Category Archives: Voice of the Customer (VoC)

Posts about Voice of the Customer (VoC)

Books Are a Service

Semantic Publishing and Voice of the Customer understanding for the media&content industry

The reason for publishing being a key industry to take advantage of text analytics is also the reason why the industry finds it so hard to engage with the technology.

Books are a serviceThe reason? Text. And a lot of it. The publishing world has struggled to understand how data relates to text and understand the value of data. This is changing, too slow for many, as the industry moves from seeing themselves as a ‘product’ based company (e.g. making books, e-books or physical) to a ‘service’ based company. In other words smart publishers are starting to see their service to customers as the creator and curator of information. This content is abled to be mixed and mashed-up in dynamic ways across a number of formats. This service is not bound, saddle-stitch or otherwise, to a specific product. This 180-degree perspective change requires publishers to think more directly about customer experience in the same way more traditional service based industries like hospitality or even retail banking.

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Voice of the Customer in the insurance industry

For insurance companies, it is vital to listen and understand the feedback that their current and potential customers express through all kinds of channels and touch points. All this valuable information is known as the Voice of the Customer.  By the way, we had already dedicated a blog post to Text mining in the Insurance industry.

(This post is a based upon the presentation given by Meaning Cloud at the First Congress of Big Data in the Spanish Insurance Industry organized by ICEA. We have embedded our PPT below).  

More and more insurance companies have come to realize that, as achieving product differentiation at the industry is not easy at all, succeeding takes getting satisfied customers.

Listening, understanding and acting on what customers are telling us about their experience with our company is directly related to improving the user experience and, as a result, the profitability. In the post on Voice of the Customer and NPS, we saw in more detail this correlation between customer experience and benefits.

 

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Net Promoter Score (NPS) via Voice of the Customer (VoC)

More and more companies have come to understand that to grow profitably in competitive scenarios, satisfied customers are the key to success. And they know that employees have a fundamental role in achieving a better customer experience.

In this challenge to improve customer loyalty, companies must be able to listen to their customers and understand what they are saying. It is what we call the Voice of the Customer (VoC).

However, a mission — such as customer satisfaction — that lacks a precise measure of success (or failure) is just hot air. Quoting Lord Kelvin, “If you can not measure it, you can not improve it.”

The Net Promoter Score (NPS) has become, for a number of companies, the key metric for measuring customer satisfaction. By the same standard, the mission to get motivated and happy people in an organization also has its key metric: the eNPS (Employee NPS).

As discussed below, in order to improve customer and employee experience, both the NPS and the eNPS need to find the reason that justifies the score given.

When asked What is the primary reason for your score? the NPS and the eNPS collect and analyze the open answers of thousands of customers and employees. Here is where the linguistic technology of Meaning Cloud intervenes.
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An Introduction to Sentiment Analysis (Opinion Mining)

In the last decade, sentiment analysis (SA), also known as opinion mining, has attracted an increasing interest. It is a hard challenge for language technologies, and achieving good results is much more difficult than some people think. The task of automatically classifying a text written in a natural language into a positive or negative feeling, opinion or subjectivity (Pang and Lee, 2008), is sometimes so complicated that even different human annotators disagree on the classification to be assigned to a given text. Personal interpretation by an individual is different from others, and this is also affected by cultural factors and each person’s experience. And the shorter the text, and the worse written, the more difficult the task becomes, as in the case of messages on social networks like Twitter or Facebook.


sentimentanalysis

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Voice of the Customer Analysis and Benefits

 

What is the Voice of the Customer?

Social MediaHave you ever wondered why certain products or services undergo radical changes or even disappear from the market (and sometimes return with another trade name)? Does it depend only on the volume of sales or other factors come into play? To answer these questions, we should introduce the concept of “Voice of the Customer Analysis” and find out what it means. This term refers to all those practices which enable to understand what a (real or potential) customer thinks about a product or service. But it is not limited to a simple reading of comments or opinions written upon request -e.g. an online survey-, the issue is much more complex.

In recent years, the types of channels through which customers and users express their opinions, complaints, suggestions or congratulations (yes, these are also important, then we will see why) have multiplied exponentially. Only a decade ago, the channels that permitted the interaction with the business world were significantly fewer, among them we may recall the telephone or pre-compiled polls often sent by traditional mail. In addition, most of the exchanges between customer and company responded to a specific need of the second; in other words, they were requested.

 

How has it changed?

Today, the picture has radically changed.Voice of the Customer Analysis The communication channels are numerous and also allow to interact in different ways through various media (images, audio, video, etc.). And what matters most to us is that this interaction

  • is constant: 24 hours a day, 365 days a year;
  • most of the times is multilingual;
  • does not always follow predefined patterns (many times, it doesn’t even comply with the most basic spelling rules);
  • is unstructured: it is not stored in a traditional database nor organized according to predefined criteria.

There is no doubt that, from a corporate perspective, this enormous amount of information can be highly beneficial!
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Could Antidepressants Be the Cause of Birth Defects?

We agree that it is not typical at all for an Information Technology company to talk about antidepressants and pregnancy in its own blog. But here at MeaningCloud we have realized that health issues have a great impact on social networks, and the companies from that industry, including pharmas, should try to understand the conversation which arises around them. How? Through text analysis technology, as discussed below.

