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July 2024 | VOL. 24

"Artificial intelligence is the new electricity. Just as electricity transformed almost everything 100 years ago, today I have a hard time thinking of an industry that I don't think AI will transform in the next several years."


Andrew Ng


It is true, AI is transforming the relationships we have with the brands we purchase goods and services from and the relationships we have with one another. Companies around the world, both large and small, have endeavored to harness the power of AI to increase sales and profits while improving the way in which they sell to and serve their customers.

 

In June, we asked our readers about the challenges they face in the development and use of AI technology and the insights were very interesting. A significant majority of respondents indicated that the lack of AI learning data sets is the largest challenge they face in applying the power of AI to improve business outcomes. This fact begs the question, why? Data challenges are not new. We see it every day at the Verde Group. Companies with immense resources struggle with data availability or more importantly, flawed data sets that lead to inaccurate conclusions and sub-optimal strategic decision-making.

 

This is where we believe the opportunity lies, especially in the voice-of-customer industry. Many companies we have the pleasure to serve assume they know the issues putting their customer relationships and business at risk. However, we see time and time again, the frequency of issues (i.e. CX friction points) does not equate to business damage. Pressure testing long-held assumptions about what experiences matter in driving profitable shifts in customer behavior is simply one example of a data set that can be improved for accelerated AI performance.

June Poll Results

In June, we asked readers, "What is the largest challenge facing your organization in the deployment of AI technology?"



As mentioned above, the lack of AI data sets to improve the performance of this robust technology solution rose to the top of our readers' concerns. Coupled with the inability to link the financial benefits of AI investments, organizations are tasked with a significant challenge to maximize their usage of AI to improve the customer experience. At Verde Group, we begin by first understanding the economic risk associated with CX friction. This provides two significant benefits to companies investing in CX improvements:


  1. Verde Group financially prioritizes CX opportunities; and
  2. Provides specific data/facts linking those financial risks to actionable and specific CX challenges.


It is our firm belief that investments in AI technology can be greatly improved using Verde’s proprietary Revenue@Risk® methodology.

We are here to help. To learn more about how we can help take your CX insight program to the next level, CLICK HERE.


READY TO TALK? Book an intro session with Dennis Armbruster, Verde Group Executive VP, to discover how you can enhance the impact of your CX program. We want to help you find methods to anchor your customer insights firmly within your business framework, driving stronger ROI and increasing executive buy-in. We want to learn more about your current challenges.

CX INSIGHTS CHAT - SCHEDULE NOW

July 2024 Poll

In our ongoing discussion about customer engagement and feedback mechanisms, we want to explore the balance organizations maintain in gathering customer insights. We're interested in hearing your thoughts on whether your organization might be reaching out too frequently with surveys to its customers. So, Do you believe your organization is over-surveying Its customers?

Do you believe your organization is over-surveying its customers?
Yes, we survey our customers too frequently.
No, the frequency of our surveys is just right.
No, we could actually survey our customers more often.

IN THE NEWS

The recent IT snafu that impacted companies around the world demonstrates just how bad things can get when the experience you expect does not go as planned. The airline industry has been especially hit hard by this issue. But are they doing enough? Are they addressing CX risks proactively or living in a world where they react using traditional service recovery methods? CX Dive has an interesting take on what airlines can/should do…. Do you agree?

READ MORE

ABOUT THE VERDE GROUP

Learn more about the Verde Group - our leadership team, our history, and what we do.

OUR LEADERSHIP TEAM


With a shared commitment to innovation, integrity, and client satisfaction, the Verde Group executive team brings a unique blend of expertise and vision to the table. Together we are passionate about transforming customer experiences and driving sustainable growth for our clients.


MEET THE TEAM

OUR HISTORY

From early days in Toronto to building a global organization, the Verde Group has stayed true to founder Paula Courtney's passion for researching, understanding, and interpreting what motivates human beings and how they behave. Learn more about how the Verde Group came to be and our evolution over the last 20 years.

OUR HISTORY 

WHAT WE DO


At the Verde Group, we offer a range of research, analysis, and consulting services designed to uncover and leverage the most impactful aspects of customer experience. Learn how:

READ MORE

The Great CX Challenge - A Verde Group White Paper

In conversations with leading CX practitioners, we hear over and over again that they’re frustrated despite mountains of data being generated. They’re searching for ways to increase the meaning and importance of their work, and to make a difference in the outcomes of their business enterprise.


We have a solution. Explore the data that suggests we need to be paying more attention to CX friction over satisfaction in our new white paper: The Great CX Challenge: Financially Linking the Impact of Customer Experience Insights

DOWNLOAD WHITE PAPER

ASK US ANYTHING

July 2024's Question:


Question: Dear Verde Group, we have received feedback from our customers that we are surveying them too often. What advice would you give to help reduce the potential negative impact of survey fatigue?


Answer: Great question! It is a fact that customers of all types are becoming weary of survey requests. Let’s face it, we can’t buy a cup of coffee or complete a retail transaction without getting a survey sent to us moments after our transaction. The hypothesis is that we are becoming more and more sensitive to survey requests and declining response rates reflect this sentiment. However, research conducted by Oxford suggests there may be more going on. Jonathan Eggleston, Senior Economist at the Center for Economic Studies writes about his findings… "new evidence suggests that prior survey requests affect subsequent participation, which could lead to the decline in response rates as hypothesized by Leeper (2019)."


Eggleston also introduces new concepts that aim to clarify the frequent survey effect. Previous studies have often assumed that survey fatigue has been the dominant reason for observed outcomes, although this may not always hold true. Confusion stemming from the frequency and redundancy of surveys may also play a significant role.

 

This fact suggests that brands must be clear about their “why”. Why are you asking customers about their experience with your brand? How will a customer’s participation in a survey benefit them? What promises can you make to your customers about how the insights will be used to make their experience with you better?


Asking for input is easy. Doing something with customer insights… now that’s where the work really begins.


We can help you get there. Contact us to get started.

Send us your questions and stay tuned for the August 2024 newsletter to see your questions answered by one of our CX specialists.


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