Proving Customer Experience’s Business Value: Customer Retention

A brand hasn’t won the battle once it’s acquired new customers. Far from it. Once a company has convinced a customer to buy with it, that brand needs to continually meet or exceed customer expectations (while striving to further develop that relationship) if it hopes for repeat business. This, of course, is the science of customer retention, and it can be challenging during the best of times—not to mention times of crisis. Fortunately, customer experience (CX) programs can help.

A brand hasn’t won the battle once it’s acquired new customers. Far from it. Once a company has convinced a customer to buy with it, that brand needs to continually meet or exceed customer expectations (while striving to further develop that relationship) if it hopes for repeat business. 

This, of course, is the science of customer retention, and it can be challenging during the best of times—not to mention times of crisis. Fortunately, customer experience (CX) programs can help. Here’s how brands can use customer experience to retain customers and prove the effectiveness at doing so:

Taking Care of Business

CX programs enable brands to listen for what customers want. Companies can use CX listening tools to identify and react to the trends that might entice new customers, but they can also utilize this same suite of functions to listen to what their current customers are saying.

Of course, customer retention isn’t about trend-chasing. It’s also about building long-term relationships, closing the loop, and harnessing the power of service recovery. 70 percent of customers for whom companies satisfactorily address a problem will stay with that brand, so it’s well worth organizations’ time to invest in retaining those individuals.

Retention in Action

The Coffee Club, Australia’s largest homegrown coffee chain, was able to leverage customer experience to both retain customers and improve the artisanal experience it provides across hundreds of locations.

TCC was able to identify several customer pain points using an experience intelligence platform. When customers were dissatisfied with the brand of eco-friendly paper straws the company was using, TCC was able to process that feedback and make corrections quickly.

Armed with richer data, the brand made insight-driven menu updates and identified more than 30 at-risk customers each month, resulting in greater customer retention.

Clean-Burning CX

There’s another piece to the CX-driven customer retention equation: creating more effective internal processes. After companies collect insights from current customers via these tools, it’s important to craft initiatives that can actually make something of all that feedback. 

The benefits here are many—internal processes can become more streamlined, weak points in customer journeys can be fixed, and customers will be left impressed by the brand’s dedication to resolving their problems. The number-one reason customers leave brands is because they feel unappreciated—taking action on their feedback is a great way to show that companies do, in fact, appreciate them.

The True Benefit of Retention

The number of stats out there about how much cheaper retaining customers is than acquiring new ones is staggering. Closing the loop and retaining customers is important, but it’s also much cheaper than focusing solely on attracting new business. 

Companies can take retention even further by both constantly addressing customer issues and working to improve what draws those brands back to begin with. Businesses that use CX tools to close the inner and outer loops (fixing individual customers’ issues while also redesigning a larger, customer-facing process, respectively), will retain far more customers than firms that can’t be bothered to tackle either challenge. CX practitioners can then point to improved retention, NPS, or a host of other factors to prove their customer retention effort’s ROI.

Want to learn about other economic pillars that can support a successful CX program (and business)? Check out our new infographic “The Four Pillars of CX ROI,” or read more from Eric in his article on business value here!

Modernizing Your Customer Feedback Strategy Part 1: The Evolution of Listening

In today’s digital world, keeping up is no longer the goal; it’s getting ahead. With customers engaging with brands in a myriad of ways and channels, the ability to transform feedback into actionable insights has never been more crucial. 

In today’s digital world, keeping up is no longer the goal; it’s getting ahead. With customers engaging with brands in a myriad of ways and channels, the ability to transform feedback into actionable insights has never been more crucial. 

Organizations must take a pragmatic, modern approach to customer listening—one that looks at feedback holistically to better understand the entire customer experience (CX). When you pair the right, useful data with modern solutions and platforms you can transform your customers’ feedback into business intelligence that drives meaningful change. 

Traditional vs. Modern Listening

A holistic approach to customer feedback doesn’t mean that tried-and-true methods need to be replaced, just modified. An entirely modernized customer listening strategy includes all different types of feedback to better understand the complete customer journey, including: 

  • Traditional listening: Solicited customer feedback typically gathered through long-form customer feedback surveys that focus on a single point in time, experience or channel. 
  • Modern listening: Customer feedback collected through multimedia channels and sources that are often optimized and personalized but can also be aggregated like social, employee, operational, financial, and CRM data. 

Traditional methods of feedback, despite their limitations, aren’t without merit.  At the same time, what a truly modern approach to customer listening does is aggregate all feedback—modern and traditional—into a centralized location to better understand business impact. 

Understanding the Full Customer Journey 

Survey questions provide answers, but that kind of solicited data can be limiting. Expand your listening program to include various touchpoints and channels. For example, SMS, email survey invitations, and QR codes meet customers where they are—on their phones. Social listening targets younger generations, and that data can open the door for unfiltered, meaningful stories and reviews that survey questions alone can’t capture.

Traditional listening methods still have a part to play. Methods of obtaining information like call centers or market surveys produce a wealth of data. However, when combined with an intelligent customer feedback management tool, this information can be personalized, compiled, and integrated into actionable data insights—a significant upgrade from basic answers to survey questions. 

Bigger Insights, Bigger Wins

With modern customer listening, it’s important to note when a sale becomes more than a sale and can be transformed into a blueprint for achieving larger business objectives. Tools that digitally intercept targeted points of the buying journey can provide real-time insights into customer purchase habits and behaviors. This unique knowledge gained helps facilitate more intelligent predictive analytics so that your business can more easily adapt to losses and duplicate and intensify wins.  

The truth is that not all brands have the talent and bandwidth to expand their customer listening programs in house. Leveraging robust data intelligence tools is crucial in optimizing, harnessing, and capitalizing on meaningful conversations. Collecting the information is one step, but combined with a modern CX program, you can add context to data, maximizing your business insights and performance. 

To take a deeper dive into the evolution of customer listening, you can read our eBook, “How You Listen Matters: Modernizing Your Methods & Approach to Customer Feedback”. 

Financial markets are sliding, a pandemic is spreading around the world, and every company is scrambling to respond to quickly changing circumstances. Planned investments that were intended to drive growth — like hiring, media spend and software purchases — are being reevaluated as business leaders are forced to triage what they need to do to weather the storm. We’re all in survival mode, but survival is about prioritizing what is most important.

And what is most important to a SaaS business at this moment?

It’s not toilet paper.

It’s our existing customers.

Now more than ever, customer experience is job #1. 

We think the SaaS businesses that focus on retaining customers and building loyalty are the ones that will survive and thrive in this uncertain climate. 

Of course, the question then becomes how do you retain customers and build loyalty?

Shift from a growth mindset to a retention mindset 

This may not hold true for every business we work with – Zoom, GrubHub, and the e-commerce toilet paper company Who Gives a Crap are having quite a moment. But most businesses are facing contraction because people don’t buy in a panic. Budgets are being trimmed everywhere, and customer success and renewal conversations must be deeply empathetic to this.

So, if a customer is achieving goals with your software, and you have other features and capabilities that will make them even more successful in 2020, then, by all means, paint a bold vision of an expanded partnership. But, if that isn’t the case, and they want to reduce or leave, don’t come across as tone-deaf. It’s likely that everyone in their company has been asked to find ways to trim spend.

