Big Village’s CX analytics is rooted in predictive analytics that provides insights that not only guide strategic planning but also help monetize success.
Big Village’s CX Return on Investment simulator was introduced last year and while it helps predict the impact of your CX improvement efforts on revenue, revenue may not be the key performance indicator your business is striving to improve. Big Village has several other tools and approaches to take the guess work out of CX improvement.
Testing hypotheses through predictive analytics is essential.
Say your business has goals to move Customer Satisfaction X% over the next 1, 3 and/or 5 years, and to do that your business feels it should focus on improved customer service experience. This hypothesis may be driven by previous research such as key driver analyses or internal perceptions. However, prediction models can be created to validate this hypothesis as well as identify how much a given improvement in customer service experience, for example, will be needed to achieve X% lift in Overall Customer Satisfaction.
Big Village is set up to address these questions and provide guidance on whether or not a given lift is achievable in the desired time frame, and provide guidance on the best path forward with simple adjustments to our CX ROI simulator. As previously mentioned, the CX ROI Simulator was originally designed to measure revenue returns on internal improvements. This same tool is easily adapted to measure predictions on other KPIs such as Customer Satisfaction.
Big Village’s CX Simulator will help set outcomes in a value driven context.
By identifying and connecting predictive improvements to business outcomes, Big Village can help identify which areas are most efficient and effective at increasing Customer Satisfaction or any other business metrics. Through the simulator, the underlying data and predictive models, Big Village may conclude that to achieve 5% lift in Customer Satisfaction in year 1, the customer service experience must improve by 10% or more. That conclusion may not be achievable, but through various simulations, the most valuable areas to improve could be identified to be checkout/billing process and the general communication of renewal/rate changes to an insurance policy for example. Through improvements to these key areas at somewhat marginal rates (3-5% each) Customer Satisfaction will increase the desired 5% in year 1.
The last step in the process is to take action to achieve the desired business outcomes.
Identifying the areas of importance and the level of improvement needed is critical, but how to achieve the lift is a bit nuanced and may require additional research. However, through the predictive modelling process you have identified a path to achieve your business outcomes and goals rather than wasting time and money on a unvalidated hypothesis that would not have permitted you to succeed in the long term.
Too many times we look at the key drivers and say, this is what is important and what we need to work on. While that isn’t wrong, in our current economic state, executive teams are less patient. Understanding what needs to be addressed, along with how resolutions and efforts to improve CX influence overall business performance gives the hard data required to sell your improvements to leadership. As everyone in CX appreciates, without strong support from the C-suite, change is nearly impossible to accomplish. Big Village is here to assist in the change needed to support your customer experience improvements.
Written by Mike Miller, VP, Insights at Big Village
