Voice of the Customer Analytics TM: Solutions for Customer Experience and Voice of the Customer Executives. A Verint Systems White Paper

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1 Voice of the Customer Analytics TM: Solutions for Customer Experience and Voice of the Customer Executives A Verint Systems White Paper

2 Table of Contents Introduction... 1 Capturing the Voice of the Customer... 1 Creating a Voice of the Customer Program... 2 Segmenting Customers... 2 Understanding Customer Interactions... 2 Establishing Listening Posts and Moments of Truth... 2 Monitoring Progress... 3 Managing Challenges from Diverse Information Sources... 3 Verint Voice of the Customer Analytics Solutions... 3 Verint Enterprise Feedback Management... 4 Impact 360 Customer Feedback... 5 Impact 360 Speech Analytics... 6 Impact 360 Text Analytics... 7 Realizing the Value of Analytics... 8 Summary... 9 Unauthorized use, duplication, or modification of this document in whole or in part without the written consent of Verint Systems Inc. is strictly prohibited. By providing this document, Verint Systems Inc. is not making any representations regarding the correctness or completeness of its contents and reserves the right to alter this document at any time without notice. Features listed in this document are subject to change. Please contact Verint for current product features and specifications. All marks referenced herein with the or TM symbol are registered trademarks or trademarks of Verint Systems Inc. or its subsidiaries. All rights reserved. All other marks are trademarks of their respective owners Verint Systems Inc. All rights reserved worldwide Verint Systems Inc. All Rights Reserved Worldwide. CONFIDENTIAL AND PROPRIETARY INFORMATION OF VERINT SYSTEMS INC.

3 Introduction Are customers loyal to your business? How do they feel about your products or services? Knowing these answers can have a tremendous impact on revenue and profits over time. In today s global marketplace, obtaining regular customer feedback is essential for companies striving to consistently provide excellent customer service and stay ahead of the competition. This paper introduces and explores Voice of the Customer Analytics TM, a portfolio of Verint solutions that helps businesses capture and manage the Voice of the Customer across multiple sources and distill critical insights from this information. With intelligence derived through Verint Voice of the Customer Analytics, executives can gain deeper insight to drive business strategies, improve operational performance, prioritize actions, build customer loyalty, and deliver greater value to the enterprise. Capturing the Voice of the Customer Voice of the Customer (VoC) is a term used to describe the in-depth process of capturing a customer's expectations, preferences, and experiences, with the goal of linking them to business metrics. VoC processes represent a radical change in many businesses, where gathering customer feedback typically mirrors organizational structure: Customer service departments gather input based on transactional interactions; marketing departments analyze interactions on websites and in marketing campaigns; and product management examines input to assess feature requirements. Each business unit gathers information via its own methodologies and for its own use, stranding critical information in silos and depriving companies the benefit of inter-group communication. While many organizations recognize the importance of engaging their customers, most find it difficult to evaluate the VoC across surveys, phone calls, Web chat, s, and social media. The emergence of formal VoC and customer experience programs has surfaced to bring some order to the chaos. Concurrently, customer experience executives have begun to deploy a variety of ad-hoc customer feedback technology to help them listen to customers, create programs, set strategies, measure success, communicate internally, and empower employees to make customercentric decisions. Until now, however, no single solution set has captured, centralized, and analyzed customer interactions across multiple channels. Page 1

4 Creating a Voice of the Customer Program In every business, serving customers well is critical to success, loyalty, and growth. Establishing a formal VoC program includes creating a methodology to gain an understanding of the customer journey, then deploying it throughout the enterprise. The key areas of this methodology typically include the following: Segmenting customers Understanding customer interactions Establishing listening posts and moments of truth Monitoring progress Creating a customer journey map (such as the one shown here) can help you better understand customer interactions, listening posts, and moments of truth. Segmenting Customers Knowing the different types of customers you have is important to creating a tailored customer experience. By understanding the motivations and needs of each customer group, you can develop highly targeted, effective customer programs and retention strategies, resulting in greater profitability for each segment. Understanding Customer Interactions Once segments are defined, the next step is to understand the interactions your customers have as they conduct business with your organization. One of the biggest challenges most companies face is that their organization is built around functional silos. This is very noticeable to customers (as they get passed between departments while seeking service), as well as to the companies themselves. Customers want your business to provide a single, seamless journey across all touch points from the initial marketing campaign through purchase, post-sales, and repurchase. Establishing Listening Posts and Moments of Truth Once you understand the customer experience lifecycle and map customer interactions, you can begin to define listening posts. These are specific points in the customer journey in which to monitor feedback, typically through surveys, phone calls, and social media. Look around your organization while designing listening posts. You may be surprised how much customer feedback is at your fingertips! Once critical listening posts have been established, moments of truth can be defined. These are moments that prove to be the most important to your customer, and may include the initial account setup, the first contact with customer support, renewal time, or all of the above. No matter when these moments of truth occur, they can make or break your customer relationships. Page 2