That means that it’s even more important to know that your internal champion can confidently advocate for you – because you are delivering value. Step up your customer success initiatives. Make sure you and your clients are recording successes. And don’t be afraid to change the conversation from trying to get the customer to buy more, to showing him or her how the company can get more value from what they’ve already purchased.

Listen to your customers even more carefully – and respond

Even when you’re focusing on your existing customers, don’t make the mistake of thinking they’re the “same” customers – they’ve changed. We all have. Because our needs change in a downturn. Companies that are on the pulse of those changes by proactively listening are better poised to adapt, innovate, survive, and serve.  Make calls to key customers.  It’s even more important now than it usually is to listen and respond to concerns quickly. 

Take care of your people

Your employees, your teams, are the key to your customer relationships. They may be concerned about their health or the health of their parents, or grandparents. They may be struggling to find childcare options if their schools are shut down. They may be stressed about their 401K balance. Whatever it is, empathy and flexibility are going to be key – and so is prudent business planning. How can you plan to support your employees through these challenges?

Be a good citizen

For the collective good, and for the good of your brand, it’s so important right now to prioritize the good of the community and show conscientious, caring judgment. To do this, you may need to make some tough calls that hit your short-term profits, but protect people. We’re all making sacrifices – the New York Times dropped its paywall for coronavirus news and Zoom is giving K-12 schools free video conferencing. Is there a way your company can help people in need right now? You’ll be remembered for it. 

Establish a company policy of flexibility

Just as you have to be flexible with your employees and their quickly-changing challenges, you also have to be flexible as a company. For example, if a client calls customer support to request an extended payment plan, empower your support team to deviate from your standard policies and allow it. Be open to changing how you usually do things if it makes sense and shows compassion. You’ll likely prevent avoidable churn.

Jessica Pfeifer, Chief Customer Officer at Wootric, shared this recent story with our team:

“I just had a customer reach out about putting their subscription on hold. They operate in the hospitality sector which has been particularly hard hit. We offered to work out a plan to enable her to continue to get customer feedback during this critical time. Her response was ‘That would be amazing! Thank you!’ I know we’ve strengthened customer loyalty.”

Customers notice the companies that support them in difficult times, so be flexible when you can, and you’ll build loyalty for the future.

Close the loop with customers when they offer feedback

This may be built into your CX program already, but if not, now is the time to double-down on listening and responding to customers. Ensuring your customers feel heard and cared about in times of high stress carries more weight than when times are easy. So if a customer responds to one of your surveys, be sure to close the loop and let them know you value their time and will take appropriate action. 

Customer success managers can reach out one-on-one via email or phone, but that isn’t always practical. Closing the loop can be automated when you have your feedback readily available in systems like Intercom or Salesforce. Here’s a quick guide on how to automate closing the loop on customer feedback.

Improve customer experience at customer journey touchpoints

In SaaS, this often means using an NPS survey to gauge overall loyalty and surface any issues that may affect renewal. To get serious about retention, consider asking for feedback at critical SaaS journey points–after onboarding, support interactions, and during product/feature use.

This isn’t about quickly adding a slew of new surveys overnight; it’s about prioritizing improvements to moments that, if not successful, can sow the seeds of churn. Now is the time to double-down on understanding and improving the customer journey.

SaaS Customer Journey touchpoints and surveys

Also, remember to analyze the qualitative feedback from these surveys. A customer who is “satisfied”  but mentions a concern over price may now be at a higher risk of churn.

SaaS Product Feedback with topics auto-categorized
Source: Wootric CXInsight Analytics Platform

Focus product development on reducing friction for existing customers

In the software business, product experience is the all-important driver of customer experience. So, to foster customer loyalty, think about what you can do to create more ease for existing users.

Blake Barlett at OpenView says product-led growth is the key to success in the End User Era. In this era, end user annoyance spells opportunity. Think Slack vs. email, or Zoom vs. Hangouts.

End User Era - example software products

In financially uncertain times, a product-led development philosophy can hold the key to faster end user adoption and increased retention. Tune into those day-to-day annoyances – they hold the key to retention.

Accelerate end user adoption

Happy end users make your application stickier, so if your champion is struggling to persuade others in their company to use your platform, you need to know why. You may need more in-app cues and guidance to make tasks easier. What is “so annoying” about your product? Ask your customers that, and you may find exactly what you need to reduce friction – which will pay off in retention.

Now is the time to deepen relationships and partnerships with promoters

Guneet Singh, Director of Customer Experience programs at Docusign, spoke about this in a recent Voice of the Customer webinar. He looks for champions among his promoters who have a common pain point, and then brings them together in councils that engage with DocuSign’s product team. Through this customer advocacy program, his customers learn from each other, get a first look at new product features, and provide valuable insights for the DocuSign product development roadmap.

How do you begin a customer advocacy program like this? Pay attention to customer requests and “start with small wins,” says Guneet. “If you complete the feature that a customer asks for, by listening and acting on their words, you’ve won that customer for life.” 

We couldn’t agree more!

The most valuable commitment we have is to our customers. And as much as we work to grow, to scale, to expand — it’s times like these where we have to remember to appreciate the people who already support us and show them support too. We’re all in this together.

Learn how InMoment can help you measure and improve customer experience by scheduling a demo.

Satisfaction Visualized: The Power of Multimedia Customer Feedback

Surveys are at an interesting crossroads in the modern experience landscape. On one hand, brands have traditionally relied on written questions to solicit feedback and suggestions from customers. However, as technology and social media continue to evolve, the idea of a long survey that’s packed with nothing but questions seems a bit antiquated. Fortunately, brands don’t have to stick with sending out tomes of questions ad nauseum and hoping for a response. Survey design, like everything else having to do with customer experience (CX) has to stay as limber and ever-changing as the customers it aims to attract. There are many design elements to consider here, but multimedia feedback is arguably the most important.

Surveys are at an interesting crossroads in the modern experience landscape. On one hand, brands have traditionally relied on written questions to solicit feedback and suggestions from customers. However, as technology and social media continue to evolve, the idea of a long survey that’s packed with nothing but questions seems a bit antiquated. Some might even call that type of survey a sore thumb amid all the visual media swarming the internet.

Fortunately, brands don’t have to stick with sending out tomes of questions ad nauseum and hoping for a response. Survey design, like everything else having to do with customer experience (CX) has to stay as limber and ever-changing as the customers it aims to attract. There are many design elements to consider here, but multimedia feedback is arguably the most important.

Worth (60) Thousand Words

There’s a strong case for allowing customers to submit visual feedback instead of just written answers, and it’s that people process images about 60,000 times faster than text. Quite an order of magnitude. While brands shouldn’t necessarily do away with written questions altogether, customers’ propensity for pictures means that image and video upload options must be included in surveys.

Additionally, customers don’t just process images faster than text—they tend to attach more meaning to them, too. This means that if they have a chance to enclose the images and videos they care about in feedback, they’re more likely to find the entire experience more rewarding. Brands benefit from this cycle as well, because a piece of authentic visual media is much more powerful than a written response.

