Insights as a service (IaaS) is a growing commercial service sector fueled by competition to scale up business objectives. IaaS typically refers to cloud-based services that turn collections of data into actionable insights. Before investing in another service provider you might not need, though, don’t overlook the insights a customer experience (CX) partner could already be providing you.
The insights-as-a-service market could grow to $29.9 million by 2033. The people who interact directly with your customers all day (and the tech they use) amass valuable data that your business can collect, parse, analyze, summarize, and act on. It’s critical that you make the most of these priceless insights. If you’re outsourcing your CX, make sure the firm you partner with provides visibility into this process.
What kind of data does your CX partner have?
CX outsourcing firms often have access to an ocean of useful consumer details and data points. Depending on the scope of your contract, they could have raw data from voice call transcriptions, chat histories, video call recordings, interactive voice response (IVR) input, voicemail messages, customer surveys, event logs, social media comments, direct messages, text messages, and more.
That’s a lot of data, enough to be overwhelming. But a smart CX provider can help you put it to use, processing and analyzing the data to surface valuable insights for you.
What kinds of information can be distilled?
Useful insights are likely to fall into three categories:
1. Customer behavior insights
- Your CX provider will have details on which channels are used by which customers, and at what times of day, month, or year they reach out. This helps you design ideal customer journeys.
- Transcripts of calls, chats, and text, as well as online reviews and social media, help predict churn rates and adjust strategies to retain valued customers.
- Customer sentiment can also help you better understand your brand’s strengths and weaknesses, which can inform more effective marketing.
- CX providers increasingly use AI-based predictive analytics that provide insights to drive customer conversion. For instance, these analytics predict more accurately when a follow-up call would spur a customer to act.
2. Customer service insights
- Your CX provider has data on recurring issues with your products and services and questions that potential customers ask when they inquire about products. These insights drive decisions on products or services that should be added, dropped, or upgraded.
- CX insights also broaden the tools agents have to address common concerns, anticipate issues, and respond with fast resolutions.
- Repeated customer questions reveal content gaps in your FAQs section, knowledge base, or instruction manuals and videos that you can address quickly.
3. CX program efficiency insights
- Details on hold times, chat wait times, or email response times inform staffing policies and identify technology gaps.
- Customer satisfaction scores and similar metrics help you evaluate agent performance on the fly, so you can respond quickly with agent coaching.
The value you can expect from a CX partner
Your partner should do more than provide you with first-call resolutions, low average handle times, or customer satisfaction scores. You should be able to turn to them for advice on how to redesign customer care processes and policies to create a better business.
At Ubiquity, we pride ourselves on using data to help clients up their CX game. For instance, we helped GoDaddy redesign agent training and improve call routing by applying data analytics protocols that identified previously unknown call drivers.