Top 5 Powerful Analytics KPIs

Top 5 Powerful Analytics KPIs

    Key Performance Indicators are important, and particularly important when performing text analytics with survey data.  When conducting text analytics it is important to know which KPI metric you are interested in.  There are many outputs when conducting text analytics and it is imported to have the output in mind before you begin.  The output from text analytics can be a coded list of topics with the frequency counts.  If the data is from hotel customers you may want to know how often customers mention; linens, comfort, TV, and room service.  Another objective that uses the same hotel data could be to understand if mentions of room service have an impact on NPS ratings?  Yet another KPI could be revenue.  The objective might be to explore the relationship between mentions of room service and how much a customer spends at our hotel.  In this example you are using the revenue amount as your KPI.  In this post we will discuss the five powerful KPIs that we see used frequently when conducing text analytics.   

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KPI #5 is Sentiment analysis  

    Sentiment looks at the words and compares them to an established dictionary for what words are positive, which words are negative and which are neutral.  When using Sentiment as your KPI the analysis is focused on uncovering which words, combination of words and which topics are increasing or decreasing sentiment and by what amount.  Sentiment is one of the most popular KPIs in text analytics because it can be conducted on almost all unstructured text.  This makes it useful on social media data where structured variables are limited and sentiment can be used to enrich other metrics such as percentage of mentions and reach.  

 

KPI #4 is Customer Satisfaction Score or CSAT

    CSAT is a broad term that describes many different types of customer service survey questions. The goal of any CSAT score is to measure a customer’s satisfaction level with your company.  The scale for measuring CSAT isn’t strictly defined.  Some have it on a 5 position scale ranging from very unsatisfied to very satisfied.  Others use a score that is derived from calculating the number of happy customers divided by the number of customers asked.  

 

KPI #3 is Customer Effort Score or CES Score

    Customer Effort Score is a metric to measure customer service satisfaction with one single question. The belief is that service organizations create loyal customers by reducing customer effort.

 

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KPI #2 is Net Promoter Score  

    The NPS score was created by Satmetrix in 2003.  The NPS question is “How likely is it that you would recommend [company X] to a friend or colleague?” and the answer is offered as an 11 point scale.  When consumers answer zero through six they are considered detractors.  Customers that answer with a seven or eight are passive and those that answer nine or ten are the promoters.  In the HBR article The One Number You Need to Grow, “By concentrating solely on those most enthusiastic about their rental experience, the company could focus on a key driver of profitable growth: customers who not only return to rent again but also recommend Enterprise to their friends.”  According to NetPromoter.com (the website run by Satmetrix) “More than a decade after it transformed the business world, NPS® still stands alone as the only customer experience that predicts business growth.”

There are some that are critical of and question the predictability of NPS. “To this date there is not a sigle scientific (peer reviewed) study supporting that NPS predicts growth. The study that was used to launch NPS in HBR is also flawed (and HBR is not a peer reviewed magazine)." - Sven-Tore Bengtsson (Source: Link

    When using NPS as your KPI you can explore what topics are driving up or down your NPS score.  Using the output to focus the team on what areas of focus will have an impact on the score that matters to you.  

KPI #1 is Revenue

    The KPI that is most sought after is of course revenue.  It is the R in ROI and if your data can link customer comments to the amount of revenue that is generated by a customer than your text analytics will be able to provide insights into what is driving actual customer spending.  We have a case study example on OdinText.com (here is the link: ).  The case goes into detail on how Jiffy Lube was able to perform such an analysis in order to better understand which customer comment topics were driving revenue.  

Conclusion

When performing text analytics it is important to know which KPIs are available for you to include in your analysis.  

References: 

  1. Sentiment Analysis - https://en.wikipedia.org/wiki/Sentiment_analysis) 
  2. Mining the Web for Feelings, Not Facts - http://www.nytimes.com/2009/08/24/technology/internet/24emotion.html?_r=1 

Do you clean up your digital garbage?

Source: CloudTweaks.com

Taking out the trash is a chore.  In our homes, we take out the garbage to keep a tidy home.  What about our digital garbage.  As you can see from the snippet, we are creating 2.5 billion gigabytes of data every day.  While this sounds like an amazing amount of information, I am wondering how much of it is crap.  When was the last time you cleaned up an old digital account?  Do you close your online account and delete the data or do you just move on?  When you no longer use an online account and then don't close the account or communicate to the vendor they are stuck with your digital trash.   