Uploading Meaning

There’s something to be said for the emotional power derived from an image, especially within the context of customer experience. Customers don’t “just” record themselves unboxing a product or take a selfie with one—they’re conveying their wider experience using a meaningful medium. This is the root of visual media’s feedback effectiveness.

Brands that allow customers to submit images or videos with their other survey feedback can tap into this emotional power as well. As previously mentioned, people process images much faster than text. Combine this heightened speed with the added meaning conveyed by an image, and the result is a piece of feedback that CX practitioners can process faster and act upon more meaningfully. Since more meaningful feedback is one of the hallmarks of any best-in-class CX program, it’s important to give customers the ability to express themselves through multimedia options.

Going Deeper

Once brands gather more meaningful feedback from multimedia surveys, they have an opportunity to enact truly meaningful change. These changes are also much more likely to reflect what customers are concerned about because images and videos are much more unequivocal than words.

Think about it—a written phrase like “the checkout process was muddled” is open to many interpretations. By contrast, a video of a customer interacting with an automated checkout machine is specific, impactful, and much more likely to let brands learn exactly what the problem is. 

Once brands learn precisely what customers love or what went wrong, they can take steps to enhance that offering or correct the process in question. In short, multimedia feedback enables everyone to win. Customers are more likely to provide feedback because they can communicate in ways they prefer, while companies glean much more specific and relevant feedback.

The Human Connection

Multimedia options enable brands to better experience a customer’s emotional connection to them. Reading written answers is one thing, but hearing stories through voice feedback, watching body language through video feedback, and seeing facial expressions in an image adds context that writing simply cannot convey. This type of feedback also shows the customer’s passion and emotional connection to the issues enabling CX leaders to help internal leaders connect with the customer.  Brands can turn that context into action, which adds another layer of meaning to customers’ images, videos, and recorded messages.

In short, multimedia feedback transforms feedback from mere questionnaires into human connections. It enables brands to better harness emotion, which in turn empowers them to enact far more meaningful change. That potential for meaningful change is the crux of multimedia feedback, which is why it’s key for any brand hoping to reap transformative success to include it.

Want to read more about how you can effectively listen to your customers, employees, and the greater market? Check out this InMoment Point of View, “How to Achieve Meaningful Listening Through Surveys” today!

InMoment Acquires MaritzCX to Create Future of Work and CX Powerhouse

InMoment is changing that paradigm for its customers by bringing the two elements of CX management together when it acquired MaritzCX.  The combination of the two firms creates a formidable presence in the CX market by combining two pioneers in the Voice of the Customer space – both featured among Leaders (InMoment) and Strong Performers (MaritzCX) in the recently released Forrester Wave Q1 2020 report for Customer Feedback Management.

The relationships between customers and brands form the core of business success.  How well are brands interacting with customers?  Are they listening to customer feedback across various engagement channels to improve experiences?  Sure, product matters, but today’s experience economy with a high degree of product parity, customers are starting to value the brand experience more than other factors.

“We live in an experience-scarce environment, not a product-scarce environment,” said Kristi Knight, CMO at InMoment.  “Why would I choose to do business with you if you’re not giving me a great experience?”

In fact, Knight says she actually drives past two grocery stores to get to the one she “just likes more.”  It’s why brands are starting to invest heavily in Customer Experience (CX) and trying to better understand customer behavior trends and the factors that contribute to increased – and reduced – spending.

In an era of digital transformation, however, measuring and understanding customer experience is more difficult than ever.  Engagements are taking place across multiple channels and touchpoints, at any time, across geographies, and for many reasons.  As a result, understanding customer needs – and then meeting them – is a challenge.

It’s one of the reasons the Customer Experience Management market is expected to grow significantly over the next six years, reaching nearly $24 billion by 2026, as businesses invest in technology to measure customer experience and feedback.  But, it’s not just about the measurement and feedback technology – it’s what you do with the information the technology delivers and your ability to affect organizational change create differentiation in a constantly evolving market, according to Knight.

“One of the challenges is the experiences themselves are evolving more rapidly than the programs trying to measure them, creating a vacuum, and that’s what we’re trying to solve,” she told me.  “Companies have been investing in CX, but the tech alone isn’t enough, and services alone aren’t enough.”

InMoment is changing that paradigm for its customers by bringing the two elements of CX management together when it acquired MaritzCX.  The combination of the two firms creates a formidable presence in the CX market by combining two pioneers in the Voice of the Customer space – both featured among Leaders (InMoment) and Strong Performers (MaritzCX) in the recently released Forrester Wave Q1 2020 report for Customer Feedback Management.

It’s not often you see two companies with this much market power come together, but there are strong synergies between the two product portfolios and relatively little customer overlap, providing an instant revenue opportunity for both sides.

“The opportunity for two companies of this size to come together is a little unusual, but what’s really exciting is the complementary nature of the two companies from a philosophical, technological and culture perspective,” said Knight.  “I’ve been in tech for over 20 years and part of more acquisitions and mergers than I care to count, and to have one of this size and scale be as complementary as it is a happy consequence of what we’re doing.”

Because of the modern architecture underlying the solutions, there is going to be very little forced migration where customers will have to choose one platform over the other.  One of the things Knight is excited about is the combined brand’s ability to offer the best of both solutions to customers.  Customers will be able to benefit from the collection component of the MaritzCX system and have it interact seamlessly with the analytics and recommendation engines from InMoment.  Of course, there will be some integration required to make it work, but Knight says that will be non-disruptive and transparent to customers and she looks forward to bringing an exciting new set of CX capabilities to its customers.

That includes an increased use of artificial intelligence, which Knight says intimidates a lot of people.  Even from a customer survey standpoint, she explains that AI can be fairly simple, but impactful.  For instance, the ability to create a dynamic survey mechanism that adjusts and personalizes surveys based on customer responses is much more engaging and relevant for customers, making them more likely to provide meaningful feedback.  That’s something the company is already doing – but what about the next level of AI?

“I would love to eventually see the same technology in voice and video,” said Knight.  “It’s difficult today from a technology perspective to have that kind of branching and logic, but I see a future where we can do it.”

While the brand will continue to use the InMoment name, Knight says when the transition has been completed, the result will be a bigger, better version of InMoment that represents the heritage of both companies.  That includes the leadership team, which will be led by InMoment CEO Andrew Joiner and includes representatives from both companies.

Written by Erik Linask for CustomerZone360.com

To read the full press release, click here!

In many important ways, healthcare organizations and consumer businesses are fundamentally different. And yet, there is no question that today’s patients bring a distinctly consumer mindset to their healthcare experiences. That means patients are better informed about their healthcare choices. They have easier access to information and reviews about providers and facilities. And they are much more willing to walk away from providers that can’t deliver both quality care and good overall experiences.

This dynamic raises an intriguing question: If patients are increasingly bringing consumer expectations to their healthcare experiences, what (if anything) can the healthcare industry learn from leading consumer companies about improving those experiences?

The answer, as it turns out, has important implications. A growing number of healthcare providers are discovering new solutions to long-entrenched challenges and limitations by exploring, adapting, and applying proven customer experience (CX) best practices to their patient experience (PX) efforts. There are many examples, but to begin the conversation, here are six proven and broadly accepted CX best practices that are especially relevant and useful for healthcare organizations looking to breathe new life into their patient experience programs.

