Forrester Wave Report
Leslie Stretch, Medallia CEO, and Borge Hald, Medallia Founder, Reflect on Being Named A Leader by Forrester in The Forrester Wave™ Customer Feedback Management Platforms, Q4 2018 Elena:...
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The research. The diligence. The planning. The execution… The miscalculation. The fire. The disaster.
It doesn’t matter how much goes into your company’s next big investment or initiative — something is bound to go wrong. When this happens, reaction time is key. The faster you can act will make the difference between just doing damage control and realizing your original goals.
Imagine, for example, that you’re the leader of a big national retail bank. Your organization recently completed a massive, multi-million dollar overhaul of the ATM’s across your network, from look-and-feel to software and interface. Like any smart executive, you’re concerned about the success of the new roll-out, yet, at least in the moment, you don’t know how customers are responding to it. So you go on a social media page for the flagship branch nearest you — the one in Times Square. Low and behold, one of the first reviews you see is one star, heavily negative, and the culprit?
Your new ATM system. What do you do?
You don’t really have much option but to send an (urgent) email to your head of branch banking. And fortunately, this VP knows Joe.
Joe is a customer experience analyst at the bank. Being forwarded the CEO’s rather terse message might have made others in Joe’s same position rather anxious. Why? Because, traditionally, the tools to scope a potentially far-reaching issue like this one with the ATM’s are limited:
Outdated — Current surveys don’t cover the new upgrades. Updating them will take time, not to mention the (at least) week’s wait for meaningful feedback.
Incomprehensive — A sampling of open-ended customer feedback might reveal further insights into the issue, but will be too ad hoc to make a business decision with.
Costly — Deeper research and analysis on customer behavior (vis-a-vis the new upgrades) will likely cost a lot of time (and money).
But luckily for Joe, he’s just been trained on Medallia’s Self-serve Text Analytics. Without needing to create a new survey, he can now mine existing free-form customer feedback through Text Analytics by creating new search topics on the fly. Work that once took days can now be done in a couple of hours.
In this instance, Joe uses self-serve Text Analytics to quickly create good topic categories for the customer’s ATM experience, which looked something like this:
Medallia was able to do the remaining heavy lifting of analysis. It was able to compare all the Bank branches across the country based on the ATM experience. To his surprise (and relief), he was able to quickly identify that the branch the CEO search on social media (Times Square) seemed to be an outlier in negative customer experience — all the other branches seemed to be doing quite well.
With this information in hand, Joe shot an email with the good news to the Head of Branch Banking. Then he emails you: Only one branch seemed to have an issue, which could be resolved fast and cheaply, and the rest were doing splendidly on this topic.
You breathe a sigh of relief. What would have usually been days (if not weeks) of anxiety were replaced with a quick-to-get answer. Text Analytics Self-Service saved the day. Joe looks pretty good in your eyes. And you get back to business.Photo credit: U.S. Department of Agriculture