Best practices for using and analysing data to improve the customer experience – Valentin Radu, Founder and CEO, Omniconvert
Valentin Radu is the founder and CEO of Omniconvert, a company that focuses on measuring the return on experience and investment in implementing an effective customer experience strategy.He shared with us some best practices that any organisation looking to delight their customers and optimise their CX strategies should consider.
There’s an age-old conflict in pretty much every company. CX people want customers to be good. To deliver above expectations. Business people want to deliver at minimum cost and make maximum profit.How do we get them to reconcile? By using both types of data. Qualitative, to see how frustrating it is for some customers. Quantitative, to find out the scale of the phenomenon and the true cost to the company of losing customers to a mediocre experience.If we see that NPS is dropping at the most loyal customer level for X reason, then we know where to act and can get internal alignment.
Organisations should use technology to prioritise connecting at a human level. There is no point in monitoring some numbers and knowing that the NPS is 48 if you don’t know why it is 48.Who are the detractors? Why are they detractors? Are we monitoring the causes? Are we doing anything about it? Do we know which problems are most common across a meaningful sample of customers? Do we make it a priority to contact customers when we know they’re dissatisfied, or do we just collect feedback and do something with it every 6-12 months?Now, with the help of technology, we can take the pulse of our customers and intervene in real time when appropriate, demonstrating that we care. This is the most important thing if we want to have loyal customers.
If you were to share some best practices for combining qualitative and quantitative data to improve both the customer experience and the relationships behind it, what would they be?
There’s an age-old conflict in pretty much every company. CX people want customers to be good. To deliver above expectations. Business people want to deliver at minimum cost and make maximum profit.How do we get them to reconcile? By using both types of data. Qualitative, to see how frustrating it is for some customers. Quantitative, to find out the scale of the phenomenon and the true cost to the company of losing customers to a mediocre experience.If we see that NPS is dropping at the most loyal customer level for X reason, then we know where to act and can get internal alignment.
More and more companies understand that CLV (Customer Lifetime Value) is an essential component of a customer-centric strategy. What are the key steps an organisation should take to optimise its practices in this regard?
The first step is to measure CLV and make the organisation aware of what it means. In short, it is the surest way to profitability. And to improve it, we need to constantly measure it and see how it is changing.Context creates value. If we don’t see how CLV has changed from a year ago, from a month ago, how it varies by category X, or in location Y – we won’t find the resources and motivation in the organisation to start the improvement part.And it all starts with leadership: if we have customer-centric leadership that understands that the whole game is won by changing customer behaviour, you will see progress.The theme of the CX Conference Bucharest 2024 is the balance between human and digital experience in the development of business strategies. In your opinion, how should companies adapt in the current context, where technology is playing an increasingly dominant role, in order to maintain this balance?
Organisations should use technology to prioritise connecting at a human level. There is no point in monitoring some numbers and knowing that the NPS is 48 if you don’t know why it is 48.Who are the detractors? Why are they detractors? Are we monitoring the causes? Are we doing anything about it? Do we know which problems are most common across a meaningful sample of customers? Do we make it a priority to contact customers when we know they’re dissatisfied, or do we just collect feedback and do something with it every 6-12 months?Now, with the help of technology, we can take the pulse of our customers and intervene in real time when appropriate, demonstrating that we care. This is the most important thing if we want to have loyal customers.