Best Practice #1: Build a Winning Patient Experience Strategy

Today, 90% of healthcare organizations say improving patient experiences is a high priority. But only 8% of those organizations have managed to put a successful patient experience strategy in place. [1] This huge gap highlights the challenges of actually creating a balanced and complete patient experience strategy that defines who your patients are, clearly outlines what kinds of experiences you want to provide, and describes how you want patients to feel after they receive care from your organization.

There are obviously no easy, one-size-fits-all prescriptions for developing a strong, effective PX strategy, but there are some core ideas from the consumer world that can help guide your efforts:

  • Create a more patient centric culture. Cultural changes are never easy. But many leading consumer organizations have proved that with consistent, ongoing effort, you can successfully define what “patient centricity” means to your organization, communicate that definition and get buy-in across every level of the organization, and ultimately shift your core culture to focus more on delivering complete, world-class patient experiences.
  • Align your patient experience strategy with your core brand and business strategies. The world’s best consumer businesses understand that a successful CX strategy has to be closely connected to and aligned with the organization’s brand and business strategies. The same is true in the healthcare world. With the proper alignment in place, you can make clear promises about what patients should expect from your organization (brand strategy), consistently deliver on those promises (PX strategy), and then connect those experiences back to your organization’s overall goals (business strategy).
  • Find and engage with a dedicated customer experience executive. Getting organizational buy-in for patient experience improvements that impact multiple departments always requires strong leadership from the top. Smart consumer businesses often assign a dedicated executive to provide the leadership, influence, and continuity needed to develop and execute on a successful CX strategy. The same approach will help drive the success of your PX program.

Building and implementing a successful patient experience strategy takes time and a lot of persistent effort. But with the right strategy in place, you’ll reach a point where all the people, data, technology and processes you put in place start to yield results that are clear to everyone—from employees who are now empowered to deliver better experiences to patients who experience the results first hand.

Best Practice #2: View Your Patients’ Experiences Through Multiple Lenses

Many healthcare organizations depend on standardized survey programs as their main (or only) source of patient experience data. But the best consumer organizations have learned that meaningful improvement comes from collecting information from the widest possible range of sources along every step of the customer journey. For healthcare organizations, this involves combining and complementing standardized surveys with more targeted and personalized information gathering tools. It also includes finding ways to unify and tap into all of the incredibly rich sources of patient information that exist in your point-of-care, safety and quality, operations, and other healthcare systems. Surveys ask patients to look back at their experiences after they’re over, but these other tools often measure reactions and responses in real time at specific points. They also make it possible to incorporate and share (with permission) the perspectives and experiences of family members who are involved in caring for their loved ones.

Of course, this “multiple lens” approach requires a technology platform that’s capable of normalizing all these different sources of data, analyzing them, and converting them into cohesive and useful patient experience insights. But when this platform is in place and working properly—and all of your different patient systems are connected to it—you gain an incredibly rich and unified view of the complete patient journey.

Best Practice #3: Use Predictive Analytics to Prioritize Your PX Efforts

In addition to combining and analyzing customer experience data from different sources, smart consumer organizations leverage advanced predictive analytics to accurately identify what matters most to their customers and pinpoint what types of CX changes will have the biggest positive impact.

By adding this additional intelligence to your patient experience technology platform, you gain the confidence of knowing that your efforts are making the largest possible contribution to increased loyalty and improved patient experiences.

Best Practice #4: Empower Employees to Make Smarter, Faster Decisions

For consumer businesses, survival often depends on making smart decisions faster than the competition. In the CX realm, this typically takes the form of dashboards and reports that quickly synthesize multiple performance measures and data sources into clear, simple, and actionable insights—and then makes them available to everyone who needs them in nearly real time.

In most cases, healthcare organizations have been much slower to adopt these types of dynamic, customizable tools. But a technology platform that combines and unifies different sources of patient data also lays the groundwork for the types of near-real-time dashboards that can drive smart, informed, and relevant patient experience decisions across every layer of your organization.

Best Practice #5: Take Advantage of the Net Promoter Score

The Net Promoter Score (NPS) uses a single, standard question to measure how likely a customer is to recommend a product, service, or brand, and it has been nearly universally adopted by companies in the consumer world. NPS serves a uniquely valuable purpose, because it uses a single numeric score to consistently measure satisfaction and brand loyalty across nearly every market and industry.

Today, the healthcare industry rarely uses NPS, but it presents an interesting opportunity for forward-looking healthcare organizations. By adding NPS to your patient experience program, you can gain a perspective that goes beyond the healthcare industry—and measures your performance against the larger consumer landscape. This becomes especially valuable as patients increasingly bring consumer expectations to their healthcare experiences. Of course, with NPS—as with any other metric—it’s important to focus on meaningful action and improvement, rather than simply “chasing the score.”

Best Practice #6: Focus on Actions and Results

Nearly every consumer organization collects customer experience data and documents the results. But the true CX leaders also know how to translate those efforts into meaningful, systematic changes and improvements, and they know how to do it quickly. This is an especially relevant area for healthcare organizations, because there is a strong tendency to focus more on collecting patient experience data than actually driving and managing change.

That’s not surprising. Gathering survey data, generating reports, and documenting scores are focused, self-contained activities that fit neatly into familiar, well-defined boxes. Effective change management, on the other hand, requires the buy-in and active participation of virtually everyone, across all roles, levels, and departments. As a result, many healthcare organizations dedicate resources to the part of the process they can more easily understand and measure—and hope that the information somehow leads to improvements.

For consumer businesses and healthcare organizations alike, closing this gap between measurement and action means investing equally in the information gathering and change management sides of the equation. If you’re collecting more complete and relevant information about your patients’ journeys in real time and from more sources, turning that data into actionable insights in near real-time, and then feeding it into a unified and effective change management framework, you can quickly identify, prioritize, and implement changes that will make the biggest difference for your patients.

Start Applying CX Best Practice to Your Patient Experience Program Today

The world’s biggest and most successful consumer businesses have been obsessed with improving their customers’ experiences for decades. And despite the important differences between healthcare organizations and consumer businesses, there is a very long list of techniques, tools, and best practices you can adapt and apply to breathe new life into—and create new possibilities for—your patient experience program.

Find out how MaritzCX can help you apply best practices from the consumer world to enhance every part of your patient experience program and meet the rising expectations of your patients.

Call 385.695.2800 or visit maritzcx.com/patient-experience to talk to a representative and schedule a demo.

 

[1] Kaufman, Hall & Associates report 2017 State of Consumerism in Health Care: Slow Progress in Fast Times.

5 Steps to Train Your Employees in New CX Initiatives

The truth is that while everyone knows training is important, it is easy for it to get lost in the list of day-to-day tasks—especially if the approach isn’t accessible. In order to set yourself—and your business—up for success, you need to avoid over-complicating things when it comes to rolling out employee training for your new program, but that’s easier said than done. To get you started, I've outlined 5 easy steps to help you craft an effective CX  training approach for your business.