I got an email today from Optimum informing me of a change to their email system.  

Starting May 13, 2016, if you haven’t accessed your Optimum Online email account for 90 days, your email account and its contents will be permanently deleted and cannot be recovered. This change only impacts your Optimum Online email account. Your access to optimum.net using your Optimum ID will not be affected.
— Optimum Customer Service Email

When you get cable internet or heck internet service from anyone these days they all offer a bunch of FREE email accounts.  The account was setup automatically and there was no way to deny it.  Now Cablevision/Optimum is stuck with all these user accounts and undoubtedly lots and lots of junk mail and spam that is filling up the unused accounts.  Bravo to Optimum for taking a step to clean up some of the digital garbage.  Can you think of one or two accounts that you don't use anymore?  Why not take a few minutes to go and delete those old accounts? 

Is your content strategy inaccessible?

Do you create hurdles for readers to jump through?

Is your content strategy inaccessible?  I don't know what some brands are thinking.  They post all over the social-sphere (Twitter, Facebook, LinkedIn) and then they pull the trigger on sponsored posts which simply means that they are paying to develop the content, then they are paying someone to blast post it, then they are paying the networks to extend the reach.  All of this is to do what?  Get me to click right?  Go and read what they have to say.  BUT when I do click (which they pay for), I am not taken to the content, I am taken to a SIGNUP page.  If I want to read their post I have to become a member.  

Lopsided Relationship from the start?

I have nothing against becoming a member, signing up for your updates or something, but this is the start of a relationship and you want my Name, Address, City, State, Zip, County, Email, Company, Title, Number of Employees before I can see if I even see this one post?!  Before I even know if I care what you have written.  That is very lopsided, I give you all my details, become a member of your list, have to fill out more forms if I ever want to get off your list and what do I get?  I get to read your post.

Do your tactics help or harm your strategy?

It is extremely important, in all areas, but specifically in the content space to test out the user experience.  If you tweet something, go to twitter click your own link and see what happens.  Then ask yourself, what would I do/provide/signup for to read this?   

Tim Cook says he will not combine a MacBook and iPad, but they already have

iPad Pro with Logitech case on LEFT and MacBook Pro on the RIGHT

iPad Pro with Logitech case on LEFT and MacBook Pro on the RIGHT

The Verge has a report that Tim Cook has stated that Apple will not combine a MacBook and the iPad.  Here is a link to the Verge article.  

When traveling:  The iPad Pro for me is a portable replacement.  I am very happy to travel with one charging cable (lightning) that charges both my iPhone and iPad.

All about the Apps:  The iPad Pro functionality has mostly to do with the power of the apps that you need and the apps that are available.  For me I need at the ready; Word, Excel, Powerpoint, Keynote, Canva, Email, Slack, Twitter, Facebook, Linkedin, Chrome, iMessages and Skype. The iPad has great versions of all these apps.  

All about the FOCUS:  For me, when I am working on my MacBook, I notice that I have tons of apps, windows, chats all open at one time.  I have an email 1/2 done, a word doc 1/2 done and then a notification comes in and I am using gestures to swtich between things.  I have only been using the iPad Pro for two days, but I find it very comfortable using iOS, by having all the apps in full screen I am able to focus on the task at hand. 

 

 

When your product does not evolve

With all of the changes going on in the software world sometimes, your product can't evolve.  That is what happened to our friends over at screenr.  I was notified today at as of November 11th screenr would be shutting down.  As you can read in the email below, their technology relied on Java RE and in their own words is antiquated. Reliance on a third party technology for the basis of your solution is fundamentally risky.  Don't get me wrong there are tons of advantages to using a popular technology base.  In many cases you can get your solution built faster and you are able to reach a wider audience.  

Evolve or Die

In order to keep your product current it is important to always have a plan B and plan C ready for shifts in technology and consumer behaviors.  I will miss screenr and wish them well in the future.  Sometimes things just have to go away.  Unlike the walking dead technologies that are still holding onto FLASH. 

