Are you ready for a high-definition view of your customer?
Maybe you remember – or have heard stories about – how, back in the day, when you turned on a TV (without a remote!) you had to wait a few minutes for it to “warm up” before you saw the picture. On one of your five channels.
TVs have definitely come a long way.
Most televisions today use one of two basic display technologies: LCD and OLED 1. While LCD may be the norm, OLED TVs promise better picture quality overall. Not to go too far into the details, but the technology behind OLED allows each screen pixel to create its own light, with no backlighting required. Happily, you don’t have to understand the science behind it. You just need to know how to find the right channel to watch the program you want.
Rather than a better view of your favorite Netflix movie or basketball game, the objective for MX solutions is to give you a clearer view of what your customers think about you. The latest sentiment analysis tools can give you a high-definition view.
You might be thinking that you need more data about your customer to get such a clear picture. Because the more intel, the better – right?
Not necessarily. What you need is the right data, at the right time.
According to recent estimates, approximately 90 percent of a company’s data is dark. No, that term isn’t intended to imply anything sinister. It merely refers to data that hasn’t been analyzed or leveraged to the benefit of the business. It is just…interesting information, if you have time to get to it at all. But if it’s data you’re paying to collect, like customer feedback, you should be trying to optimize its value to you.
Given all the channels available for customers to give their feedback, there is no shortage of data. But digging through it manually to reach an understanding of the customer sentiment behind it can be time- and resource-consuming.
A credit union CEO I’ve talked with recently summed it up:
None of us has enough time to really dive into the data like we wish we could.
Or as another credit union executive said with regard to managing their data:
The thing that we want to make sure of is that we’re very strategic and actionable with solving problems. You can get paralyzed with the amount of information that’s there.
In addition to being time-consuming, having employees mine the value out of your data is an inherently subjective process. An objective, data-driven analysis ensures more consistent and accurate outcomes.
Cutting-edge sentiment analysis tools give structure to customer feedback, quickly and methodically. Just like with the most innovative TVs, you don’t need to understand the complex inner workings; you just want results. The best MX solutions make customer sentiment much easier to collect, analyze, and translate into action – the stuff of value. Organizations that take control of their unstructured feedback data can either leverage it in real-time to make operational decisions, or use it to inform their long-term, customer-focused strategy. With timeframes for executive decision making shorter than ever, increasing your speed to solution should be at the top of your list of priorities. The most innovative tools make that possible by turning your sentiment analysis into sentiment enablement.
Banking Leaders: If you don’t have time to dive into the data – we do…AND we have the expertise and innovation to get you where you need to be.