With over 15 years of experience in the customer experience (CX) space, I have seen multiple companies employ training efforts to get their employees involved in new CX programs and initiatives. I have witnessed this process from the perspective of an Account Manager, Implementations Manager, a member of the Product Team, a Business Operations Manager, and now as the Director of Learning Services.

Throughout my experience, I’ve seen successes, but I’ve also seen teams fail to execute a training approach that actually engages employees. The theme across these failures is that their approach is time consuming, over complicated, and essentially inactionable. The truth is that while everyone knows training is important, it is easy for it to get lost in the list of day-to-day tasks—especially if the approach isn’t accessible. 

In order to set yourself—and your business—up for success, you need to avoid over-complicating things when it comes to rolling out employee training for your new program, but that’s easier said than done. To get you started, I’ve outlined 5 easy steps to help you craft an effective CX training approach for your business.

Step #1: Designate a Training Leader

As I started above, everyone knows that training is important. However, this understanding isn’t where most companies fall short; the failure is most often in the execution.

That is why it is so important to start your efforts by naming a project manager or leader to be directly responsible for your training efforts. This person can be the program champion, someone from your internal training team, or a representative from HR. 

Regardless of who this person is, it is their job to make sure that every employee participates in the training program. This means that they need to have the tools to track employee participation effectively—and to share results. 

How you track doesn’t need to be fancy, it could be as simple as an Excel or Google Sheet housed in a common area within the company, or it could be as complex as your work’s HR portal. By monitoring who has completed what, you’ll be able to keep the ball rolling for continuous success (and you’ll be all set up to execute step two).  

Step #2: Hold People Accountable

After finding your CX training owner, you need to create a way to hold employees accountable for completing their training. At the end of the day, we are all human and most of us need a carrot or a stick to be inspired to finish a task. 

Many businesses will create a goal or key performance indicator (KPI) directly related to training—this can be something as simple as a quarterly compliance record or something a little more involved. For example, one of our clients found a way to gamify their employee training by creating a board game for team members to play together. This way, the CX training was a fun team building exercise that also got employees actively engaged in the program.

No matter what your accountability method is, it will help employees know they are responsible for completing a set amount of CX training by a certain date. Deadlines are important drivers that everyone can understand, so use them!

Step #3: Make Training Easy to Complete

Now that you’ve designated your training leader and found a way to hold your team accountable, it’s time to make training easy to complete. When faced with a large task, people will be more likely to complete it if:

  1. They know what needs to be done: Make a simple list of all required training and make this list accessible.  
  2. They know when it has to be done: Send regular reminders via email or program notifications into your HR platform   
  3. It is easy to find and complete: Locate training links in a place people often visit during their work day (like Slack, and internal sharing site, or learning management system.)

Remember: the easier you can make training to consume, the more likely your team will be to complete it. 

Step #4: Provide Opportunities for High Performers to Help

Now that you’ve set your learning program up for success, invite others in to join the party. As you curate your program, there will be folks who naturally rise up and quickly become subject matter experts. 

Successful training programs will make an effort to hold up those CX training rockstars as an ideal that the rest of the organization can aspire to. For example, if one region is doing exceptionally well, share their success with others to inspire them to step up to the plate as well. 

Encouraging your people to celebrate high performers and come up with their own creative ways to get their coworkers involved curates a team mentality and helps to foster a customer-centric culture.

Step #5: Celebrate!

Lastly, celebrate those wins! When people have successfully completed the assigned work, reward them. When you reward them, do it publically. Everyone likes to be recognized—plus, there is nothing like a little bit of healthy competition to motivate people. 

Post results in a place all can see—this can look like sending out a congratulatory email to the team that calls out those who have finished CX training, or putting a “congratulations” in via your internal rewards program. Again, it doesn’t have to be fancy—just remember to do it! 

If you follow these easy steps, you’ll be on your way to implementing a successful CX training program. Leadership, accountability, accessibility, team work, and rewards will pave the way to the desired result: a CX program that is both highly successful and fully utilized from top to bottom. 

If you’re looking for more content that will help you drive employee engagement, check out this piece on employee incentives. You’ll learn what’s wrong with traditional approaches and how you can create a system that actually works in “Considering Employee Incentives for CX Success? 5 Ideas for Better Engagement.” 

Is Net Promoter Score Dead?

NPS’s benefits have earned it plenty of acclaim since its 2003 debut, but the metric has faced skepticism in recent years from some CX experts. Some of these practitioners have gone so far as to proclaim that NPS is “dead” and that organizations should leave it behind. What follows is a quick, honest look at these claims and at NPS’s place in today’s experience landscape.

The Net Promoter Score® (NPS) and the wider ecosystem to which it belongs, the Net Promoter System®, have long been organizations’ preferred means of evaluating everything from employee and customer satisfaction to internal processes. The reasons for NPS’s popularity are many, but its most attractive features are its speed, ease of use, and its ability to distill the state of almost any experience, department or function into a single number.

NPS’s benefits have earned it plenty of acclaim since its 2003 debut, but the metric has faced skepticism in recent years from some CX experts. Some of these practitioners have gone so far as to proclaim that NPS is “dead” and that organizations should leave it behind. What follows is a quick, honest look at these claims and at NPS’s place in today’s experience landscape.

It’s All About the Numbers(?)

One reason some CX practitioners shy away from the Net Promoter Score is because it’s just a number. How, these experts contend, can a simple number tell organizations what changes to make or what initiatives to undertake in order to achieve transformational success, let alone improve their score?

It’s true that the Net Promoter Score is “just” a number, but companies that focus solely on the metric aren’t tapping its full potential to begin with. Instead, organizations need to look to the deeper movement behind that number: the Net Promoter System. The Net Promoter System promotes customer centricity, continuous improvement, and learning from customer feedback. These principles are hardly outdated in today’s experience landscape, especially since they espouse finding meaning beyond the metric.

The Perils of Scoreboard-Watching

Relying more on the Net Promoter System’s values than the Net Promoter Score may sound well and good, but it also raises a natural question: if the System promotes the principles that the modern experience landscape thrives on, what’s the point of using the score at all?

First, let’s take a step back to discuss the relationship between the Net Promoter Score and companies’ expectations of it. Far too many organizations expect change to come about as a result of merely observing their score. Frankly, this expectation is a cultural problem, not the fault of NPS. Change is no less difficult to attain within an organization than in any other arena of life or business, and as with those other arenas, the only thing organizations can do to affect change is to work hard. Once organizations labor to apply the Net Promoter System’s principles, the metric will take care of itself and finally become an accurate indicator of a company’s standing.

Additionally, while endeavoring to understand the relationship between NPS and a brand’s financial incomes, some organizations may find that another metric, such as OSAT or Likelihood to Repurchase, suits them better. That’s great, but the principles behind the Net Promoter System still apply and can be leveraged even in those other contexts.

NPS Lives

Organizations that shift their focus from the metric to the meaning that the Net Promoter System provides can execute NPS with modern, data-ingesting experience intelligence tools. After all, the Net Promoter System helped bring about the wider customer experience world to begin with (it’s no coincidence that CX began proliferating shortly after NPS’s introduction).

