Best Practices

Customer experience leaders in financial services (FS) need to create a frictionless experience for clients that doesn’t run the risk of being impersonal. Without this balance, FS providers can fail to create client loyalty, ultimately resulting in dissatisfied customers who are quick to take their business elsewhere.

With a successful balance of technology and personalization, providers will be well placed to outperform their competitors, both in terms of revenue and their ability to supply highly differentiated, individualized experiences.

THE CHALLENGE: CREATING A BALANCED EXPERIENCE

Financial services clients expect interactions to be seamless, timely, and integrated from beginning to end. For providers, this means constantly monitoring all touchpoints and channels and responding immediately around the clock.

The obvious strategy to meet this expectation would be through automation and new technology, but relying solely on this solution could be dangerous. Foregoing traditional, in-branch interaction could mean missing the opportunity to create a genuine interaction and relationship with clients.

Brennan Wilkie, our SVP of customer experience strategy, said, “Every interaction with a customer is a chance for a FS brand to surprise and delight — or a missed opportunity to do so. By tailoring the brand experience to each contextual user journey, FS can unlock the ability to enhance loyalty with customers, and because personalization is about establishing individualized brand relationships, early leaders tend to lock in customers, heightening the barriers for those that try to follow.”

Studies are also showing that clients are expecting their experiences to be as personal as they are frictionless. According to a Janrain Online Personal Experience study, over 74% of online consumers get frustrated when they are presented with content that is not relevant to them or their interests.

If this trend continues, financial institutions will continue to find it harder to attract, grow, and retain consumer business unless they take steps to engage customers in ways that can truly make their brand stand out.

THE APPROACH: EMBRACING NEW TECHNOLOGY

Financial services providers have begun to tap the potential of personalization by providing customers with the ability to download apps, watch research videos, and redeem individualized offers. Additionally, they have introduced click-to-chat features on their websites. These methods may not always take the form of another transaction or product, but they definitely succeed in enhancing relationship.

As mentioned in our recent global banks CX infographic, Avidia Bank launched “Cardless Cash,” which allows customers to draw money from ATMs and branches using their smartphones. To amplify the buzz, the bank hosted real-time ATM versus Cardless Cash battles on Periscope. This unusual tactic captured significant consumer attention, which allowed Avidia to identify and join the ensuing conversations on other social networks. For Cardless Cash, Avidia saw engagement rates as high as 10%, resulting in a 13% increase in adoption.

Another way FS providers are embracing technology is utilizing the rising popularity of virtual assistants like Amazon’s Alexa or Apple’s Siri. Gareth Gaston, head of omnichannel banking at US Bank, said, “Voice technology is going to be central to the future of digital interaction. We’ve all become accustomed to speaking to our devices for simple things like getting directions to a restaurant or placing a call. Now, voice services such as Amazon Alexa are making it easy to check an account balance or hear a payment due date without picking up a phone or logging in to internet banking.”

THE BENEFIT: CLIENT LOYALTY

When account holders feel both that they can conveniently access their accounts via technology and that their financial services providers truly care about providing them with a positive experience, they are more likely to become loyal customers. Still, such a differentiated customer experience cannot happen on its own. It’s up to FS providers to create an environment and culture in which client relationships can be fostered and flourish.

In the most foundational sense, the travel and tourism industries exist to create unforgettable experiences for their customers. Whether people are vacationing, visiting relatives, or travelling for work, they want their trip to go seamlessly so they can focus on what’s important to them. Therefore, if anything goes wrong— such as baggage being lost, a flight being delayed, or a reservation being incorrectly made— a travel and tourism customer’s experience with a brand can become instantly tainted.

Customer experience (CX) technology can help T&T organizations to resolve and prevent negative customer experiences, but even better, it can help them deliver incredible, frictionless experiences that keep customers coming back for more.

But not all CX technologies are created equal. It’s true that some CX effort is better than none, but when it comes to the travel and tourism, there are definitely certain tools and solutions that can do more for these industries than others.

Here are the top three must-haves for travel and tourism companies who want to get the most out of CX technology!

Compilation Capabilities

Whether it’s an airline company, hotel chain, or resort, travel and tourism companies use multiple systems in their day-to-day operations. In addition, there are many websites where their customers can leave reviews and feedback.

In order to get a holistic view of their customer data for actionable insights, organizations need to assess each database, website, and all other possible sources. Therefore, their CX technology needs to be capable of compiling data from all of these places. In addition, their chosen technology needs to be able to analyze each of these channels and data types.

