Introduction
We all collect lots of data. We all have financial and operational data; many also conduct satisfaction and loyalty surveys.
We tend to look at each data set as a separate entry or as part of a close set like satisfaction and loyalty. Interesting, but the actual value of our data is extracted when we look at it in conjunction with other data that, when combined, tell a great story.
Financial Data
In addition to an overall P&L or an Income Statement, we also have very detailed statistics about each customer, each installation, each serial-numbered item, and each product by model number. Looking at any one specific type of information will show us areas to improve. For example, look at year-over-year warranty costs by model number. Is initial quality improving? Are repair costs decreasing? Does user “context” shed light on high-cost installation types like cement plants for analytical equipment or heavy construction equipment for communications gear?
Operational Data
If your responsibility includes the call center, you have information about call wait times, hold times before a call is abandoned, talk time, number of handoffs (if applicable), and number of calls for the same ticket number. Each metric tells a story. And you can combine metrics to gain insight. For example, look at abandoned calls and hold time. Do your customers run out of patience in two minutes, ten minutes, or never? How does hold time varies with the number of previous calls on the same ticket? Are customers more patient on the first call and ready to reach through the phone and strangle someone by the third?
Related article: Make Decisions Based on Data, Not Opinions
Customer satisfaction and loyalty data
You are probably conducting CSAT and Loyalty surveys. From the surveys, you look at how satisfied customers are with different aspects of your organization and try for steady improvement. You may even look at results by the respondent’s level or the customer’s importance to your business. Also, you may be doing correlations to see if you can determine the drivers of loyalty or overall satisfaction. And you may be identifying at-risk customers based on their survey results. But the first time you showed at-risk data to your CEO or MD, she probably asked, “How much annual business do we get from each member of this at-risk group, and what can we do to turn them around? “The obvious question, right?
Combining different types of data (Linkage analysis)
This simplistic table shows where you can combine diverse data types and get meaningful insight.
Let’s look at a few examples
Combine financial and operational data
Using statistics from your call center, calculate the cost of specific support calls for all or a sample of your agents. Use actual labor rates and actual talk time. Do you see agent-to-agent differences? Look at the top and bottom 10%. Now, look at the satisfaction rating received for the top and bottom 10%. Are there differences in experience or training? Are you being penny-wise and pound-foolish by cutting back on training or coaching? Any good story here?
Combine Operational and CSAT data
We all have goals or targets for the critical aspects of our business. Some are based on “industry best practice,” some are based on feedback from a few critical customers, and some were established in your organization’s history and never updated. But a better way to set targets is based on customer feedback. This figure, from “When Citizens Are Your Customers” by Sebastian Katch and Tim Morse in McKinsey Quarterly Aug. 2009, shows breaks in the CSAT vs. resolution time relationship, indicating appropriate targets.
Summary
For a skilled analysis junkie, not a data scientist, there is a great deal of helpful information to be gained by looking at all your data together and drawing the appropriate conclusions to improve your customer’s experiences, financial results, and employee satisfaction (a side benefit of making your customers happier).
About Middlesex Consulting
Middlesex Consulting is an experienced team of professionals with the primary goal of helping capital equipment companies create more value for their clients and stakeholders. Middlesex Consulting continues to provide superior solutions to meet the needs of its clients by focusing on our strengths in Services, Manufacturing, Customer Experience, and Engineering. If you want to learn more about how we can help your organization gain more actionable insight from your data customers, please contact us or check out some of our free articles and white papers here.