Report: Case Studies in Text Analytics

1405_TextAnalyticsCaseStudies_COVERWe just published a Temkin Group report, Case Studies in Text Analytics. The research provides rich details about how five leading companies—American Express, ADP, Firstsource, Safelite AutoGlass, and Verizon—are using text analytics. Here’s the executive summary:

To help organizations understand how to use text analytics to transform their VoC programs, we have compiled five case studies from companies that have successfully utilized this capability. This report offers insights into their efforts, describing how Safelite drives value with a small team, how Firstsource ventures beyond service quality and training, how American Express built a custom solution in-house, how ADP scaled with a distributed model, and how Verizon scaled with a centralized model. Each of these case studies follows a company’s journey as it built out its text analytics capabilities and also shows how each one organized its efforts. In addition to the case studies, we also outline five key decisions that every text analytics program must make.

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You may also want to see the report Text Analytics Reshapes VoC Programs.

The report provides rich details on how the companies have deployed text analytics. They have each used it in quite different ways. Here’s a summary of how they’ve successfully used text analytics across what we call the 6 D’s of of a Voice of the Customer Program:

TextAnalyticsBPs

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The bottom line: Learn how leaders are using text analytics

The Untapped Value of Employee Engagement (Infographic)

We created this infographic called “The Untapped Value of Employee Engagement” with some of our employee engagement research.

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If you like the infographic, then here are some other download formats that are made for prinintg:

Also, check out our Employee Engagement Resource Page.

The bottom line: Companies need to focus more on employee engagement Read more of this post

Off Topic: Ford Has The Most NFL Fans

In one of our recent benchmark studies, we asked consumers what professional sports, if any, they like to watch on TV. Since we’re at the beginning of the NFL season, I decided to take a look at the make-up of NFL fans. Yes, I have data on demographics such as age, income, education, etc. But I’ll share some of that later in the season.

For now, I decided to look at which companies have customers who are the most and the least interested in the NFL. The companies that have the highest percentage of NFL fans are Ford, TD Ameritrade, MSN, Lexus, Chrysler, Charles Schwab, and Dodge. It’s no surprise that many of these firms pay for commercial time during the football games.

Which organizations would reach the lowest percentage of their customers with NFL TV ads? Optimum, Ross, Dollar Tree, Medicaid, and ShopRite.

1409_NFLbyCompany2The bottom line: Since this is an off-topic post, I’ll show my bias: Go Patriots!

 

Report: ROI of Customer Experience, 2014

1409_RoIofCX_COVERWe just published a Temkin Group report, ROI of Customer Experience, 2014. The research shows the connection between customer experience, loyalty, and revenue growth for 19 industries. Here’s the executive summary:

To understand how customer experience corresponds to loyalty, we examined feedback from 10,000 U.S. consumers describing their experiences with and their loyalty to 268 companies. Our analysis shows a strong correlation between customer experience and loyalty factors such as repurchasing, trying new offerings, forgiving mistakes, and recommending the company to friends and colleagues. We compared the consumers who gave companies a very good customer experience rating to those who gave companies a very bad customer experience rating, and we found that the percentage of customers who plan on repurchasing products is 18 percentage-points higher at organizations with excellent CX ratings. Additionally, the Net Promoter Scores of companies with very good CX ratings average 22 points higher than the scores of companies with poor CX. We built a model to evaluate how customer experience impacts a $1 billion business’s revenue over three years in each of the 19 industries, and this model shows that CX has the largest impact on hotels ($461 million), fast food chains ($437 million), and retailers ($428 million). This report also includes a five-step approach for building a model that estimates the value of CX for your organization.

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The report has 29 charts, which includes specific details on the connection between customer experience, loyalty, and increased revenues for each of the 19 industries in the study: airlines, appliance makers, auto dealers, banks, car rental agencies, computer makers, credit card issuers, fast food chains, grocery chains, health plans, hotel chains, insurance carriers, Internet service providers, investment firms, parcel delivery services, retailers, software firms, TV service providers, and wireless carriers.

Here’s the first figure in the report:

CXLoyaltyCorrelation

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The bottom line: Customer experience is highly correlated with loyalty.

5 Reasons Why I Love Customer Experience Day

Have you been to the CXPA’s Insight Exchange or to one of our local networking events? They’re great. Why? Because CX professionals are a fantastic bunch of people. If you haven’t been to one of those events, then I highly urge that you do so in the future.

CX professionals are a happy group. In Temkin Group’s research, State of the CX Profession, 2014 (which is free for CXPA members), we found that 98% of CX professionals agree with the statement “customer experience is a great profession to be in.” Let’s face it, CX professionals are a fun, engaging community!

If we can create a lot of positive energy from pulling together dozens of CX professionals, think about the power of pulling together thousands or 10’s of thousands of them. That’s why we created Customer Experience Day (CX Day).

CXDay_TitledCX Day will be celebrated this year on October 7th (the first Tuesday in October). Last year was the first year of CX Day and it was a huge success. I expect that this year’s CX Day celebration will be even bigger and better. Make sure to visit the CXDay.org site to see all of the plans.

As you can probably tell, I’m a huge fan of CX Day. Yes, I’m a bit biased. While I pushed for the creation of CX Day, I truly believe that it is an important holiday for all CX professionals. Here are the top five reasons why I love CX Day

  1. It shines a light on CX professionals. Every day across the world, CX professionals are doing amazing things to improve their organizations. The CX Impact Awards will recognize some of those wonderful people, but the entire day allows all of us to feel good about what we do.
  2. It raises the visibility of customer experience. Our research shows that customer experience correlates to customer loyalty. That’s no surprise to CX professionals, but it’s important for a broader audience of leaders to understand the value of CX. All of the CX Day celebrations will help build awareness and our webinar with Mercedes-Benz USA’s CEO will hopefully show other senior executives why they should care about CX.
  3. It provides a reason to engage your organization. CX is a team effort, which is dependent on almost everyone in an organization. Lots of companies held internal parties and other celebrations to engage all their employees, either as a way to thank them or to help them understand the importance of CX. There’s a wide array of ways that companies can hold internal CX Day celebrations.
  4. It provides a reason to engage your customers. CX Day is a great opportunity to connect with your customers and bring them into the celebration. While you should appreciate customers every day, CX Day is an opportunity to provide them with a little extra love. This year we’ve even created an #IHeartCustomers” logo, which will be used in a fun social media campaign. Temkin Group has created an array of activities to show our thanks for everyone who follows our research.
  5. It reminds me of how proud I am of the CXPA. Making CX Day come to life requires a lot of effort from a lot of people. We have dozens of volunteers across the world who are working together to make CX Day a success. This large-scale collaboration is only possible because of the CXPA’s ability to provide leadership and instill a common purpose for its members.

If you’re a CX professional, then CX Day is YOUR HOLIDAY! Visit CXDay.org and find ways to join in the celebration.

The bottom line: Mark CX Day on your calendar for October 7th!

2014 CX Excellence Awards

Are you proud of your organization’s customer experience efforts? We’re accepting nominations for Temkin Group’s 2014 CX Excellence Awards until October 17.

Temkin Group Plans For CX Day 2014

CXDay_TitledLast year Temkin Group had a great time celebrating CX Day. This year, CX Day will be held on October 7th and we’re planning an even bigger celebration. Here are some of our plans for CX Day 2014:

The bottom line: Join Temkin Group in celebrating CX Day!

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