Right People, Right Time

Once all relevant data has been compiled and analyzed, insights can be revealed, but what difference does it make to get insights if they aren’t put in the hands of the people who can actually act on them?

The best CX technology for the travel and tourism industries has the ability to not only unearth insights, but to deliver them to relevant employees. For instance, if there was a pattern of hotel guests complaining that sheets were not changed often enough, a notification would be sent to the cleaning staff manager, who could make necessary adjustments to address the issue.

Turning Negatives to Positives

One of the most influential factors for a travel and tourism company’s reputation is word of mouth. When customers have had a great experience, they are likely to make a recommendation to their friends and will discourage others from utilizing a certain service when they have had a bad experience. Either way, customers will share their experiences with others, but unfortunately, news of a bad experience reaches twice as many people as praise of a good experience.

Travel and tourism companies can minimize the damage of negative experiences by utilizing CX technologies that can addressing and resolving negative feedback and complaints. By opening up a dialogue with disgruntled customers, they can convert them into advocates. After all, 70% of the time, a person will become a repeat customer when a complaint is resolved in the customer’s favor.

With these three CX technology tools, travel and tourism businesses can address relevant needs and optimize practices to create the best customer experiences possible.

To learn about more CX differentiators for the travel and tourism industries, check out our new eBook, “Travel & Tourism: 5 Tactics for Customer-Driven Differentiation.”

It’s one of the most popular and controversial topics in retail today: Will automation and digital disruption push people and brick-and-mortar retailers out of the picture?

While there are many advocates for either side of the debate, here at InMoment, we believe that the in-store experience is just as relevant today, despite the digital age we live in. In fact, in our recent Humans v. Robots webinar with CustomerThink.com, Brennan Wilke, senior vice president of customer experience at InMoment, and Tyler Saxey, director of customer experience for Foot Locker, discussed the reasoning and research behind our opinion.

Based on findings from InMoment’s 2017 Retail Trends Report, our presenters shared several great reasons while the in-store experience still plays an important role in the retail industry:

1. Immediate Gratification

For customers, one of the biggest draws to a physical store is instant gratification. They can walk through the doors, see the selection, grab something off the shelf, and buy it.

With an in-store purchase, customers can enjoy their new items the moment they walk out the door. This type of satisfaction is simply not possible for the digital-only customer, who needs to wait for shipping and processing even after the transaction is complete. For the eager customer, brick-and-mortar retailers are still the way to go.

2. Previous Good Experiences

Another advantage for physical retailers is that they can build upon previous positive experiences. If a customer has gone to a store and has had an employee go above and beyond for them, they are more likely to make the trip again. Why? Because their previous experience made them feel important and valued; who wouldn’t like that?

If retailers are able to empower their staff to provide good experiences for customers, they can essentially guarantee customer loyalty.

3. Perceived Quality

In our research for the 2017 Retail Trends Report, we found that retail customers tend to perceive the quality of in-store goods to be greater than that of items bought online. Even though the items may be the same and in the same condition, the ability for clients to see, touch, and hold the items in their hands assures the customer that the item they are buying is exactly what they want.

Online retailers can’t provide the same sort of assurance, so when customers are especially concerned with quality, they are more likely to make the trip to a physical retailer.

4. The Human Element

The final and most important reason why in store retailers have an edge in their industry might be the most obvious: their people. The fact of the matter is that as social beings, we still prefer and value quality, interpersonal interactions.

When a customer speaks with a sales associate, they get to check items off their shopping list and connect with someone who will help them find what they need. This gives a sales transaction a priceless social element, and as I stated previously, it’s those personal relationships and experiences that keep customers coming back for more.

In light of these key in store differentiators, it’s clear that brick-and-mortar locations still have their place in the retail industry. In this case, it is important not to solely focus your efforts on digital resources, but instead to think about how you can use technology to empower your people.

Every culture has its popular myths: Bigfoot, the abominable snowman… the list goes on. However, when we think of these mythical monsters, we think of stories that are believable but generally acknowledged to be untrue when examined closely.

In terms of myths, retail culture is no different. With rapidly changing technology and evolving customers, many myths about the future of retail have surfaced. In InMoment’s 2017 Retail Trends Report, we were able to debunk a few of these retail myths and find the truths beneath them. Check them out below!

Myth No. 1: Convenience is King.