Organizations can use the Net Promoter System and data-ingesting platforms toward the same end: capturing the voice of the customer at its most relevant moments, analyzing sentiments, and delivering those insights to stakeholders that can turn them into action. Because of this, NPS is far from dead—the values and internal business practices it promulgates are relevant to any organization that seeks meaningful, transformational success.

Want to read more about the state of NPS in 2020? Read the full article for free today!

To view the first part of this blog series, click here

The Important First Day of the Employee Journey

In the last blog on the Employee Experience in the Automotive industry, we looked at the strategic importance and economic benefit of an effective onboarding process and focused on what should happen prior to the employee’s start date.

In this post, we’ll look at what happens when employees arrive on their first day. As before, we are focusing on the automotive industry, but the principles equally apply to other industries as well.

Creating a Welcome Kit

Once the day has arrived, you want to make it special and the best way to do that is to create an exceptional first impression. Have your receptionist be aware of the start date and ensure that the new employee is welcomed appropriately.

In fact, consider creating a “Welcome Kit” that contains numerous positive first impression opportunities such as branded assessories. Have a welcome letter from the Dealer Principal, or even from the OEM President, prepared and left at the new employee’s desk.

Often items like these are used daily and a new hire will feel an immediate attachment, so much so that they will often continue to use them for years all the while linking back to that first day.

Lastly, provide any desktop resources and in this case, the term desktop is in the literal sense. Any print materials such as dealership newsletters, upcoming community involvement notices, employee recognition programs -anything that conveys positive dealership activity will help to make a new employee feel good about their decision to join the team.

From an online standpoint, consider adding a dedicated Welcome page to your intranet or LMS.  Creating a specific Welcome starting point will be engaging and will direct a new hire to specific curriculum best suited for their role.

Be sure to include a Welcome video or a step-by-step tutorial of where and when to access available training resources which, again, builds on that important first impression and helps to ease the potential training concerns people face with any new job.

As the day continues, ensure a dealership tour takes place and introduce the new hire to the various departments and team members.  This is just as important for the existing team as for the new hire as positive introductions will help break the ice and hopefully lead to productive working relationships.

Engaging the New Employee Beyond the First Day

After the tour, review any administrative processes and outline not only the orientation for the remainder of the day, but also for the week ahead. For example, if this is a sales role, you may want to suggest the new hire learn as much as possible about one specific model per day.

Encourage them to drive the vehicle and speak with other salespeople. Have them talk to the service personnel to better understand the maintenance requirements of the vehicles they’ll be selling. Learning all the details of an entire product lineup can be daunting, so focus on small daily or weekly goals that are attainable.

To sustain this positive feeling past the first day, OEMs or even large dealer groups should consider conducting monthly webinar sessions for new hires. This would be a great way to meet others, online at least, who are in a similar situation and allows for the moderator to run through the onboarding process once again to promote upcoming events, answer outstanding questions, and receive important feedback.

This also could be a great opportunity for a short, anonymous employee survey to uncover any opportunities for improvement in the onboarding process.

Who Should Lead the Onboarding?

In terms of leading the onboarding, often this is left up to a Sales or Service Manager and while this is optimal, typically these managers are busy and other responsibilities may interfere with the full attention they can bring.

As an alternative, consider creating a role for an onboarding Champion, an individual whose responsibility it is to see that new employees are thoroughly walked through the onboarding process and are there to help answer additional questions in the upcoming days and weeks ahead.

This role would not take the place of a manager, as it would likely be a secondary role for a peer in the new hire’s respective department and as such, is designed to be another level of support.

When developing this role, consider making it a possible precursor to a management position as it will involve people skills, accountability, and guidance – all valuable traits in any future manager.

Onboarding is an Essential Part of the Employee Experience

To recap, onboarding is an essential part of the employee experience. Onboarding any new hire will be most effective when done in a consistent process. Include it in the hiring stage, allowing you to demonstrate your commitment to their success, the level of support available, and necessary accountability to complete the required curriculum.

Turnover is costly and leads to lower employee and customer satisfaction so ensure you take onboarding seriously and allocate the necessary resources to make a new hire feel comfortable, valued and a welcome part of your dealership family.

Onboarding is one of the most important processes a dealership can have, as it often predicates the likelihood of a new hire actually staying long term and starting a successful career. Not only will the implementation make a difference in the company, but it will also help individual employees to feel valued and achieve their career goals.

 

 

 

 

A New Recipe for CX Success with Auntie Anne’s

Auntie Anne’s understands that the guest experience and the employee experience are closely connected. But as a quick-service restaurant chain connected through millions of pieces of data and feedback, it became nearly impossible to understand exactly how the two are connected...

Not many of us can resist the enticing and familiar waft of a fresh batch of Auntie Anne’s pretzels. But no matter how phenomenal a product is, there’s always room for a business to take its customer experience (CX) to the next level—and that’s why InMoment stepped into Auntie Anne’s kitchen to cook up a new CX strategy. 

Keep reading to learn how the partnership between InMoment and Auntie Anne’s drove some pretty sweet results for the business. 

Food for Thought: Smarter Data

Auntie Anne’s understands that the guest experience and the employee experience are closely connected. But as a quick-service restaurant chain connected through millions of pieces of data and feedback, it became nearly impossible to understand exactly how the two are connected. Although mystery shopping was the brand’s previous method of receiving feedback, that tactic alone no longer cut it. Auntie Anne’s needed a comprehensive approach, one that would fuel a CX that’s not only meaningful, but delivers results, as well.

Before InMoment, Auntie Anne’s was drowning in data that was siloed and sporadic, which didn’t allow for insights that spurred meaningful change. By linking up with InMoment’s XI Platform, they were able to compile and organize data and rank stores on key metrics, like friendliness and value. Not only did this provide personalized insights to individual stores, but also drummed up friendly competition between franchises. Through this, Auntie Anne’s was able to implement new, successful processes at underperforming stores. 

Don’t Glaze Over the Small Details

According to Forrester, customers who have great experiences are 3.6x times more likely to spend more money with the brand. Research also shows that 3% of total CX-fueled revenue is generated by word of mouth from happy customers. These highly engaged stores also helped achieve higher OSAT, or overall satisfaction,  year over year, which resulted in higher sales. In the three years after implementing InMoment, Auntie Anne’s experienced a 6 point increase in their OSAT score.

The implementation of an intelligent tool such as the XI Platform directly increased Auntie Anne’s bottom line, more than justifying the technology investment for skeptical, higher-up business executives.

Roll the Guest and the Employee Experience into One 

With any company, the guest experience is only half the battle. Getting employees to champion a new CX strategy is key to a full experience transformation. 

That’s where Auntie Anne’s made it personal by implementing a “Guest Care Wall of Fame” to showcase how employees are being praised for their customer experience efforts. The company also inducted franchises into its “20/70 Club,” celebrating stores that receive 20 survey responses per month and achieve an OSAT score of 70 or above. 

These initiatives create HR benefits, too. According to industry research, it can cost up to $2,000 to onboard and train a new employee. When employees are more engaged, they perform better and stay longer, resulting in a cost reduction in employee turnover and training costs across all Auntie Anne’s franchises. 

