

{"id":436887,"date":"2022-08-09T00:30:17","date_gmt":"2022-08-09T07:30:17","guid":{"rendered":"https:\/\/www.questionpro.com\/blog\/?p=436887"},"modified":"2024-05-28T04:49:59","modified_gmt":"2024-05-28T11:49:59","slug":"3-types-of-cx-insights-for-your-business-tuesday-cx-thoughts","status":"publish","type":"post","link":"https:\/\/www.questionpro.com\/blog\/3-types-of-cx-insights-for-your-business-tuesday-cx-thoughts\/","title":{"rendered":"3 Types of CX Insights For Your Business \u2013 Tuesday CX Thoughts"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">In the customer experience industry, too often I see companies using the terms data, analytics and insights interchangeably. This is particularly true during the sales process for a <a href=\"https:\/\/www.questionpro.com\/blog\/customer-experience-management-platform\/\">customer experience management software platform<\/a> &#8211; sometimes it is not intentional, but rather a lack of understanding from the individual trying to close the sale.\u00a0 <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">It gets even more complicated when people throw around terms like \u201cbig data\u201d, \u201cpredictive analytics\u201d and even \u201cprescriptive analytics\u201d.&nbsp; These sound like really interesting terms that can help a business to grow and retain customers, but are they really?<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The Lego Example<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Most people can relate to Lego, so I\u2019ll use that as my analogy.&nbsp; Think of \u201cdata\u201d as the individual blocks or groups of blocks.&nbsp; Even some aggregated data is just data.&nbsp; <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Next, there is analytics. This becomes controversial as some are of the belief that getting the average or a count is analytics. In contrast, I firmly believe that central tendency metrics are just aggregated data on their own. Using the Lego block example,&nbsp; if you have counts of each color, that is just data that tells you some direction of what you can do with those blocks.&nbsp; <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Data can help inform analytics.&nbsp; Rather, if you built a basic house with those blocks, that would be more analogous to the analytics. It is something you made. If we looked at <\/span><a href=\"https:\/\/www.questionpro.com\/help\/customer-experience\/share-dashboard.html\"><span style=\"font-weight: 400;\">manager dashboards<\/span><\/a><span style=\"font-weight: 400;\"> on a <\/span><a href=\"https:\/\/www.questionpro.com\/voice-of-customer.html\"><span style=\"font-weight: 400;\">Voice-of-the-Customer<\/span><\/a><span style=\"font-weight: 400;\"> platform, the ability to see KPI metrics or frequency charts using different filters, evaluation dates or trends would show a close view of analytics. <\/span><span style=\"font-weight: 400;\">Something you can see in multiple dimensions, just like that house made of Legos.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">Insights &#8211; in my view &#8211; have a higher standard.&nbsp; The line of differentiation between analytics and insights is also a little less clear.&nbsp; If I look at the Legos example one last time, once you have that house built, what is available to add to that house to make it better?&nbsp; <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">If you read my columns, you\u2019ve heard this line before many times from a colleague of mine:&nbsp; \u201cInsights rarely come from one source of data\u201d.&nbsp;<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Driving change with the use of insights<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">The most basic form of insights would be our QuestionPro <\/span><a href=\"https:\/\/www.questionpro.com\/help\/customer-experience\/priority-matrix.html\"><span style=\"font-weight: 400;\">priority matrix widget<\/span><\/a><span style=\"font-weight: 400;\">. <\/span>Taking inputs from NPS or CSAT, then comparing them against attribute performance will provide a quick and efficient way to highlight improvement opportunities to drive the customer experience KPI higher &#8211; insights toward performance change.<\/p>\n\n\n\n<p>Often, we see <a href=\"https:\/\/www.questionpro.com\/blog\/why-invest-in-customer-experience-cx\/\">financial linkage analysis<\/a> as insights as well, but I\u2019ll contend that only those analyses that demonstrate a way to improve the financial performance really would count as insights.