Fact: Convenience has its place, and it’s not always first.

Today’s customers favor instant gratification, so it’s no surprise that digital-exclusive retailers are performing the best in terms of customer satisfaction. If convenience was king, it would mean that these ecommerce giants would take the retail crown, but our data shows that brick-and-mortar retailers can still serve an important and distinct role through customer experience.

A physical location provides customers with the opportunity to touch and handle items before purchasing, something that is simply not possible for digital-exclusive retailers. For example, you wouldn’t want to buy a new pair of shoes without trying them on first; brick-and-mortar stores give you the opportunity to do just that.

Even more, consumers perceived product quality to be higher when they buy from a brick-and-mortar retailer, proving that while convenience is great, it isn’t everything.

Myth No. 2: Automation will replace employees.

Fact: Technology can enhance, but not replace, human interactions.

While automation may make it easier for customers to complete purchases, it is not capable of creating empathetic and positive customer experiences in the same way your employees are. Your employees are the face of your brand, an irreplaceable asset, so instead of pitting technology against them, retailers would be well advised to think of ways to use automation to support their employees.

Myth No. 3: Personalization means targeted campaigns.

Fact: Personalization must be authentic.

Targeted campaigns are great strategies, but personalized interactions generally mean more to customers than personalized messages; customers value moments more than advertisements. Brands must leverage sales and service touchpoints by enabling their employees to build relationships and deliver value to their customers. This effort will translate personalized marketing efforts into authentic and effective campaigns.

When thinking about the future of your retail CX efforts, don’t be tempted to change course because of these myths. Instead, stay focused on your customers and what they need, then go from there!

If you’d like more context on retail trends and the direction retail customer experience is heading, download the full 2017 Retail Trends Report!

Thanksgiving is almost here! That means a few different things to me—family, turkey, pie, more pie and of course, football!

I love watching football. I have season tickets to my alma mater. Is there a game on TV? I don’t care who’s playing—I’ll watch. It takes 3 to 4 hours to watch an entire football game, but surprisingly the ball is only in play for 11 minutes of that time! The average play lasts between 4 to 6 seconds.

Yet despite that fact, coaches and players spend countless hours preparing for those 11 minutes of truth. Even after the final play, they break down the film and assess what worked and what didn’t and then incorporate their analysis into the game plan for next week.

While it may seem absurd to think so much preparation and reaction goes into only 11 minutes, coaches and players understand something very important: because so much rides on those 11 minutes, the preparation and analysis has to be done. They can’t just show up and hope everything will work out.

Customer experience is no different. In reality, a customer might be in your store or restaurant for an hour or so, but your team only has a few moments to delight your customer. While those moments of truth are critical, the customer is won or lost long before those few service interactions.

This idea is what I call the intersection of customer service and customer experience. Bruce Jones, Senior Programming Director at the Disney Institute says it best:

“The key learning here is that customer experience moves us beyond the traditional definition of customer service—those individual moments when employees are providing direct service to customers. It is also about the bigger picture of what happens before and after these service interactions.”

An elevated customer experience requires a great deal of work both before and after the customer interacts with your brand. Here are three key elements for your brand to invest in so that you can empower your team to own the moments of customer service.

Employee-Customer Parity

To your customers, your frontline employees are your brand. The sales associate, the waitress, the cashier, the call center agent—they all represent your brand in their direct interactions with your customers.

I have heard several leading brands say something to the effect of “the customer experience cannot exceed the employee experience.”

Because your frontline employees are directly connected to your customers, take the time to listen to them and understand how engaged they are in the workplace.

According to Temkin Group’s 2017 Employee Engagement Benchmark Study, customer experience leaders have 60% more engaged employees.

Engaged employees have a heightened level of ownership such that they extend their best efforts for the success of the organization, its employees, and themselves. They intend to stay, they love their job, they’re inspired, and they advocate for the brand.

These are the employees your brand wants interacting with your customers.

It’s imperative to listen to your employees along the different touch points of their employment life cycle. Listening just once a year to your employees is not enough.

Your employees are an excellent source of insight into the customer experience. In fact, 66% of CX professionals said that employees are the top source of actionable insights about the customer experience.

At one restaurant brand, as servers would come to work for a weekend shift, it became a competition and race to grab the crab forks and stash them in your apron since there were only a limited number of these forks. The servers realized guests wouldn’t complain if they had a crab fork when they ordered crab but would be bothered if they had to use a regular fork. But if you weren’t able to seize the forks before another server did, your customers would suffer.