Having Employees write reviews can be costly, to the tune of $1.25 million in Canada

Reviews are great for your site or your app and everyone wants to get good reviews.  Some brands are tempted to have employees write reviews as a way to get good reviews fast.  We have two examples of the problem this month.  The first news to break was from Amazon's effort to curb the practice by suing people who offer to write fake reviews.  The second is from Canada that has fined Bell Canada for having their employees write fake reviews.  

Amazon sues 1,000 people for offering to write fake reviews.  This article on the Huffington Post provides a great overview of what Amazon's position is. "Amazon's legal counteroffensive, however, appears to be one of the most aggressive attempts yet by a major U.S. e-commerce company to fight back. Its lawsuit alleges that individuals would write five-star reviews about products they never even tried, and plotted with product makers to subvert Amazon safeguards that are meant to bolster confidence in the website's reviews."

Here is the LINK.   

Bell hit with $1.25M fine for planting 4-star reviews for phone apps

Bell hit with $1.25M fine for planting 4-star reviews for phone apps

CBC.ca has the report about Bell Canada and the $1.25 million dollar fine for having employees write fake reviews for their mobile application. "The Bell and Virgin mobile apps were launched in November 2014 and immediately garnered four-star reviews on Apple's iTunes App Store and Google Play Store. At the time, CBC News reported that possibly half a dozen or more of the rave write-ups were penned by Bell Canada employees – many in senior positions. None of the workers disclosed that they worked for Bell."  (LINK TO ARTICLE)  

Honest reviews are powerful for your brand.  It is the result from creating a great experience for your customer.  Focus on delivering awesome and good reviews will come.  

"When information is cheap, attention becomes expensive"

Great video from @jasonsilva on.fb.me/1Lulzgq #Marketing #ux

"When information is cheap, attention becomes expensive" - James Gleick "Cinema is cartography for the mind" (my favorite attention technology) (and we should be discerning in what we allow to colonize our attention)

Posted by Jason Silva on Sunday, September 20, 2015

Creepy Email Marketing

creepy1When you are communicating to your customers I would advise to avoid the ‘creepy triggers’.   All marketers love the LTV metric and I need not go into all the ways it is better to keep a customer than have to gain a new one.  

I use many online SaaS (software as a service) tools to do my job.  Some I love, some I don’t.  They all reach out with emails about how to best use their tools/services.  Some focus on case examples of other customers hoping it will inspire me to use their tool more.  Some focus on the company’s philanthropic efforts so I feel that by being a customer I am also making the world a better place.  The past two examples are what I call 2015 brand normal.  There isn't anything in their tactic that is bad or pushing the envelope or trying to be edgy.  They are using current norms to communicate their value to customers.   The creepy one came in this week. I get an email from a creative service I use.  In the email the person says “I noticed you recently created a design in XXXX but never got a chance to share/download it. We are wondering why?”.  I understand that when I am using an online service the company that is hosting it can tell what I have been doing.  But we don't talk about it.  It is that big brother, matrix style observation we both know is going on.  It is like an unspoken do not ask, do not tell.  The service is one I use to create many concepts and drafts before I complete one and download it - so the one in question was nothing out my normal pattern of usage so why the email?  What purpose did it serve their brand?  I am already a customer and have been using the tool weekly for over a year.  As Scott Stratten said in one of his earlier talks, “There is no such thing as a neutral brand interaction. You either improve or hurt it.”  This was definitely a hurt moment.  Will it change my recommendation of the tool to friends?  No, but friends that work in sensitive industries (banking, pharma) - yes it will.  

creepy

Today is the Day of Betas

Today seems to be the day of the betas.  For those of us that enjoy playing with the newest versions of software today is a fun day if you are also a mac user.  We got three free betas that have been released for our weekend tinkering. beta1. Microsoft Office:  Office 2016 has been released to subscribers.  If you want the Windows Version click here.  Office365 users CLICK HERE to login and get your copy of office 2106 for mac.

 

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2. Then there is the new OS-X version El Capitan.  You can read a little about it here @ Engadget.  Lot's of new features and of course there is the core apps that are also updated including Safari and Mail.

 

Screen Shot 2015-07-10 at 3.41.46 PM3. Lastly there is IOS-9 which promises faster apps, better battery management, handoff, CarPlay (unless you have a new car system this is pointless for now).

 

All three of these should make for a weekend of new glitches :-).