5 Monitoring Progress The last step in developing a VoC program is to measure, analyze, and take action on your progress toward customer-centricity. By analyzing the data you have collected, you can take action, improve processes, and become a customer-focused organization. Managing Challenges from Diverse Information Sources Customers don t think in terms of channels when interacting with your business they are looking for products, solutions, or answers. They may and call when trying to solve a problem. They may answer a survey or send a tweet as a means of expressing their satisfaction or dissatisfaction. As a customer experience executive driving a formal VoC strategy, you are faced with enormous complexity. You need solutions that can track and analyze the customer journey across all touch points, each of which presents unique challenges. You also need to correlate and validate insights to help prioritize the most necessary and effective actions. Consequently, your VoC solution must be able to capture: What customers tell you when they initiate a conversation through one of your channels via phone calls, , chat, etc. What customers tell you when you initiate a specific conversation typically through a feedback survey (Web, or IVR survey). What customers tell others about you through their communities, social networks, and the Web. You may find that different types of conversations generate very different insight. To get a complete, unbiased view of what customers really want, it is critical to gather and analyze all forms of customer feedback. Otherwise you will, by definition, be listening to only part of what your customers are communicating. Verint Voice of the Customer Analytics Solutions The challenge is to orchestrate a programmatic approach to assessing the customer experiences across all channels of interaction. With Verint Voice of the Customer Analytics, your organization can capture customer feedback across multiple channels, interpret it in the context of business objectives, and then act on it to drive improved performance and customer experiences. Verint offers a wide array of solutions from a single source, enabling organizations to: Conduct , Mobile, and IVR Surveys: Organizations can deploy, capture, and analyze targeted and highly segmented customer and employee feedback across some or all of these channels. Evaluate Social Media: Verint solutions can offer deep insight from Twitter, Facebook, and Social Media Monitoring services, such as NM Incite, BuzzMetrics, Lithium, and Radian6. Harvest Web Site Visits: Managers can extract information from virtually any Web site to pull specific data of relevance for insight and analysis into visitor experiences and overall site effectiveness. Collaborate with Online Communities: Verint offers a wealth of tools to construct vibrant, healthy communities that synchronize feedback efforts in a way that can enhance engagement and business agility. Page 3

6 Mine Customer Calls: The contact center is a gold mine of customer feedback. Verint Voice of the Customer Analytics can uncover call drivers, determine customer emotion, and measure sentiment (including brand sentiment). The solution can also enable organizations to identify emerging issues and trends. Analyze , Chat, and Free-Form Survey Responses: Your organization can categorize input from text-based interactions, and assign sentiment scores to gain a clearer picture of customer attitudes. The Verint Voice of the Customer Analytics portfolio includes: Verint Enterprise Feedback Management Provides an enterprise-wide customer feedback capability, enabling organizations to capture targeted, highly segmented comments and sentiment through surveys and online communities, and push reports to drive timely insight across the business. Impact 360 Customer Feedback TM Applies context-sensitive, dynamic customer surveys to capture customer feedback in real time following customer service interactions, often through an interactive voice response (IVR) platform or , as an extension to interactions with contact center agents. Impact 360 Speech Analytics TM Mines recorded conversations to surface the intelligence essential for building effective cost containment, revenue generation, and customer service strategies. The solution includes fully automated topic discovery, enabling organizations to identify emerging call drivers they would otherwise not know to look for. Impact 360 Text Analytics TM Analyzes customer interactions through survey responses, , Web chat, and social media sources. With the aid of advanced natural language processing, customer interactions and related sentiment can be captured and analyzed across all text-based communication channels. Verint Enterprise Feedback Management Enterprise Feedback Management (EFM) is a solution that helps customer experience professionals centralize and automating critical VoC activities. Forrester Research defines EFM as a system of software and processes that enables organizations to centrally collect, analyze, and report on feedback from key customer groups and tailor insights for various internal users. * * Forrester, Customer Experience Professionals Introduction to Enterprise Feedback Management Vendors, by Andrew McInnes, March 1, Page 4