Looking at the data collected by our prototype for monitoring health issues in social media, we were surprised by the sudden increase in mentions of the term ‘pregnancy’ on July 10. In order to understand the reason of this fact, we analyzed the tweets related to pregnancy and childbearing. It turned out that the same day a piece of news on a study issued by the British Medical Journal about the harmful effects that antidepressants can have on the fetus had been published.
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Improve your Customer Experience Management with Text Analytics (recorded webinar)

Last June 10th we presented our webinar “Discover the WHY behind your Customer Scores – Improve your Customer Experience Management with Text Analytics”, featuring industry expert Seth Grimes.

The goal of the webinar was to ensure you are getting the most from your Customer Experience / Voice of the Customer initiatives, using text analytics to understand massive amounts of unsolicited, unstructured customer feedback in real time.

User Profiling and Segmentation

The agenda, with contributions from Seth and members of the MeaningCloud team, was:

  • Text analytics in Customer Experience (CX) management. Why is it important?
  • How text analytics complements/amplifies “traditional” CX? What specific benefits does it bring: understanding the reason behind the scores, extending to new, untapped feedback sources, analyzing CX in big data contexts … What new applications does it enable?
  • What text analytics techniques are applicable: text classification, information extraction, sentiment analysis, user profiling…
  • Analysis of some real scenarios/projects: survey analysis, contact center interaction, market research, social media analysis.
  • How to implement this easily with MeaningCloud: APIs, personalization tools, add-in for Excel.

For those of you interested, below you can find the webinar’s slides and recording.

And, if you want to give MeaningCloud a try and see how it can take your customer feedback analysis to the next level, register and use it for free here.

Use it for free

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Discover the WHY behind your Customer Scores – A webinar with Seth Grimes

Seth GrimesOn Wednesday June 10th, MeaningCloud will welcome special guest and text analytics thought leader Seth Grimes for a 1-hour webinar on ensuring you are getting the most from your customer feedback.

Seth will explain the importance of text analytics in new Customer Experience / Voice of the Customer scenarios, enabling you to understand massive amounts of unsolicited, unstructured feedback coming form surveys, customer center interactions and social media… in real time.

And the MeaningCloud Team will show how you can efficiently put these ideas into practice using our easy-to-use, customizable and affordable Meaning-as-a-Service tools.

Whether you are in the market research or customer experience management business or you are an end customer willing to take your customer insights to the next level, this webinar is for you.

We hope you will join us for this special event.

Improve Customer Experience Management with Text Analytics

Discover the WHY behind your Customer Scores – A webinar with Seth Grimes

Wednesday, June 10th, 2015; 8am PST/11am EST

UPDATE: this webinar has already passed. See the documentation and recording here.

Distill customer insights from interactions with clients

For companies, it is vital to understand the feedback that their customers -current and potential- express through all types of channels and contact points. That is why brands are extending their
Voice of the Customer (VoC) initiatives to a new territory of unsolicited and unstructured content: comments on surveys, call center verbatims, Twitter… Only automatic processing enables to perform this analysis with the the necessary characteristics of quality, volume, response time and homogeneity.

Try our free demo of VoC

 

Text Analytics market 2015: Seth Grimes interviews MeaningCloud’s CEO

Seth GrimesSeth Grimes is one of the leading industry analysts covering the text analytics sector. As part of his annual year-past/look-ahead report on this technology and market developments, Seth polled a group of industry executives, asking their thoughts on the state of the market and prospects for the year ahead.

José Carlos González, CEO of Daedalus / MeaningCloud, was one of the selected executives. In the interview, Seth and José Carlos discuss industry perspectives, technology advances and the “breadth vs depth” dilemma faced by many text analytics vendors.

This is an excerpt from the interview:

Roads to Text Analytics Commercialization: Q&A with José Carlos González, Daedalus

What should we expect from your company and from the industry in 2015?

Voice of the Customer (VoC) analytics — and in general, all the movement around customer experience — will continue being the most important driver for the text analytics market.

The challenge for the years to come will consist in providing high-value, actionable insights to our clients. These insights should be integrated with CRM systems to be treated along with structured information, in order to fully exploit the value of data about clients in the hands of companies. Privacy concerns and the difficulties to link social identities with real persons or companies, will be still a barrier for more exploitable results.

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Interested? Read the rest of the interview –featuring market developments and company and product strategies- on Seth Grimes’ blog.

Voice of the Customer in the banking industry

“The Voice of the Customer (VoC) is a market research technique that produces a detailed set of customer wants and needs, organized into a hierarchical structure, and then prioritized in terms of relative importance and satisfaction with current alternatives.“

Voice of the Customer (VoC)

The Voice of the Customer (VoC) is not a new concept. In one way or another, it’s been included in quality assurance processes for years, and yet, its full integration in the workflow is a pending tasks for many companies. The Voice of the Customer allows you to listen, interpret and react to what’s being said, and then monitor the impact your actions have over time.

The current challenge companies are facing comes from the volume of data available. In this digital age, feedback is ever-growing and not just limited to the periodic surveys sent to clients. Word-of-mouth has gone digital and has become more relevant than ever: everyone with a Twitter or a Facebook account has an opinion, and more often than not, it’s about the products and services they consume.

A typical client

A client

As so many other sectors, banking needs to figure out how to translate this first-hand source of knowledge their clients are providing into something useful, something that can be used in the company’s decision-making process.

Voice of the Customer combines two key aspects of information extraction: the need to know in detail what the customer is talking about and to interpret correctly his feelings about it. The former gives a quantitative view of the feedback obtained while the latter gives a more qualitative analysis, measuring what clients think a company is doing right or wrong.

The banking domain has the added difficulty of providing an extremely wide array of products and services, each one of them with very specific subcategories and received through completely different channels.

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