If this brand could have listened to the employees and understood this issue, they could have easily purchased more forks to ensure all their customers had the necessary utensils.

Forrester Research calls this type of feedback Voice of Employee which it defines as “any feedback from employees or partners that pertains to their ability to deliver great customer experience.”

Listening to your employees will provide you with a more holistic view of your customer experience and allow to take action to that will elevate both the employee and customer experiences.

All this investment is done before and after the customer visits so that your frontline employees are empowered to deliver on the moments of customer interaction.

Advanced Analytics

Most brands have an abundance of data, probably more than they know what to do with. What brands really need is better ways to understand all the data they have, especially all their customer experience data.

Gone are the days of a brand needing just a score—CSAT, OSAT, NPS. They need to know what to do to move the needle and improve those scores, ultimately driving revenue and profit.

Unstructured feedback or comments are the key to allowing brands to move beyond a score to really understand the story behind the score. Industry leading text analytics built on a natural language processor will allow you to quickly identify the stories and themes associated with your brands scores.

Text analytics enable your brand to move from “Customer satisfaction scores went down last quarter, we’ll work harder” to “Customer satisfaction scores went down last quarter due to being out of stock of key promotional products during the weekend. We will increase the inventory appropriately.”

A story is infinitely more valuable than a score.

Not only can advanced analytics give you the stories you need, but they can also monitor and detect anomalies and then alert your team on a regular basis to the impact for positive or negative. Being able to quickly sort through customer feedback and identify where, when, and why these issues are happening creates the opportunity to take corrective action and keep the issues from escalating.

Imagine being able predict the needs, wants, and actions of your customers. What if you could predict the point at which is customer is most likely to leave your brand and then proactively reach out to them and keep them loyal to your brand? The finance industry has used predictive analytics in forecasting for years. Now similar predictive models are a part of customer intelligence. These models can forecast risk, churn/attrition and much more. These predictive analytics can be applied to large customer segments or down to an individual customer.

In order to win the customer, you need analytics that will make sense of all your data and help you create a game plan that will lead to continued success.

Creating a Customer-Centric Culture

To be a truly customer-centric brand, customer experience should be a priority for the whole company. From the CEO down to the hourly employee. From the finance and legal department to the custodial team. You should be able to create a line of sight from every role in your company to the customer. Everyone’s role has an effect on the customer and they need to know that and be aware of it.

I know a brand that made the conscious decision several years ago that their customer metrics would be just as important to their brand as their financial and sales metrics. Customer metrics are discussed regularly at every level in every meeting. Rewards are given for both financial performance and customer experience performance.

As a result of this new mind set, this brand has seen tremendous improvement in customer experience metrics leading to sales increase, unit growth and higher stock price.

Creating such a culture starts with showing your organization what you can achieve when you focus on the customer. A simple but powerful business case can prove locations with elevated customer experience have higher unit sales. You can prove the lifetime value of a customer and why it’s important to keep them coming back to your brand because that guest is worth far more than their sale that day. You can illustrate the revenue at risk when guests tell you they’re not coming back because of a negative experience.

You should also celebrate your customer experience successes. Employees should be recognized for the difference they make with their customers. This recognition can take place regularly at individual locations and should take place at area, regional, divisional and even national levels. Customers are leaving you positive feedback about your team—use it to celebrate and recognize.

Also, don’t shy away from negative feedback, it’s a gift! Negative feedback provides opportunity to coach your team. You can also use the negative feedback to reach out to the customer and close the loop and let them know you’re listening and fixing the problem. A customer who has had a negative experience but was successfully recovered is actually more loyal to your brand!

Employees should be empowered and have the freedom to act in the best interest of the customer. They shouldn’t feel restricted by corporate rules and policies.

That being said, building a customer-centric culture is not easy.

‘‘Maintaining a culture is like raising a teenager,’’ says Ray Davis, President and CEO of Umpqua Bank, a Pacific-Northwest-based U.S. retail bank that’s consistently top rated for service. ‘‘You’re constantly checking in. What are you doing? Where are you going? Who are you hanging out with?”

Noted customer experience consultant Micah Solomon added, “And, sometimes, you have to use some tough love when that teenager is acting up in ways that don’t support the culture you’re working to build.”

Ultimately, a company with a customer-centric culture will allow your team to own the moments of service interaction with your customers and keep them coming back and spending more money.