With a robust CX-program in place and the right intelligent tools, companies like Auntie Anne’s can save dough and dip into new levels of success, ones that produce more business value and profit across the board. 

To read more about Auntie Anne’s sweet customer experience, check out this free webinar in which Chief of Operations Savannah Harper discussed how they leverage customer feedback across their entire organization!

The Automotive Employee Journey

Let’s start with some good news.  According to Tinypulse.com, 91% of employees are retained by an organization with an effective onboarding process and 69% of new hires are likely to stay for three years if there is a well-structured onboarding programme in place.

But here’s the bad news – 22% of staff turnover occurs within the first 45 days.

According to Fred Reichheld, the inventor of NPS:

“If you wonder what getting and keeping the right employees has to do with getting and keeping the right customers, the answer is everything. Companies need to care about the employee experience because that’s the only way they will be equipped to deliver a great customer experience.”

The reality of the statement seems to be hitting home. We do a lot of work in the area of employee engagement.  We have received more requests for information and proposals in the last year for employee engagement projects than we have in recent memory.

The automotive industry suffers from higher-than-average turnover, especially in the key areas of frontline roles that deal directly with the customer. And without a positive employee experience, it is much more difficult to deliver a positive customer experience.

Manufacturers seem to be recognizing more acutely the need to have fully engaged, interested, and satisfied frontline employees which is particularly challenging, in an industry that globally still tends to operate on a franchise model.

In this two part blog series, we will be looking at the employee journey. The first will deal with the time leading up to the employee starting their first day of work; the second will focus on what happens once they actually get there. Even though our focus in this post is on onboarding for the automotive industry, the principles can be applied across industry.

Minimizing Turnover While Increasing Satisfaction

For the automotive industry there’s a very strong economic argument for decreasing employee turnover.  According to Ted Kraybill, president of ESI Trends which conducts the annual National Automobile Dealers Association Dealership Workforce Study in the US, a 10-percentage-point increase in turnover will cost the average dealership $7,500 in gross profit per employee per year.

If the average dealership has 70 people, a 10-point increase in employee turnover for the average dealership costs more than $500,000 in gross profit annually.  Multiplied by NADA’s count of roughly 16,500 dealerships, it’s an $8 billion-plus problem (Automotive News, 2017).

The first step to minimise a high employee turnover is to implement a strong onboarding process for your next hire. A good process will increase the employee satisfaction and retention, whereas a poor one will result in consistent and costly turnover.

Showing Commitment to the Development

By presenting the onboarding steps, brand history, curriculum and resources available, you demonstrate your commitment to an individual’s development, success, and comfort level when first starting a new role. This can be a tense time for anyone in a new position, and the more structure you can present before they are hired, the more likely you are to attract a better candidate.

Communicate Accountability

A second goal along with this support, is to communicate the accountability that goes along with it. By demonstrating that certain courses are to be completed, and a culture that is to be adhered to, you are setting expectations that will need to be met. Too often a new hire exhibits the wrong behavior simply for the fact that they were not told of the desired behaviour by the employer.

By doing this before the actual hire takes place, you ensure they understand what is expected with no surprises after they start.

Share Onboarding Plan Prior to the Employee’s First Day

Once you have made the hire official, often there can be some time gap until the actual start date. If this is the case, you may want to consider sending any applicable resources to the new hire to help prepare them for your brand and/or dealership.

Even having them explore the websites in depth with specific information needs will help them become more familiar with their new surroundings. Here they can learn more about the product and possibly the team they will be working with which can help them feel more at home.

It may also raise some initial questions that they can be prepared to ask on their first day.

Speaking of the first day, an effective onboarding process is transparent, meaning that you need to choreograph the day and prepare the new hire for what’s ahead. Sending an email or text in advance with the day’s agenda will help to confirm your commitment and help them start off on the right foot.

Positive Employee Experiences Turn Into Positive Customer Experiences

The bottom line is that in order to retain employees, effective onboarding processes need to be put into effect. Better preparing employees before their first day and during training will decrease turnover and ultimately help new hires to feel supported by their team, stay committed to development, and increase their communication with leadership.

With an exemplary onboarding process, automotive companies will see an increase in fully engaged, interested, and satisfied employees. And when employees have a positive experience with the company, they are more likely to pass on the positive experiences to their customers.

Click here to read the second part of this series.

Sources:
  1. Automotive News (‘Employee turnover costs dealers billions’ Jan.23, 2017)

9 Novel Natural Language Processing Applications in Business

How are real business actually using natural language processing? In this blog post we explore 9 interesting business applications of text analytics and NLP across a wide range of industries.

Building an effective NLP application starts with defining a concrete use-case within a specific domain. No two companies are completely alike, and the same goes for business solutions. But this doesn’t mean that learnings from one project cannot be applied to another. With this in mind, we’ve collected case studies across nine different industries to illustrate the potential uses for natural language processing and text analytics.

Biotechnology

When someone calls into the Medical Information Department (MID) at Biogen, they’re routed to operators who search through FAQ’s, brochures, and product resources to answer questions. If the answer cannot be provided within a minute, the call escalates to an expensive medical director. Biogen wanted to reduce the involvement of these directors. So, they turned to InMoment for a solution to empower, not replace, their human operators. word cloud with common drug side effects over a couple sitting in separate bathtubs and holding hands

First, we configured our core NLP to identify relevant information within Biogen’s resources. Then, we combined this solution with an open-source search engine and custom user interface. The resulting system understands complex relationships within Biogen’s data. Now, MID operators can now type in keywords or questions to get answers in seconds. Early testing by Biogen already shows faster responses and fewer calls sent to medical directors.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“We’ve worked with InMoment for years on programs surrounding Voice of the Patient, Voice of the Key Opinion Leader (KoL), and social media monitoring… They’ve always been a key partner.” — Keith Ho Director of Customer Focus and Medical Digital, Biogen[/perfectpullquote]

Sports & Entertainment

Brandtix delivers actionable brand performance insight for the world’s top athletes and teams by gathering data from social media and news platforms. They turned to InMoment for a powerful NLP platform that could analyze and decode the jargon-filled language of professional sports. Together, Semantria API and Brandtix’s proprietary algorithms now process fan vernacular across 19 languages. As part of this, Semantria analyzes and structures the sentiment of fan conversations as positive or negative, based on context. These capabilities allow Man looking at a smart phone while thinking "If Messi keeps slaying like this I'm going to buy season tickets!"franchise owners, player agents, and PR teams to separate meaningful mentions from general chatter and address PR problems before they get out of hand.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“Choosing InMoment over its competitors was easy — thanks to the mix of service, price, ease of use, and language packs. Further, InMoment counts extraction and sentiment analysis as one action. The other solutions we looked at bill extraction and sentiment separately, charging double the volume and double the price.” — Shahar Fogel Vice President of Product, Brandtix[/perfectpullquote]

Social Media Monitoring

evolve24 is a data analytics firm that combines myriad data sources to help companies develop strategic direction. To process information and provide market intelligence in real-time, evolve24 can only employ best-in-class toolsets with the lowest possible latency and downtime. Salience, a core AI-based NLP engine, provides low-latency text analytics that processes five or more tweets every second, expediting evolve24’s time-to-value for their customers. Salience’s power and customizability give evolve24 the ability to keep up with increasing volumes while helping them maintain high standards of consistency and measurement across a range of text data sources.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“The text analytics engine is a key tool for us in conjunction with our proprietary emotion metric; this next evolution of functionality promises an even more comprehensive look into the conversations our customers’ customers are having.” — Noah Krusell VP of Product Development, evolve24[/perfectpullquote]

Customer Experience Management

VOZIQ offers a suite of Predictive Customer Retention and Customer Experience Management solutions for call centers. Traditional churn prediction models rely on transaction histories and demographics data but fail to incorporate consumer-generated input with real customer sentiment. VOZIQ turned to InMoment to fill this gap. Man looking puzzled while looking at a paper. He has happy, neutral and mad sentiment emoji's floating above him.

