Sentimental Customer – Analyze This!
I was talking to an executive of a famous cruise ship company. He was flying from S. Florida to Seattle and was of course dreading the flight as it is. On top of that his flight was cancelled, and he got bumped down to a middle seat on to a much later flight. At that point he started tweeting some of his friends about his horrible experience. In some time the stewardess came up to him and apologized and offered a free ticket for another trip. He naturally appreciated this gesture and that set him thinking if it was his tweets that were being tracked. He is now doing a whole new CRM effort within his own company - he knows the cruise customer is there for 4-7 days and can offer more upselling opportunities if they can listen and act better.
At the core of any sales and marketing effort, there only really 3 pieces:
In today’s world, with the advent of connected consumers, the Customer Insight discipline is so important, especially in a B2C world. This is done through focus groups, buzz monitoring, community tracking, sentiment analyses and market research or pure competitive intelligence.
- Customer acquisition - Increase revenue and market share
- Customer Insight & Innovation - Create, improve and differentiate products and services
- Customer Experience & Service - Improve customer loyalty and reduce or avoid costs
The social media phenomenon has surely led to a new way of business engagement is revolutionary set of constituent interaction channels. This technology platform (Twitter, Facebook, etc.) gives everyone expanded ‘voice of the customer’ ability to exercise influence on the interaction with companies and peers.
Earlier this is what happened:
- User-generated content is often triggered by emotion
- This can be amplified via the “viral effect”
- Impact cannot be stopped or undone
- It can forces companies to act in shorter cycle times
- The scale can be fast and truly global
Now this is what happens and companies need to adjust ASAP:
- You talked to your customers, told them what to do
- 95% happy customers is good
- You wanted them to come to you
It’s like the sewing circle of colleagues or clique of friends that you tell about a good doctor or a great sale has expanded to be truly global with platforms like Twitter, Facebook, etc.
- Consumer are talking among themselves, it’s time to listen
- 5% unhappy customers is bad
- You go to where they hang out
Companies need to be listening on platforms like Blogs, Open Micro-Blog (Twitter), Closed Micro-Blogs (Yammer), Open Social Network (MySpace, WhatsApp), Closed Social Network (Facebook), Commentable User Generated Content (YouTube), Discussion Forums (Ning, TripAdvisor), etc.
The listening part has many technologies like claraBridge, Attensity, Radian 6, Overtone, SAS, etc. Some companies are using Natural Language Processing (NLP) to understand syntax & context. As an example please see sentence below posted somewhere:
One can use advanced linguistics to understand topics and sentiment:
“The EFTPS enrollment for my tax return was easy,”
but it took too long to get the confirmation package”
So the Category Sentiment is:
= Positive for “enrollment”
= Negative for “timeliness”
One customer verbatim from the customer can result in multiple categories within multiple taxonomies
E.g. “After being a retired Army General and a FSCO member for 38 years, I am quite upset that service representative would treat me so rudely over the phone when I called in to complain about the fact that you guys unexpectedly raised my auto premiums at the same time Geico is calling me offering me a major discount.”
- Core Values > Service
- Core Values > Loyalty
- Core Competency > Deliver Exceptional Customer Experiences
- Eligibility > Retiree
- Rank > Officer > General
- Service > Army
- Tenure> Greater than 30 years
- Products > P&C > Auto-Insurance
- Moments of Truth > Rate Increase Notification
The tough part of all this is to separate the signal from the noise and do something when its really important. The prioritization criteria for such an action is typically based on:
- P&C/Auto Insurance / Geico
- # of customers impacted
- Severity of impact to customer experience (i.e. moment of truth)
- Severity of potential impact (e.g. legal liability)
- Level of control to resolve