As you continue to elevate the customer experience within your brand, remember that you only have a few moments to win a customer over, but you need hours, weeks, months, and even years to prepare for and to analyze those moments. You can do this by investing in and listening to your employees, using advanced analytics to understand trends, stories, and predict outcomes, and creating a customer-centric culture at all levels within your brand.

It’s no secret: There’s a lot of technological parity between today’s Voice of the Customer (VoC) vendors. And when everyone seemingly offers the same solution, it can make it difficult to choose the vendor that will work best for your business.

So what elements should be foundational for an effective VoC platform? Here are four features that should come standard in any software promising to collect and analyze data that improves the customer experience:

By arming yourself with tools that allow for omnichannel engagement, case management, text analytics, and dashboards and reporting, you are setting your organization up for the best voice of customer understanding possible.

To learn more about what makes a VoC platform worth investing in, check out InMoment’s Customer Experience Buyer’s Guide.

In my last few posts, I’ve recapped some lessons shared by Choctaw Nation and Discount Tire, two out of three clients who participated in InMoment’s latest webinar. The third client participant was Tony Roma’s, and they had an equally valuable lesson to share for anyone focusing on CX: Stay focused on what matters to your consumer.

Though this may seem to be a basic component of CX (we all want to satisfy our customers), it can be a bit more complicated to maintain focus. Let me explain why. When we have a customer experience focus, we want to find out why customers choose our organization or what the differentiators are for our organization.

Pulling such insights from customer data can be a difficult process in itself, but an additional difficulty comes afterwards, when an organization can get distracted in a well-meaning attempt to offer more and more value to customers. But what if all that extra value isn’t focused on what your customer really wants? Then you’ve done all this work on areas that will not further your CX goals.

This is such a disappointing place to be, and I would venture to say that every professional wants to avoid wasting resources at all costs. Ultimately, keeping a consistent focus on what matters to your customers is vital to the effectiveness of your program.

In the Three Things I Wish I Would Have Known When Starting/Growing a CX Program webinar, the chief marketing officer for Romacorp, Inc., Jim Rogers, went over this issue, and shared with us a couple of the methods Tony Roma’s used to find out what matters to its customers and stay focused. I’ll be sharing those with you in my post today!

1. Streamline Questions and Standards

Consistency is key in customer experience, and Tony Roma’s stayed true to that principle with its efforts to streamline survey questions and standards company-wide. The goal of this method was to re-architect the program to focus on deeper customer understanding.As part of this process, decision makers made sure each question had a clear, focused purpose and was consistent across borders. This meant translating each question into the seven different languages they serve! They also ensured that they had solid standards for incentives, reporting, and follow-up all across the globe.

2. Re-Educate Globally

The next step was to re-educate the global organization on Tony Roma’s CX platform. They took measures to be sure that this education was consistent in every restaurant, everywhere. They made sure that all employees were aware of tool-specific standards and goals at the restaurant, country, and regional level. Additionally, employees knew that their results and responses to customer complaints were being monitored according to these standards.A few of the specific methods they used to get these points across were presentations at its global conference, sharing system results across the organization, and sending 24-, 48-, and 72-hour notices for customer complaints with follow-up from regional operations heads. This helped to increase employee focus and attention on customer experience and what really matters to their customers.

Customer experience is vital to any business, and it requires hard work and consistency. If you maintain focus and keep listening, all your hard work will pay off and customers will keep coming back for more.

In my last blog, I discussed several lessons learned from Choctaw Nation as part of our recent webinar together. This webinar gave listeners the opportunity to hear from different companies about their experiences implementing a CX program, so for those of you who missed it, I am going over each segment in a series of blog posts.

In this post, I will discuss the conversation I had with Mike Bolland of Discount Tire, regarding his company’s CX journey. As the director of omnichannel customer insights & experience, Mike is constantly looking for ways to capitalize on VoC data, and he was able to share one of the company’s innovative techniques with me: the implementation of Customer Advisory Boards.

Before I explain this technique, it’s necessary to give a little background on Discount Tire’s customer experience history. Discount Tire has had some form of VoC process in place since 2005, but they kept running into one specific problem: They knew what the existing issues were, but they weren’t sure how to continue the conversation with their customers to discover why those issues existed.

This was the genesis for Discount Tire’s Customer Advisory Board (CAB). The board started off as a group of about 20 customers who would meet with the Discount Tire team to get at the root of customer experience issues.