7 Verint s EFM solution comes from the successful acquisition of Vovici TM, a pioneer in the EFM space. The solution brings a wealth of functionality to help customer experience professionals overcome VoC challenges, including: Survey authoring in multiple languages including English, French, Italian, German, Spanish, Portuguese, Russian, Thai, Chinese, and Japanese Distribution and campaign management Mobile support for ipad, iphone, and Android devices Panel management with Facebook support Basic and advanced role-based reporting Reporting widget integration Quota stops, branching, page, and block rotation Hierarchical questions, interactive questions, question formatting, and layout options triggers and validations EFM can help customer experience professionals collect and manage various types of customer feedback, assess the full breadth of information they collect, manage data quality across feedback sources, and avoid launching redundant feedback efforts that may annoy customers. Impact 360 Customer Feedback Transactional, post-call surveys can be an effective way to capture real-time customer feedback. Verint s Impact 360 Customer Feedback applies short, context-sensitive, dynamic surveys to capture customer feedback in real time, after customer service interactions are completed, often through an IVR as an extension of a conversation with an agent. Since the surveys use context-based questions, they can drive higher response and completion rates than traditional, one-size-fits-all questionnaires, helping to ensure that the captured data is statistically significant. When customers reach the feedback voice server, they are presented with one of several language-specific surveys based on the transaction they have just completed. Customer responses are then used to determine which questions to ask next. Page 5

8 Surveys can be configured to offer customers the opportunity to leave recorded comments, enabling them to provide feedback in their own words. This unstructured feedback can then be mined and analyzed using Impact 360 Speech Analytics. Through alerts and workflow, customer recordings are presented for review. Reports are delivered through a Web-based interface, complete with intuitive controls and drill-down capabilities. Access to data is controlled by the hierarchy scope assigned to the user, which helps ensure that users can access data relevant to their positions without exposing information from other parts of the business. Alerts rules can be configured by a business administrator to initiate workflows when action is required for business processes, such as performance recognition or customer retention. Impact 360 Speech Analytics Recorded contact center conversations can be a gold mine of valuable customer feedback and may be a company s largest non-monetized VoC asset. Small contact centers can create over 10,000 hours of recorded conversation every week, and large call centers may capture hundreds of thousands of hours of customer calls every day. Nevertheless, many organizations don t access or make use of the rich, relevant content contained in this unsolicited, unbiased, near-real time data. Impact 360 Speech Analytics enables contact center teams to integrate previously untapped insights into enterprise VoC programs. It can provide contact center teams with a deep understanding of what is happening with customers and can quickly surface changes in attitudes and trends. Key differentiating features of Impact 360 Speech Analytics, such as Customer Behavior Indicators, trend analysis, and TellMeWhy root-cause analysis, can go far beyond most speech analytics solutions, which typically focus on search and categorization. Consequently, Impact 360 Speech Analytics is helpful for rapidly exposing trends and behaviors that the business may be unaware of or lack the skills to analyze. Page 6

9 By leveraging Verint s Complete Semantic Index technology, contact center teams can automate the analysis of recorded calls, process up to 100 percent of customer calls, uncover trends, evaluate caller sentiment, and translate recorded calls into fully synchronized text for deeper analysis. Key features of Impact 360 Speech Analytics include: Fully automated topic detection: Topics and emerging trends can be discovered without the user ever having to know to look for them. Category trend analysis and alerts: The solution automatically baselines call category topics and alerts users to emerging trends that indicate changes in key performance indicators (KPIs) and customer service needs or processes. Automated TellMeWhy to surface root cause: The solution can automatically surface the top 10 root causes of any subset of calls (such as complaint calls, emotional calls, repeat calls, or very long calls) automatically. Advanced reporting and business intelligence framework: Advanced reports can enable users to visually map related topics to better understand and investigate root cause. Reports can be scheduled and delivered across the enterprise, and data exported easily to an enterprise business intelligence platform and data warehouse. Automated emotion detection: The solutions offers a unique, patented ability to identify customer and agent emotions expressed within a voice conversation using acoustic and linguistic elements. Broad language support: The solution supports multiple languages, serving customer needs across the globe. Over two dozen languages are already commercially deployed. Extensive integration: Extensive integration with Verint s Impact 360 Workforce Optimization TM suite enables insight gleaned from speech analytics to be used to better manage quality monitoring, training, coaching, performance management, and other workforce optimization initiatives across the board. Impact 360 Text Analytics Customers constantly provide feedback when they interact with your business including through open, unstructured channels such as , Web chat, text messaging, and social media. Impact 360 Text Analytics automates the process of analyzing unstructured interactions to uncover customer sentiment, categorize interactions, and surface drivers for customer satisfaction and loyalty. Key features of Impact 360 Text Analytics include: Natural language processing: The solution uses a natural language processing engine to create a detailed understanding of the syntax and context of all the elements of text the parts of speech and entities, facts, and linguistic clauses and relationships. This approach to natural language processing creates a foundation to help ensure the resulting analysis is comprehensive and accurate. Sentiment scoring: Using sentiment scoring, Impact 360 Text Analytics can automatically understand negation, conditional sentiment, and other linguistic nuances to provide accurate context. The solution can even permit tuning of sentiment to allow for concepts specific to organizations or industries. Classification: Classification helps categorize text interactions for organizational and analytical purposes. Impact 360 Text Analytics can accelerate deployment by minimizing manual Page 7

