Measuring the Value of Customer Insights
"What gets measured gets managed" has become a maxim across the business world. But how can organizations truly quantify something as nuanced as customer insights? Going beyond surface-level vanity metrics is key.
The right analytics should capture both the breadth and depth of customer perspectives, needs and perceptions. This allows for continuous improvement across the customer lifecycle – from first touch to loyalty program maturity. Following are five impactful metrics we recommend tracking:
Volume of Feedback
Tally all sources including surveys, call transcripts, email, chat logs and social posts to gauge engagement levels. Segment by channel as well as key topics and products. Track year-on-year comparisons. What response rate changes correlate with business or customer satisfaction shifts?
Customer Sentiment
Leverage AI tools to classify feedback by prevailing emotional sentiment: positive, neutral or negative. Calculate sentiment ratios over time and across segments. How quickly are issues resolved? Does new feature rollout generate excitement? This offers qualitative insight that numbers alone miss.
Lifetime Value Change
Connect the dots between share-of-wallet gains and losses and various touchpoints. Did a personalized promotion or service issue decrease or increase customer lifetime value? Enterprise data combines spending analytics with feedback analytics for a powerful perspective.
Influence Factor
Buzz, reviews, referrals and word-of-mouth can make or break products. Assign point values for social mentions based on the author’s relative sphere of impact. Prioritize issues amplifying across networks. Map campaigns to spikes in positive chatter.
Predictive Scores
Customer analytics models like churn probability and customer lifetime value projections based on predictive variables allow proactivity and prevention. Which journeys show intervention promises highest ROI? SIM scores help allocate resources smartly.
In closing, the most meaningful metrics provide multidimensional insight spanning operations, marketing, product development and finance. Connecting insights to outcomes powers better decision making and resource allocation ultimately improving CLV. Our analytics consultants can help identify and integrate measurements to maximize customer wisdom and business value extraction. Let's connect to explore further.