<\/p>\n\n\n\n<p>A great example of this was out-of-stock insights that we have conducted with retailers.&nbsp; By understanding the percentage of out-of-stock rates, we can provide an analysis that details the financial impact of those items that customers cannot purchase using an average price per product sale.&nbsp; If we can add the department and\/or category level information and per product price, we have insights that tell us where we can first start trying to make improvements.&nbsp; To me, that is insights, rarely from one source of data and can provide action to the business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3 types of CX insights<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">While I can provide many specific details of insights versus analytics, I wanted to take a moment to outline through categories of insights that every business should expect from their <\/span><a href=\"https:\/\/www.questionpro.com\/cx\/\"><span style=\"font-weight: 400;\">CX Enterprise Software<\/span><\/a><span style=\"font-weight: 400;\"> provider. &nbsp; <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">These three categories include:<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Journey Insights<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">This is not about a <\/span><span style=\"font-weight: 400;\">customer journey template<\/span><span style=\"font-weight: 400;\"> or building a <\/span><a href=\"https:\/\/www.questionpro.com\/blog\/customer-journey-guide\/\"><span style=\"font-weight: 400;\">customer journey map<\/span><\/a><span style=\"font-weight: 400;\"> and what that tells you, rather this is about what a company can do across the <\/span><a href=\"https:\/\/www.questionpro.com\/blog\/customer-journey-map\/\"><span style=\"font-weight: 400;\">customer journey<\/span><\/a><span style=\"font-weight: 400;\"> to make the overall experience better for the customer.&nbsp; The approach is simple: find the <\/span><a href=\"https:\/\/www.questionpro.com\/blog\/customer-touchpoints\/\"><span style=\"font-weight: 400;\">customer experience touchpoints<\/span><\/a><span style=\"font-weight: 400;\"> impacting your overall KPI the most, find a common element and improve it.&nbsp; The experience should be at the center of these insights. It is easy to see how the impact of buying online and pickup in-store tools now, but initially there were groups of touchpoint owners saying \u201cin-store buyers\u201d want one thing while \u201conline buyer\u201d want something else. Looking across the buyers and across the journey, we now easily recognize that there was a group of buyers that wanted the ease and convenience of shopping online at home, but still wanted that immediate gratification of having something the same day &#8211; recognized by bringing information from across touchpoints.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2.Touchpoint\/Path Insights<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">Part of your <\/span><a href=\"https:\/\/www.questionpro.com\/cx\/why\/cx-strategy.html\"><span style=\"font-weight: 400;\">customer experience strategy<\/span><\/a><span style=\"font-weight: 400;\"> should be trying to improve the experience for everyone across the entire journey &#8211; across all touchpoints.&nbsp; At times, this means looking at the individual paths in a touchpoint to see what can be improved.&nbsp; This means that we are moving back to a single source of data trying to find improvements.&nbsp; However, if you use tools like our <\/span><a href=\"https:\/\/www.questionpro.com\/nps-plus\/\"><span style=\"font-weight: 400;\">QuestionPro NPS+<\/span><\/a><span style=\"font-weight: 400;\">, it can enhance both the <\/span><a href=\"https:\/\/www.questionpro.com\/cx\/closed-loop\/case-management.html\"><span style=\"font-weight: 400;\">customer feedback inner loop<\/span><\/a><span style=\"font-weight: 400;\"> response to customers and build strategies from root cause analytics using <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=-dqGVbK59Sw\"><span style=\"font-weight: 400;\">Outer Loop<\/span><\/a><span style=\"font-weight: 400;\">&nbsp; tools.&nbsp; Now with the root causes analytics and the touchpoint KPI, you can then compare against attribute performance to identify key improvement areas or use our exclusive churn risk analytics to determine which root causes are impacting both detractors and and passives &#8211; representing opportunities for business improvement.