10 classification by your team. The process includes auto-classification to create an initial model based on the data; classification templates; rules-based classification; and machine learning, where the software learns and refines the model over time. Social media analysis: Social media analysis focuses on verbatim interactions from social media networks, such as Facebook, Twitter, and the growing blogosphere. With access to a growing social media warehouse and other online content through advanced Webscraping software, organizations can expand their understanding of their customers and market outside of standard feedback channels. The solution can easily integrate with common Web aggregators, such as NM Incite BuzzMetrics, Radian6, and others. Realizing the Value of Analytics Feedback data collected from customers and employees can be used to create long-lasting, mutually profitable relationships, improve operations, and help your company outperform its competition. However, drawing conclusions from millions of tweets, s, and chats, thousands of hours of recorded phone calls, and hundreds of survey responses can be a tremendous challenge. Before you can realize the potential of feedback, you need a means to translate that voice and those ideas into actions and informed business decisions. Through a rich set of analytics tools, reports, dashboards, and scorecards, Verint Voice of the Customer Analytics makes critical business intelligence readily available in a visual format. It can deliver rolespecific reports and visualizations to hundreds or even thousands of business users through the existing business intelligence platform, or through embedded standard reports. With Verint, your organization can gain a powerful way to access, structure, analyze, and share VoC information. Page 8

11 Verint Voice of the Customer Analytics solutions can help your organization realize key benefits, including: Managing the Customer Experience and Driving Loyalty By leveraging unsolicited feedback as well as highly targeted customer surveys, you can build customer-centric strategies that reflect actual customer comments and sentiments. Improving Operational Efficiency and Business Processes Although key customer service performance metrics, such as average handle time (AHT), first contact resolution (FCR), and customer satisfaction (CSAT), are helpful, they may not provide sufficiently granular insight to translate into specific actions. Verint Voice of the Customer solutions can provide this insight, enabling you to make better, more informed decisions to enhance your operations and processes. Creating a Unified Customer Experience Customers expect an outstanding, consistent experience, regardless of how they choose to interact with your organization. Whether through your website, retail or branch locations, contact center, social media, or other environments, every interaction with a customer represents an opportunity to delight or disappoint impacting loyalty and long-term customer value. Enhancing and Innovating Products and Services Given the opportunity, customers are happy to share their ideas on how your organizations can improve its products and services. Many will elect to opt in and let their voice be heard on a regular basis via a structured EFM program, while others will indirectly identify their needs as they work through customer service teams. By deploying Verint Voice of the Customer Analytics solutions and taking an enterprise approach to collecting and analyzing feedback, organizations can gain virtual focus groups. These can help improve product and service offerings, recommend future capabilities, and help ensure updates are aligned with customers wants, needs, and expectations. Verint offers a robust, proven, single-vendor solution for today s VoC executives. To learn more about our solutions, visit us at Summary With Verint s Voice of the Customer Analytics solutions, VoC executives no longer have to rely upon a variety of ad-hoc customer feedback technologies to measure customer satisfaction, loyalty, renewal, and repurchase intent. The Verint Voice of the Customers Analytics portfolio provides a complete, integrated solution set for capturing, centralizing, analyzing, and acting upon customer interactions across recorded calls, surveys, chat, , social media, and websites. Already supporting some of the world s largest VoC initiatives, Verint solutions help: Drive customer loyalty and satisfaction to increase spend and decrease churn. Standardize feedback efforts across people and departments throughout the enterprise. Generate unified analysis with reports against business metrics. Heighten quality, improve operational efficiency, and accelerate innovation by providing organizations with actionable feedback quickly and cost-effectively. Improve the ROI of internal investments by targeting the right initiatives. Create a consistent, enterprise-wide face for customers. Page 9

12 Verint. Powering Actionable Intelligence. Verint (NASDAQ: VRNT) is a global leader in Actionable Intelligence solutions and value-added services. More than 10,000 organizations in over 150 countries use our solutions to improve enterprise performance and make the world a safer place. Verint is a member of the U.S. broad-market Russell 3000 Index. For more information about Verint, visit Page 10

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