Mastering the Art of Listening in 2018 and Beyond
By Paul Stockford, Chief Analyst, Saddletree Research
Posted in Customer Engagement
Every day the world generates 2.5 quintillion bytes of data. This number is so big as to be meaningless, like the distance from Earth to the nearest star or the size of the national debt.
Businesses are overwhelmed, and many are ill-equipped to extract meaningful and actionable information from all this data. That’s why information about customers, employees and other constituents is especially important for developing business opportunities, effectively engaging and empowering customers and employees, and earning their loyalty.
Capturing this data has spawned a burgeoning market for analytics and related business intelligence tools. Among these are Enterprise Feedback Management (EFM) systems. A step beyond familiar Voice of the Customer surveys, EFM solutions are distinguished by their scope, versatility, technology and ease of administration.
VoC surveys are valuable for collecting basic customer satisfaction data, but in some offerings very limited in their ability to reveal the fundamental reasons why constituents think or behave as they do. Modern Enterprise Feedback Management and Digital Feedback Management systems address the limitations of basic VoC surveys in many ways.
Successful businesses today are consumer driven and possess a deep understanding of customers that enables them to anticipate changes in preferences, behavior and brand loyalty. In 2016, the market research industry generated approximately 44.51 billion U.S. dollars in revenue worldwide. With modern Enterprise Feedback Management and Digital Feedback Management systems, which include tried and tested survey forms and scripts, they can scientifically tap their own customer base and leverage analytical tools to collect this valuable information at a fraction of the cost of third-party services.
These survey responses, coupled with the thousands of hours of recorded voice and data interactions captured in contact centers, represent a largely untapped reservoir of invaluable customer information containing and identifying unique insights that can be used to create highly differentiated customer experiences.
In 2018 and beyond, the art of effective listening requires that customer experience employees be trained and motivated to probe for causes of customer attitudes and that organizations deploy technology that centrally manages the capture, analysis and dissemination of this information to drive successful strategies.
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