These boards have since become an integral part of the way Discount Tire approaches its customers, and has been even more useful since they have added InMoment’s advanced analytics to their CX efforts. They have found that their VoC program really informs the discussion in the CAB meetings, in that the insights they gain allow them to ask targeted questions and get the answers they need.

A Voice of Customer (VoC) program is vital to this process because as Mike says, “as employees of 20+ years, we can’t think like a customer.” In my own conversations with clients, I can’t tell you how many times I have heard something along these lines. The fact of the matter is that though businesses have an idea of what the customer experience issues are in their head, they do not often match up with what the customer views as the primary issues.

Using VoC and CABs in tandem is Discount Tire’s solution to this problem. With VoC analytics, unstructured feedback identifies the real issues or the “why,” which are then brought to the customer advisory board. This takes the process a step further, and allows a business to get an accurate, complete picture of the problem so they can act accordingly.

Discount Tire uses this technique consistently in order to keep tabs on their customers at the speed of business. They present new ideas and campaigns to this board as well as ask for background on existing issues. Members of the board are able to ask the Discount Tire team questions, which reveals the areas that the company could better define for their customers.

Overall, this idea of using customer advisory boards in conjunction with a VoC program creates a forum for any business to better understand their customers and better their customer experience.

There’s a lot of talk about Artificial Intelligence (AI) in CX these days, and while most CX pros won’t ever write an algorithm, understanding the fundamentals of analytics and AI is no longer an option — it’s a necessity.  Following are the top 10 key AI terms every CX practitioner must know in order to keep up with the AI conversation:

1. Artificial Intelligence

Advanced software that automates the learning and performing of tasks that normally require human intelligence, such as learning, decision-making, speech and image recognition, and translations.

2. Analytics

The detailed examination of data as the basis for discussion or interpretation. There are a variety of types of analytics processes. Gartner breaks them out this way:

• • Descriptive – Characterized by traditional business intelligence (BI) and visualizations such as pie charts, bar charts, line graphs, tables, or generated narratives.

“What happened?”

• • Diagnostics – Characterized by techniques such as drill-down, data discovery, data mining and correlations.

“Why did it happen?”

• • Predictive – Characterized by techniques such as regression analysis, forecasting, multivariate statistics, pattern matching, predictive modeling, and forecasting.

“What is going to happen?”

• • Prescriptive – Characterized by techniques such as graph analysis, simulation, complex event processing, neural networks, recommendation engines, heuristics, and machine learning.

“What should be done?”

3. Machine Learning

This is a term sometimes used interchangeably with AI, but in fact, it’s one just one component, albeit an important one. Machine learning is computers the ability to learn a task or function without being explicitly programmed. There are several different types of machine learning, including:

• Supervised – The task or function is learned from labeled training data, most often curated by a human.  The algorithm adapts to new situations by generalizing from the training data to act in a “reasonable” way.
• Unsupervised – The task or function is learned from hidden structures in “unlabeled” data. Because the dataset is unlabeled, there is no evaluation of the accuracy for the outputted model.
• Neural Networks – A number of processors operating in parallel and arranged in tiers. The first tier receives the raw data, and then passes on its “knowledge” to each successive tier.
• Deep Learning – a machine learning model that leverages hierarchical representation of the data. This is best illustrated when used with Neural Networks.

4. Algorithms

A set of rules or process to be performed in calculations, especially by a computer.

5. Models

Algorithms that analyze and visualize data through a specific lens. Some notable types of models include:

• Anomaly – Recognition of a significant change in the data being monitored. (E.g. an increase in frequency of a particular issue being discussed by customers.)
• Churn – The likelihood of loss, especially of a customer or employee leaving an organization.
• Recommendation – A set of instructions given that will improve a specific key metric.
• Financial Forecast – Using historical performance data, a prediction about future performance is made.

6. Speech Analysis

Recognition of customer tone, pitch, and volume to determine customer sentiment and emotion.

7. Automated Speech Transcription (Speech-to-Text)

Automated recognition of digitized speech wavelengths converted to text.

8. Facial Recognition

Machine learning applied to images to identify the key characteristics of human faces.  Typical applications include identifying a particular person (to unlock a device) or the emotions they may be expressing (a customer is unhappy).

