The famous quote wrongly attributed to Peter Drucker “If you can’t measure it, you can’t manage it” has lost its relevance. In a world where 2.5 quintillion bytes of data are created every day, making sense of the data is the big challenge.
At Lumoa we see this challenge every day. Collecting data is simple nowadays and many companies are getting NPS* data from their customers. However, only few know how to make sense of the data to drive fact based customer centricity.
Extracting value from NPS data through text analytics
Once a company operating internationally starts collecting data, this is usually what they are faced with. A sea of unstructured data that is difficult to process and understand:
When a company is faced with thousands of answers in multiple different languages, from multiple products and talking about different things… the first, easy and natural step is to calculate some KPIs and plot some trendlines.
Now we feel much more confident. We know what our NPS score is and whether it is going up or down. Surprisingly, many companies stop here and, when something changes in the trend, they either try to explain the changes based on intuition or scramble to get a slow, costly traditional consumer research project done.
All this often leads to wrong decisions. There is too much room for political debates as there is no single way to understand the truth. The sad end result is that the customer churn increases because of the delayed insights.
But lets assume that the company wants to benefit from all those insights that are hidden in the customer responses. The next step is…. the word cloud! While word clouds can be pretty, they can also be pretty misleading.
They lack context, often have a confusing colour code, longer words look more important as they take more real state, and important topics are diluted as customers use different words to express the same thing. Quoting Jacob Harris, “ Every time I see a word cloud presented as insight I die a little inside”
At Lumoa, we believe that companies should have a solution which is:
- Fast: Continuously provides insights on what matters to customers
- Focused: Users understand at a glance which topics have the biggest positive and negative impact on customer experience eliminating room for different opinions and politics
- Actionable: Enables different people in the organization to get the insights they need
For this, we have created an analytics engine that, taking advantage of latest machine learning developments, processes data in real time to assess what has the biggest impact on customer experience. Furthermore, we hide all the complexity behind a beautiful and easy to use UI so companies can focus on what matters most to customers.
*) Net Promoter, Net Promoter System, Net Promoter Score and NPS are registered trademarks of Bain & Company, Inc., Fred Reichheld and Satmetrix Systems, Inc.