LEVERAGING DATA FOR A TRUE OMNI-CHANNEL EXPERIENCENIREN SIROHI , PH.D.P A R T N E R , G L O B A L D A T A S C I E N C E L E A D , I K N O W T I O N

A TELETECH COMPANY

Niren Sirohi, Ph.D.Partner, Global Data Science Lead

Leveraging Data for a True Omni-Channel Experience

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Ph.D. in Management at Cornell's Johnson Graduate School of Management, MBA with a major in marketing, and graduate degree in Mechanical Engineering 

Today’s Presenter

■ Develop & implement strategic analytic solutions

■ Global brands -- financial, auto, retail, telecomm, hospitality

■ Hobbies: technology & rock concerts

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Apply Analytic and Consultative Best Practices to:

Identify customer-level opportunities

Inform customer-centric strategies

Maximize customer-focused programs

Measure customer-driven impacts

iKnowtion – Leaders in Analytics

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Agenda for Today

■ VoC and why it’s important

■ CX strategy and customer behavior

■ True omnichannel experience

■ Key ingredients for success

■ Getting started

6Source: The State of Marketing 2013, IBM’s Global Survey of Marketers

$83 billion lost each year

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State of VoC today

80% of companies say they deliver “superior” customer service. 8% of people think these same companies deliver “superior” customer service

A typical business only hears from 4% of its dissatisfied customers

Only 2-7% of companies self identified as being very good across various VoC competencies

70% of companies are collecting customer feedback, only one-third actually believe that they are designing solutions to problems based on the insights

Only 11% of companies have reached the top 2 stages of VoC maturity (collaborators and transformers)

Source: Temkin Group and Customer Service Facts, Quotes and Statistics

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VoC Myths

VoC = Explicit Feedback

VoC Data is Sufficient

VoC Only from Customers

VoC = Survey Data

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Your customers are sharing their needs

Please press 1 for service, 2 for billing…

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But nobody’s connecting the dots…

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Information is siloed by channel and within enterprises.

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EDWCRM

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Information isn’t transformed into insights

and next best actions

Need predictive and prescriptive analytics

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Insights and next best actions not relevant and inconsistently shared across the firm

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Information is unable to be used in the moment

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Everyone in the organization can benefit from VoC

Product Management

Pricing

CRM

Customer Care

Customer Experience

Sales

Marketing and PR

Early, continuous, real-time input on customer perceptions to pricing strategy, competitive pricing, and gaps

Identify next best action for individual customers and prospects based on contextual, in the moment data and historical behaviorDrive efficiency and effectiveness of care operations by enabling

agents with timely alerts and recommendations. Identify sales and CRM leads

Understand key pain points and influence the customer journey to reduce customer effort, reduce detractors, and build advocates

Gain insight into competitive sales strategy, prospect needs, perceptions, and decision factors

Early warning indicators on brand health and perceptionsEarly, continuous, real-time input on product features, functionality, performance, competitive differentiators

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Signals from VoC can lead to action at the aggregate level…

“I cannot reset my password online.”

“The web portal would not let me add this feature.”

“Why can’t I check / reschedule my appointment

online?”

“I can’t see the current status of my install order online.”

“Company X gave me a great deal on triple play when I came off promo

pricing at brand Y.”

“They are fleecing you with off-promo price increases.”

+ CRM data

+ CRM data

+ CRM data

High value customers are not able to complete account

management tasks online and have to call in

Customers in the first 30 days are frustrated to not be

able to check status and schedule appts online

Competitors are wooing our most valuable customers away when they come off

promo period

Fix the web portal and reduce call

volume

Build an appointment and

order management application and

reduce call volume

Understand price elasticity and

adjust off-promo pricing strategy to maximize retention

VoC Signal Action

Improve Operational Efficiencies (reduce call volume) & Improve Customer Satisfaction

Inform business strategy and customer lifecycle management

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…as well as at the individual level

Execute trades

Positive comment on

Facebook

Adds money to brokerage

account

VoC PlatformCRM

Web

Interactions

Jack placed a large sell order today that did not

execute

Yesterday, Jack made a negative comment about our fund platform on our

Facebook page

A week ago, high value customer Jack tried to watch a video on our

website that failed to loadReal Time Listening

Jack is a high value, high risk customer who should get a call from his advisor:■ Acknowledge issues■ Offer free trades■ Ask for recommendation

if satisfied

ALERT!

Real Time Decisions

Wealth Management

Advisor

Phone Call

..... ....