9. Text Analytics

Identification of valuable concepts from human-created text data (social reviews, survey comments)

• Natural Language Processing (NLP) – The application of computer processing to deriving patterns and meaning from large sets of text-based data. There are two types of NLP, rule-based and machine learning. With rule-based, human curation plays a role in creating and refining dictionaries, rules and patterns, which are then coded into the to the computer. With machine learning, the computer learns from existing data sets and then automatically generates the rules that drive the analysis of the text data.  
• Natural Language Generation (NLG) – The automated creation of text data using computational linguistics to streamline the interaction between humans and computers. Siri and Alexa are examples of NLG.

10. Internet of Things

The interconnection via the internet of everyday computing devices enabling them to send and receive data. For example, the Bluetooth connection between your phone and car.

To read more about InMoment’s advanced analytics and the intelligence they provide, click here!

InMoment recently hosted a webinar with three of our clients to discuss the lessons they’ve learned as they worked to establish their CX program. In “Three Things I Wish I Would Have Known When Starting/Growing a CX Program,” I facilitated interviews with Choctaw Nation, Tony Roma’s, and Discount Tire, where we discussed lessons from their individual CX journeys.

The discussion was incredibly informative and eye-opening, so for those of you who were unable to tune in, I will be writing a three-part series where I review my favorite insights from each of the client interviews. Let’s dive in!

The first client we interviewed was Choctaw Nation, an Oklahoma-based business that operates gaming sites, resorts, RV parks, a printing company, travel plazas, farms and ranches, and a country market. With so many customer journeys the brand decided to implement its first formal customer feedback management program with InMoment in order to hear and respond to customer stories.

Tommy Rhoads, executive director of guest experience and operational excellence, joined our webinar to discuss his experience implementing Choctaw’s new program and shared four lessons for other practitioners who are just starting their CX journeys.

1. Set expectations.

The first lesson Tommy shared was that any organization new to a formal VoC program must set expectations for what will happen after implementation. Tommy explained, “Customers are going to complain. Yes, customers are going to have something to say about your business, and you know, that’s really okay!” He then went on to emphasize what we here at InMoment truly believe about negative feedback: that though it may feel negative at first, this feedback is ultimately an opportunity to show your customer that you’re listening to their voice.

When you start formalizing your approach to customer feedback, it is important to expect that there will be negative feedback, but instead of dwelling on it, use it as an opportunity to identify areas for improvement.

2. Anticipate and prepare.

The next lesson Tommy described involved taking a critical look at what you already know about your business’s existing customer experience. What are the known issues you have as an organization? By identifying these before customer feedback starts pouring in, you have the opportunity to start making a plan and “look at the capability of the organization versus the capacity… to [address] it and… meet the needs of our customers.”

Tommy said that in his mind, this initial overview before implementation is the most critical step you can take when starting your CX journey (and I’d have to agree)!

3. Be flexible.

This lesson is all about expecting the unexpected. Preparation can take you a long way, but it is just a fact of the journey that unknown issues will arise. In this case, it is imperative for businesses to be flexible.

Tommy describes this flexibility as “collaborative recalibration,” or the process in which a business sits down, faces the unexpected issue, and puts a plan in place that allows them to take action. This kind of flexible approach is what will really allow your company to bounce back from unexpected issues and find CX success!

4. Don’t lose sight of the big picture.

With the incredible amounts of new customer data you will get when first applying your VoC program, it can be easy to get caught up in the minutia. In the first 13 days of Choctaw’s new program, they received 8,000 responses. Safe to say, they felt like they had a lot of work to do.

Tommy said that in the face of what might have been an overwhelming situation, they were able to find inspiration from their big picture. They knew that this feedback would be pivotal in providing the type of experiences they wanted to, and would ultimately help them to meet all their goals as a company. They also took a look at their core cultural values as a company, and returned to their task with the intention of not focusing on the negative, but emphasizing the positive. It is with this big picture outlook that Choctaw was able to start off its formal VoC efforts on the right foot.

Starting off a new customer listening program is no easy feat, but it helps to hear from organizations who have been there before and can offer first-hand advice on how to overcome CX hurdles.

In today’s digital world, consumers’ dependency on telecom services like mobile, streaming and the almighty internet will continue to increase. And while this ever increasing demand means higher revenues for telecom, it hasn’t translated into good news for customers. While seeing some improvement in recent years, the telecom industry still hovers at or near the bottom of every major customer experience index.