Through Semantria, VOZIQ categorizes the text comments and identifies customer sentiment from survey scores and keywords in each call log. Since partnering with InMoment, VOZIQ has retained thousands of customers for their clients, resulting in millions of dollars in additional revenue each year.

Industrial & Aviation Design

Gensler’s Los Angeles Aviation and Transportation Studio partnered with InMoment, leveraging sentiment analysis on customer feedback to make better-informed decisions about the planning and design of airports. The result is a data-driven voice of customer program that can help win contracts and build airports that better serve stakeholders and travelers alike.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“As a global industry leader in airport architecture, we utilize the power of Semantria’s rapid and precise data analysis to create better-informed designs for the airports of tomorrow.” — Andy Huang, AIA LEED Associate Designer, Gensler Aviation and Transportation Studio[/perfectpullquote]

Hospitality & Hotel Management

Word cloud of words associated with hotel stays floating above a housekeeper making a bedRevinate helps over 30,000 hospitality providers measure  online presence, analyze consumer feedback, and reinvent the guest experience. With over 2,700 categories, 100 restaurant topics, 200 hotel topics, and nine languages, Revinate gives their customers the ability to measure consumer sentiment in critical categories, such as rooms, staff, service, and food. Semantria’s customizability lets Revinate’s users create lists of custom topics, follow trending topics as they evolve, and compare sentiment scores across multiple organization-specific metrics.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“The support from the team at InMoment was outstanding; they made a very complex project seem simple. With their partnership, we met our goals on time, delivered the best possible product, and were set up to ensure continued success.” — Matt Zarem, Senior Director of Product, Revinate[/perfectpullquote]

Technology & Electronics

A large tech company’s Customer Market Research (CMR) team helps managers across the company make better decisions regarding product and market strategy. Before, the CMR team used to listen to the Voice of the Customer by designing, distributing, and analyzing a wide range of surveys. As the group began working to integrate social media data, they turned to InMoment.

Their team needed to effectively filter social content in order to extract relevant data, reduce survey spend, easily configure flexible one-off analyses, and validate long-term trends. Traditional social listening tools didn’t offer the customizability and scalability that the CMR team needed, so they contacted InMoment to discuss a “semi-custom” solution.

First, the CMR team extracts a subset of social comments from a InMoment-built data warehouse, based on the products and brands they want to know more about. Then they use Spotlight to analyze this data and understand what people are saying, how they feel, and why they feel that way. Next, they validate the results and relate the net sentiment score to quantitative Likert™ Scale survey data. This approach allows them to compare and contrast what people say in structured surveys, versus what they say in the unstructured environment of social media.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“InMoment is the only vendor we’ve seen that can offer the flexibility that is required to support our complex product line.” — Csaba Dancshazy Senior Market Research Manager [/perfectpullquote]

Fitness Lifestyle & Events

Tough Mudder Inc. has grown to become a leading active lifestyle brand and endurance event company with more than 2.5 million global participants. The Net customer survey with abstracted positive, negative and neutral textPromoter Score (NPS) is an essential measurement for the company. However, the volume and the qualitative format of their post-event surveys make it challenging to garner insight.

Using Semantria for Excel, the Tough Mudder team reduced manual survey coding time by 90%. Working with InMoment staff, they designed custom queries to solve an industry-specific sentiment analysis problem. In total, Tough Mudder uses InMoment to process 2,000 surveys for each of the company’s 78 events per season, some 156,000 surveys total.

[perfectpullquote align=”full” bordertop=”false” cite=”” link=”” color=”” class=”” size=””]“By teaming with InMoment, Tough Mudder is able to report Net Promoter Scores and review participant feedback within a week of every event. The company’s ability to make strategic adjustments based on customer insights is invaluable to providing the ultimate event experience.” — Sydney Friedkin Consumer Insights Analyst, Tough Mudder Inc.[/perfectpullquote]

Regulatory Compliance & Financial Services

The Australian government mandates that financial Statements of Advice (SoAs) include disclosures covering conflicts of interest, own product recommendations, and more. Financial services providers doing business in Australia use SoA templates and frequent spot-checks. This helps make sure that financial advisors aren’t modifying or deleting critical disclosures.shows how the identified semi-structured text can be extracted into a structured spreadsheet

An average-sized firm produces hundreds of pages of SoAs each week. Manual review is costly, unreliable, and exposes the firm to high non-compliance risk. One such firm, unable to find an existing contract analysis tool that could solve this exact problem, turned to InMoment for help. First, we trained our semi-structured data parser with machine learning to understand the underlying structure of the Statement of Advice document. Then, we built a custom natural language processing configuration to extract and analyze entities and other text elements. Then, we structured and exported the resulting data into a simple spreadsheet.

Now, in mere minutes the firm’s auditors can see whether proper disclosures were made across hundreds of documents. They can even identify where an advisor’s recommendations may go against their client’s stated goals and risk attitude. This substantially lowers the firm’s non-compliance risk even while reducing their disclosure compliance costs.

Deploying NLP in Your Business

All of the NLP applications above show how text analytics/NLP can help companies increase revenue and reduce costs. But can a natural language processing application solve your business problems?

Start by answering these questions:a woman holds up boxes representing machine learning

  • What’s your need?
  • What’s your desired outcome?
  • Do you have enough data?
  • Do you have the right data?
  • Does the technology exist?
  • Can you build it?
  • Is there an established vendor you can work with?
  • How will you measure your outcome?

Your answers will help you figure out the best way towards solving your own business problems in a cost-effective way. Often this comes down to a question of Build vs Buy. In many (most) cases, it will make more sense to partner with a reliable NLP vendor – so long as you do your homework.

The truth is that many companies flaunt shiny AI systems that promise to solve all the world’s problems. But while moon-shot projects certainly are admirable, the nature of those projects often doom them to failure from the outset. And in the end, business users are not angel investors. They need real applications that deliver results today, not years in the future.

We can’t stress this enough: Everything comes down to how applicable an NLP solution is to your business. Whether you’re in hospitality, entertainment, financial services or any other text data heavy industry, natural language and text analytics can be utilized to unlock value. If you see potential for NLP within your a businesswoman sits on an airplane working on her laptoporganization, then the next step is to reach out to a vendor. If you speak with InMoment, we’ll start by sitting down with you to understand precisely what you’re trying to achieve, the context you’re working in, and why other providers don’t meet your needs.

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