Story begins…

...Happy Ending

3:50 pm

4:00 pm

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Benefit Examples

Insights Drive Customer Experience Improvements:■ Optimizes interactions throughout the customer

journey■ Pinpoints CX improvement opportunities with the

highest expected ROI

Intelligence Leads to Greater Customer Value:■ Helps convert brand detractors into brand loyalists

and advocates■ Guides the development of expanded value

propositions, leading to higher share of wallet

Customer Feedback Fuels Innovation:■ Highlights existing product enhancements and new

product opportunities■ Tracks brand perceptions and drives customer-

centric business transformations

75% Improvement in repeat call prediction

3X Uplift NPS Scores

Increase in Customer Retention

15%

Higher Customer Value20%

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Key Ingredients for Success

Real time listening across touch-points

Data integration across touch-points and enterprise systems

Disseminate and share signals with relevant stakeholders and give them actionable recommendations

Integrate with frontline systems like CRM, contact centers etc.

Efficient Signal Extraction from structured andunstructured data

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Unstructured Data Explains “Why”

Structured(Quantitative)

Unstructured(Qualitative)

Customer-Initiated Company-Initiated

Voice of Customer Categories

Dep

th o

f Ins

ight

Representativeness of Feedback

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Analysis of text, speech, & contextual data across channels

Text

Dear DirectCom Online Service, I have a question about my most recent bill. I paid the full balance online in the amount of 47.61$ on February 16th. When I checked back the payment didn’t show up, and I was charged 50$ fee on top of that. This is not acceptable! The online payment confirmation number back the payment didn’t show up, and I was charged 50 and I was charged 50 and I was $ fee on top of that. This is not is 49733. Please verify and make sure I get the fee back to my account. This is not the first time I have a problem with the online payment. Best regards, Gina Lowell.

Spee

chC

onte

xt

Misinformed

Frustrating

This is the 2nd time I’m calling

Phone

Social Media

Chat

Email

Web

Phone Survey

Keywords and Topics

Talk Over Analysis

Emotion Detection

Call Flow Analysis

So confusing

Sick and tired

Desktop Analytics

Customer Demographics

Interaction History

Customer Feedback

Keywords and Topics

Sentiment Analysis

Chat Response Time

Social Buzz

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Customer Service

Knowledge / Helpfulness

Attitude

Multiple Attempts

Tier 2 Escalation

Problem Resolution

Troubleshooting

Follow up

Quality of Service

Refunds / Discounts

Customer Support Rep

Communication Skills

Language Barrier

Listening

Speed of service

Accessibility / Reaching Rep

Transfer / Hold

Reaching Right Person

IVR

Business Hours

Phone Experience

Runaround

Hold Time

Transfers

Real Person

… … … …

Branches (19)

Leaves (111)

Illustrative

Domain knowledge and Machine Learning transforms unstructured data into structured insights

…

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Insights help improve contact center operations

Attitude of reps is a clear strength

Troubleshooting abilities, communication and language skills need improvement

Improve routing skills and workforce management to minimize hold times and get

customers to the right rep the first time

Telco Call Center Speech and Text Analytics

Category Leaves

Volu

me,

Se

ntim

ent

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Incremental NPS Changes by Making Driver Improvements

CX improvements lead to significant improvement in NPSAutomotive CX Drivers

-40

-20

0

20

40

60

80

-29 19

17

1513

1011

76 1

70

Problem ResolutionBeginnin

g NPSHold Time Personal

EffortProviding Best Help

Dealer Resolution Attempt

Listening Courtesy Automated Phone Ease

of Use

# of Consumer

Affair contacts

Final NPS

Structured

Unstructured

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Insights can be incorporated into Predictive Models

100.00% 200.00% 300.00% 400.00% 500.00% 600.00% 700.00% 800.00% 900.00% 1000.00%

Structured plus unstructured Structured only

Mod

el P

erfo

rman

ce

Observed Benefit by Model Deciles

Variation explained by structured data only

Variation explained by both structured and unstructured data

Illustrative

Unstructured data helps explain more of the observed variation when developing predictive

customer behavioral models

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Develop Strategy and Prove the Value

First 3-4 months

■ Assess current VOC data being collected and efforts to derive insight and act upon them

■ Develop VOC roadmap and strategy

■ Integrate and analyze VOC data on a pilot basis to build business case

Build Capabilities and Implement

Next 5-6 months

■ Collect requirements from different stakeholders who would value from VOC insights

■ Develop capabilities (people, process and infrastructure) to collect, analyze, share, respond and act on VOC data

Accelerate ImpactOn-Going

■ Identify test and learn opportunities

■ Launch, measure and refine VOC programs

■ Add additional data sources and stakeholders

■ Refine capabilities

An omnichannel experience requires a multi-step journey

1 2 3

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■ Commit to continuously listening to and analyzing the Voice of your Customer (VoC)

■ Increase focus on predictive and prescriptive analytics

■ Focus on customer journeys, not interactions

■ Detect meaningful signals in VoC and act on them

Summary

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Niren Sirohi, Ph.D.Partner, Global Data Science Lead

nsirohi@iKnowtion.com(781) 494.9989 x201

A TELETECH COMPANY

Thank You

QUESTIONS?