Imagine if your customer call center let you know nine months to a year later that your company was experiencing wide-spread problems with a product. That is the phenomenon that happens with market research, you receive customer opinions months after the opinions have actually been gathered (and even longer after they are formed), decreasing its relevance.
A market research project timeline frequently can run months before you even get to the point of data collection. The amount of time expended to get to that point involves countless meetings to determine what you’re even going to research. Then after the data collection, it will take several months to actually obtain actionable customer insight. Then companies must decide to how to incorporate the insight obtained – if they do at all. And really, what is the point of doing research at all if you can’t act on it?
Rather than gathering data through tiresome and expensive consumer focus groups or surveys, companies should realize that the information is out there for companies to grab now. Whether via online communities, blogs or forums, customers are already giving thousands of verbatim feedback comments about products and services – comments that could have a significant effect on your brand and profitability if you can act on them, and potential negative consequences if you don’t.
As a recent Wall Street Journal article , “The Secrets of Marketing in a Web 2.0 World,” referenced “…as a way to obtain consumer feedback and ideas for product development, the online community is much faster and cheaper than the traditional focus groups and surveys used in the past.”
As with all comments, whether received online or offline, companies struggle to analyze the feedback effectively. As we’ve stated previously, hand coding isn’t an effective way to arrive at smart business decisions. Social media content analytics like The Customer Insight Portal allow companies to obtain actionable customer insight in minutes, not months.
In a tightened economy, users frequently will hear the adage ”Do more with less.” For market researchers, this isn’t as hard as it may seem if they can capitalize on the feedback that is already out there.Read Full Post | Make a Comment ( 2 so far )
Today marked the formal launch of The Customer Insight Portal, and the news was picked up around the Web.
Forbes.com, Marketwatch.com, Morningstar.com, Reuters, Yahoo! Finance and others picked up the story of how The Customer Insight Portal is the “game changer” for companies looking to gain insight into their customers
The full press release:
“Game Changer” Customer Insight Portal Launched
Powerful Leximancer software available as Software as a Service (SaaS)
BOULDER, Colo., Aug 14, 2008 – Leximancer, a Customer Experience Management (CEM) and analytics software development company, today announced the launch of The Customer Insight Portal, a Web-based Software as a Service (SaaS) that delivers insight to not only what customers are saying, but why they’re saying it.
“The Customer Insight Portal is a game changer for the way companies seek to understand their customer attitudes and behaviors,” said Neil Hartley, Leximancer CEO. “It allows virtually any organization or individual user to easily gain insight into the root causes of customer opinion and feedback. Our state-of-the-art market intelligence software has been proven on the desktop world-wide and now we are making it available through The Customer Insight Portal.”
For consumer-focused organizations, The Customer Insight Portal gives marketing professionals, brand managers, competitive intelligence and customer experience managers the ability to make critical decisions based on factual data regarding customers’ thoughts and feelings toward their brand, products or service. The Customer Insight Portal goes multiple steps beyond traditional text analytics by employing a rich variety of scientific methods to analyze call center notes, survey data, e-mails, documents, blogs, social media and Web sites. This enables Leximancer to uniquely provide insight into the root causes of customers’ attitudes and actions, allowing companies to determine not just what people think of them, but also why.
“The Customer Insight Portal lets business people explore and automatically find meaning, and identifies structured relationships between the key ideas or issues that are important to customers – uncovering information that was previously hidden,” said Chris Westfall, Leximancer vice president of business development. “From the people that have already used the portal, they’re saying that it provides previously unknown, actionable insights, which is great validation of what’s possible.”
The Customer Insight Portal provides deep insight without the need for set up, which means that analysis is provided without previous knowledge of the information under investigation. Users of the Customer Insight Portal can upload the data and the analysis is complete in the time it takes to make a pot of coffee. Because there is no selection of terms before getting started the results are unbiased. Companies find out what is there, not just what they think should or might be there.
Leximancer’s patent pending software platform allows customer satisfaction, brand management and competitive intelligence professionals to automatically extract the root causes of customer attitudes from Internet communications such as blogs, Web sites and social media, as well as the vast amount of data currently locked within the enterprise in the form of e-mails, service notes, call center notes, voice transcripts and survey feedback. Through its intuitive keyword discovery, cause-and-effect analysis, thesaurus and search functions, Leximancer is the only solution that delivers deep insight into customer attitudes by objectively identifying “unknown unknowns.” For more information, visit http://www.leximancer.com or http://www.thecustomerinsightportal.com.
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