In order to succeed, firms need to understand how customers feel and how it’s driving their behaviour. This research published in Harvard Business Review (HBR) looks at why traditional feedback and quantitative surveys are no longer fit for purpose.
The authors identified 6 key business benefits from instead using AI to analyse customer verbatim comments in real-time.
Professional services firms have reached a fork in the road. Digital transformation is now evolving what firms deliver to their clients and how. To keep up, firms are looking at how they use client-related feedback to make faster and more informed decisions.
But there are two paths ahead. Do they create a scalable feedback process they can grow into? Or stick with traditional manual processes until the volume gets too much?
Do your surveys give short-term answers but provide little long-term value? Then your firm may still be sending out stand-alone surveys. These are surveys that are disconnected from the other sources of feedback and the decisions they need to inform.
Traditional feedback processes still treat surveys, interview transcripts, reviews and informal feedback as stand-alone data sources. But forward-looking firms are taking a different approach and beginning with the required insights not the tool.
Most firms I talk to have become very good at collecting data pebbles. Stand-alone surveys, transcripts from individual client conversations, email feedback, online reviews…
Making sense of data pebbles is hard. Firms don’t want more data pebbles, they want more actionable insight. Insight rocks turn the thousands of small data points into the essential themes a firm needs to know.
