Customer happiness index is a metric used to quantify the degree to which a customer is satisfied with a product, service or the experience. It reflects on how a customer feels about the engagement with your company. Furthermore, it also gives you an indication of whether he will stick with you forever and recommend you to his friends and colleagues or not.
Calculating the satisfaction level of your customers has been made very easy through Customer Happiness Index. It updates its score with every customer interaction. It allows your customers to rate your product or service and hence gives you an accurate feedback.
Among the dozens of factors contributing to the success and growth of a business, customer satisfaction is the most crucial one. Customers are the greatest asset to any business, and it is important that your service encourages them to be promoters instead of passives and detractors. Identifying the unhappy customers allows your company to bridge the gap between your company and costumers hence, building upon your service. Here are a few key benefits that you can gain from Customer Happiness Index (CHI):
- Improves the efficiency of your support team
- Helps you forecast and work proactively
- Helps you in understanding the needs and concerns of your unhappy customers
- Assists in retaining customers
Customer surveys include all the methods of collecting data on customer satisfaction. Whether it includes calling them or sending them forms to fill out, it is a time-consuming and inaccurate process either way. Accurate customer happiness index is the key to reduce customer churn and therefore an advanced CHI should be set in place that predicts the satisfaction level of every customer accurately.
By calculating customer happiness through emails, you can map the impact of each customer experience to business outcomes. As most of the customer interaction is through mails, calculating CHI from emails is quite accurate. We can make use of Machine Learning techniques and AI to build a mechanism that goes through the contents of the mail and predicts the sentiment of the customer. It picks on specific key words within the text and lets us know whether the customer is satisfied with our organization or not.
Apart from gaining accurate results, it also gives us the advantage of not having to disturb our customers at all. We don’t have to disrupt their routines for a feedback and instead the AI-based service can just read the emails and extract the necessary data.
The score returned by CHI gives you a clear insight on the satisfaction level of your customers. You can easily categorize your customers into detractors, passives and promoters. The ones who are happy with your service will increase your net promoter score and they will continue doing business with you. The ones who aren’t very happy with your service but are satisfied to some extent fall into the passives category and you should resolve their issues with your outstanding customer care. If a customer is unhappy with your service, then you need to address his concerns on priority basis, or you might risk losing the client.
CRM with embedded AI makes a very powerful combination because it goes far beyond the traditional functions of structuring and interpreting data. If you have installed such a solution on your system, then you will be able to connect with your customers on a whole different level. The implications and advantages of such a solution for your business are manifold. Not only that, but it empowers customer reps with the right intel to solve the issues of the unhappy customers.
Once an email is received, its data is bounced against the Machine Learning service that identifies the key words in the email. The accuracy of the ML service can be improved over time because it learns through behavior patterns. AlphaBOLD uses its proprietary algorithm to classify these scores into different categories.
Hence, even though the solution seems simple and straightforward, it is a very smart and intelligent approach that is designed to give accurate results. By extracting all the relevant information from client communcation, it exhibits the sentiment of the customer and gives you a chance to improve your customer service.
If you have any question or queries, do not hesitate to reach out to us!
AlphaBOLD team has also developed a very intelligent solution based on Machine Learning that can give you an emoticon based on the feedback of the customers. For example, if you receive an email which says, “You guys haven’t done a superb job, but I guess it serves the purpose.”, then this email would be classified as an average one. BOLD-HI will display a neutral emoticon which means that the situation isn’t quite alarming, but you should pay more attention to resolve the issue.