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Transformational Insights<\/h3>\n\n\n\n<p><span style=\"font-weight: 400;\">We all love polysyllabic words, especially when we show up to strategy meetings with our company executives. However, this particular word &#8211; Transformational &#8211; has a special meaning when we talk about insights. It will be about pulling together the operational metrics, the experience metrics and the financial metrics.&nbsp; <\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">You may even incorporate <\/span><a href=\"https:\/\/www.questionpro.com\/features\/sentiment-analysis.html\"><span style=\"font-weight: 400;\">sentiment analysis<\/span><\/a><span style=\"font-weight: 400;\"> to understand other things being said \u201coutside the constraints\u201d of a survey or <\/span><a href=\"https:\/\/www.questionpro.com\/blog\/tools-to-help-you-analyze-social-media-chatter\/\"><span style=\"font-weight: 400;\">social media analytics<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.questionpro.com\/measuring-brand-awareness.html\"><span style=\"font-weight: 400;\">brand awareness<\/span><\/a><span style=\"font-weight: 400;\"> data to get a view of both improving experiences for current customers, but also finding ways of attracting entirely new segments of customers.&nbsp;<\/span><\/p>\n\n\n\n<p>Are you looking for ways to better understand your customers? Check out QuestionPro&#8217;s latest blog discussing their <a href=\"https:\/\/www.questionpro.com\/blog\/customer-insight-platform\/\">Customer Insight Platform!<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Looking past customer experience<\/h2>\n\n\n\n<p><span style=\"font-weight: 400;\">Let us not overlook that we should also be incorporating <\/span><a href=\"https:\/\/www.questionpro.com\/workforce\/employee-experience.html\"><span style=\"font-weight: 400;\">Employee Experience<\/span><\/a><span style=\"font-weight: 400;\"> analytics and insights. Most of the time, this is not \u201ccontained\u201d within a platform, rather it should be viewed as an in-depth review of all insights to find where the business is going over the next five years and how.&nbsp;&nbsp;<\/span><\/p>\n\n\n\n<p><span style=\"font-weight: 400;\">These insights can be viewed in the context of dashboards or analytical tools, but you should always think about ways you can take more data, more analytics and we even combine insights. When we look at these, each one increases in complexity and data needs, but provides an entirely new perspective on what can be done to improve the business. No need to get caught up in talk of \u201cstatistical significance\u201d and \u201ccorrelation-causation\u201d, instead viewing these insights from operational and strategic perspectives &#8211; the best types of insights, ones that you can action.<\/span><\/p>\n\n\n\n<p><span data-preserver-spaces=\"true\"><strong>QuestionPro offers the most advanced customer experience tools available.<\/strong> Gain valuable insights into your customers\u2019 thoughts and emotions with <\/span><a href=\"https:\/\/www.questionpro.com\/a\/showEntry.do?classID=1063&amp;sourceRef=home-cx\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">QuestionPro CX f<\/span>ree trial<\/a><span data-preserver-spaces=\"true\">&nbsp;today.<\/span><\/p>\n\n\n\n<p class=\"has-text-align-center\"><span style=\"font-weight: 400;\"><a class=\"square-cta secondary-lined-cta\" href=\"https:\/\/info.questionpro.com\/meetings\/kenneth-peterson\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Book Demo<\/strong><\/a><\/span><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter\"><a href=\"https:\/\/www.linkedin.com\/in\/kenpeterson\/\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.questionpro.com\/blog\/wp-content\/uploads\/2022\/05\/author-ken-peterson.png\" alt=\"\" class=\"wp-image-359187\"\/><\/a><\/figure><\/div>","protected":false},"excerpt":{"rendered":"<p>In the customer experience industry, too often I see companies using the terms data, analytics and insights interchangeably. This is [&hellip;]<\/p>\n","protected":false},"author":46,"featured_media":436900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[169,170],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Data vs Analytics vs Insights | QuestionPro<\/title>\n<meta name=\"description\" content=\"In the customer experience industry, too often I see companies using the terms data, analytics and insights interchangeably. 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