The downside of being essential

With many lines of service – especially internet access – perceived by consumers as a necessity akin to oxygen, unsatisfactory experiences are magnified. When they’re working fine, however, no one is celebrating the service. And even when customers report feeling satisfied, they are incredibly stingy with the next level of relationship: loyalty.

According the our recent research, the downward spiral starts early. InMoment’s report, Customer Experience in the Telecom Industry, found that satisfaction plummets at the one-year mark – across all lines of service (TV, internet, mobile, etc.). During the initial honeymoon phase, the technology is still shiny and new, and introductory customer deals are still in place. But as service failures happen and introductory pricing is replaced by sometimes shockingly higher bills, deep frustration sets in. And while satisfaction does bounce back, it never fully recovers.

This dissatisfaction causes customers to look to greener pastures. Telecoms spend an inordinate number of resources luring new customers away from competitors. And while strong acquisition rates are highly prized by shareholders, the result is often a matter of “be careful what you wish for…”  The same study found that most of the time, these hard-won new customers are much less satisfied with their new provider than the one they abandoned. It may be a matter of inflated expectations, lofty promises, or a combination of both. Either way, these new, unhappy customers can be more tenuous and more expensive to maintain.

While telecoms face significant challenges, the research also reveals some steps they can take to make real improvements in customer relationships, and their business.

Continuously engage

Regularly engaging customers and consistently asking for feedback will help telecoms avoid unpleasant surprises and find new ways to enrich the relationships. A significant increase in a subscription fee or changes to an offering should never be a surprise. Concerted efforts to communicate changes and ensure customers fully understand and are enjoying the full value of their service can ease the transition.

Another major challenge for telecoms is service interruptions, some of which are within their control, and some of which are not. Either way, transparent and honest communication is the best policy. The Metropolitan Transport Authority in New York recently started being transparent with customers about train delays, and customers were reported to act less hostile, especially when they understood delays were not the train’s fault. Another key to successful regular and proactive communication is offering multiple, connected contact channels to alleviate customer frustration of having to restart the resolution process or have to re-enter information like their name and account number. A diverse group of channels ensures consumers can contact their telecom in the way that’s most natural and convenient for them, and have a seamless experience when they choose to switch.

Prioritize human interaction

Although AI and automated chatbot usage have increased and can add efficiency to the brand-customer equation, deploying these technologies at the wrong times increase frustration. Easy access to human representatives — especially for complex issues — is one of the best things companies can do to effectively solve problems.

The study found that customers across nearly every service line who had a personal interaction with a brand representative reported higher satisfaction levels than those who had not. Another report found that 67 percent of customers have hung up the phone if they weren’t able to talk to a real person, and another revealed that a bad phone experience would send three quarters of consumers to a competitor. That’s why it’s vital to both provide live human channels, and conduct comprehensive training for those in client-facing roles to ensure they’re well-prepared to thoroughly address each customer issue.

Technology investments should augment human efforts, providing agents with the information and context to handle more service requests faster, and more effectively. However, this cannot happen if customer queries and user information are not seamlessly exchanged between intelligent systems and their human counterparts.

Offer a range of engagement options

Because customers’ needs are varying, they should have access to varying channels for customer support as well. After all, different situations call for different paths to customer service.

For example. landline phone issues aren’t conveniently solved at a physical location—the device can’t even be brought into the store, so perhaps an online chat portal is a better fit. But when it it comes to issues surrounding mobile connectivity, in-store could be the perfect opportunity to bring in the actual device and dialogue face-to-face with a representative for a troubleshooting session.

The challenge to this upgrade in contact channel options means more experiences for telecoms to manage, though no matter where the telecom and customer interact, the experience should remain consistent. As telecom technology moves forward and a fast, quality internet connection becomes all-the-more a necessity, the investment will prove itself more than worth it in due time.

The most important piece of counsel any brand can receive is to invest generous resources in really listening to customers. Listening is more that doling out surveys, providing comment forms on your website, and even offering a real human to hear a complaint. With today’s technologies, customer listening can be always-on, multifaceted, and feel a lot more like a reciprocal conversation than an interrogation. Listening also consists of letting the customer know you’ve heard them, and taking their advice. Just like any human relationship, it’s not nice to ask if you have no intention of responding with integrity.  The logistics in doing this may be infinitely complex, but the rules of good human relationships remain pretty simple.

If telecoms will let them, customers can serve as valued consultants in helping these organizations focus resources in the right places to have an impact that matters to both customers and the bottom line.