have to say about its brand and services.
Fair Bank can see which “hot topics” keep registering as customer concerns, suggesting where CX programs should focus their efforts.
Have a look at this executive-level dashboard for Total VOC at Fair Bank:
The dashboard provides immediate visibility into the state of Fair Bank’s CX program. Relative to the prior week, the bank would appear to be in a slump, with social sentiment, dissatisfied calls and NPS down 18%, 28% and 15%, respectively. The largest of these meters, marked “Total VOC,” indicates the bank’s all-inclusive total voice of the customer score. Under “Highlights,” we find “dissatisfied calls” is the single greatest driver of this slump, while common buzzwords among customer feedback include “interest rate” (which customers view negatively), “better rate” (also tied to negative sentiment) and “very helpful” (in this case suggesting customers are receptive to the support agents themselves).
Fair Bank also gained a series of dashboards serving CX professionals and analysts, as well. With this voice-of-customer analytics dashboard, they are able to perform root cause analysis and identify what might be driving their slump:
Here, the bank has visibility to nearly 20,000 customer interactions for the previous week, and can observe the sentiment trends across e-mail, voice call, SMS (texting) and social media engagements. On the top right is a “word cloud” of sorts, noting which phrases arose with regularity, and the positivity/negativity tied to each. (Not surprisingly, terms tied most closely to interest rates on the bank’s savings account were a common source of dissatisfaction, while support agents still received credit for their “great service.”) Furthermore, as seen under “Comments,” users can drill down to read verbatim comments from individual customers, regardless of the engagement channel.
These dashboards are highly configurable, and enable CX professionals to measure performance down to the individual agent level.
Read more about NICE Total Voice of the Customer, and request a private demonstration to learn how your CX program can achieve customer experience paradise by the dashboard light.
Don’t forget to join NICE on Wednesday, June 15 for our webinar presentation,
“Two Sides to Every Coin: To Improve the Bad Experiences, or Build Better Ones.”