$34 Billion – That is the annual reserve of Amazon.com, larger than the GDP’s of half the countries in the world. How did they get there? Equate it to the 137 Million customers it serves a week, which is 33% more than the voter turnout for the 2010 election. The volume of customers has not affected Amazon’s customer service levels one bit; it just keeps getting better!
I recently read an article in New York Times by one of Amazon’s many customers about his delightful experience. Once items are delivered by ecommerce sites, if they get stolen from your doorstep, that’s your problem, right? Or the delivery service agent’s problem? Or it could be the problem of the neighbor who signed for your expensive gaming system but didn’t bother to bring it inside. All the blaming aside, it is definitely not the problem of the company, which fulfilled their end of the bargain by shipping the system using a secure method. However, when this scenario happened to an Amazon customer a few years ago, he called them and pleaded with them – to see if there was anything that could be done because his son was expecting a PlayStation from Santa. Much to the customer’s shock and delight, they not only sent another, but they didn’t even charge him for shipping. The delivery was made on time for Christmas!
Amazon, which is constantly listening to its customer base, has been able to keep up its #1 rank in customer satisfaction for nine consecutive years. (According to the newly released ForeSee Experience Index). Now the question is, how can all other companies- small or large, be able to see the results that Amazon was able to show the world? How can companies understand their customers like Amazon does?
Analytics lies at the heart of Amazon’s success. Taking every possible step to improve customer experience has allowed Amazon to be #1 in the business. Surveys act as one critical tool for understanding customer experience.
Undertaking a survey is not a simple job as it requires a lot of experience with the design of Survey questionnaires and execution. And it does not end there; the raw data gets shape only after the meticulous process of analyzing survey results. The nuances of survey questionnaire design, execution and survey data analysis differ from industry to industry.
To prove the point, let us delve into a project that BRIDGEi2i did for a fashion retailer, which has more than 400 stores in over 40 countries. They had changed the displays in the store and were looking at an increase in revenues in a few stores and a decrease in few others. This paradox made the client ask themselves, “What drives the sales in the stores with higher revenues and what inhibits the performance in the others”. They had accumulated data from the surveys that they had run with their customers. Using this data, after key driver analysis and verbatim analysis, we were able to derive insights identifying the reasons behind the disparity in revenues with specific stores. This proved to be a game changer for our client; it helped them understand their customers like never before.
Now that was in retail. if the same survey is used for an eCommerce company, it is a totally different story.
Though the data collection is a lot simpler here compared to other surveys, the same process holds true. Given everything is online, the ability to track the customer is much simpler. Based on the answers from the survey, the customer experience on the website can be customized and made a lot more enjoyable.
Similarly in the case of telecom companies, contact center call data in the form of surveys can also be used for analyzing the quality of customer care experience, one of the key drivers for customer acquisition and retention. The other industry where surveys can be put to good use is Insurance; claims services in the Insurance vertical can be improved using surveys. Using survey and survey analytics, businesses can improve customer satisfaction and ensure that their time spent directly or indirectly with the organization is fruitful. Companies that focus on customer centricity are going to stay ahead in the game. This is age of putting people before profits.
This blog is authored by Alagiri Samy, Analytics Consultant at BRIDGEi2i
BRIDGEi2i provides Business Analytics Solutions to enterprises globally, enabling them to achieve accelerated business impact harnessing the power of data. Our analytics services and technology solutions enable business managers to consume more meaningful information from big data, generate actionable insights from complex business problems and make data driven decisions across pan-enterprise processes to create sustainable business impact. To know more visit www.bridgei2i.com
The views and opinions expressed in this article are those of the author and do not necessarily reflect the official position or viewpoint of BRIDGEi2i.