In each industry, customers drive the market, and competition exists to win these customers over, or take them from competitors. The rising use of the internet, on one hand, provides the customer with infinite access to information and choices; however, it creates obstacles on the other hand, as companies must work harder to stand apart from their competitors by strengthening their branding and creating more targeted product offerings. In order to accommodate new global customers and retain their customer bases, companies are striving to become more “customer centric” and are working to appeal to current trends.
This all starts by listening to the customer…
Content, Communication and Customer Intelligence
While business intelligence encompasses several different methods and applications to provide insight on historical, current, and predictive views of business operations, customer intelligence is a concentrated analysis of existing customer buying trends, habits, opinions and feedback.
The overwhelming growth of information publicly available on the web, due to new Web 2.0 marketing and social media, has allowed customers to create content through blogs, social bookmarking and networking. Not only is the content created by users around the world, but it is also available to a much wider audience; people around the world can now communicate with one another about a product, company or industry. Word spreads fast through these mediums and companies are taking notice.
With customer intelligence initiatives, organizations can utilize issues, comments, or reviews generated by users when developing new product updates to create a competitive advantage; in turn, this can help improve customer satisfaction and increase revenue.
More on Customer Intelligence
Customer intelligence can be achieved through capturing, managing, and analyzing data from Customer Relationship Management (CRM) systems, daily reports from contact centers, user generated content posted by customers on the web, and results gathered from customer surveys.
Customer intelligence is best suited for companies who strive to compete with big players in the global industry. The key to success is to differentiate the company from the sea of competitors by effectively marketing the brand and company reputation to fit customer expectations and requirements for a particular service or product. To properly manage the relationship with the customer, the business needs to collect the right information about its customers and organize that information for proper analysis and action.
For example, the causes of customer dissatisfaction within an organization may fall into the following categories:
Once a company knows the specific factors that lead to customer dissatisfaction, they are in a position to respond to customer concerns, slow or reduce churn, and create a dynamic picture of the customer life cycle to encompass past behavior, predict future behavior and respond to changes.
When Data Is in Multiple Languages…
As companies start gathering information from global customers, language quickly becomes a barrier to accessing information. Many organizations have customer data from local markets that they can use to draw conclusions, but the reality is that trends exist across target markets and across languages. Global customers have different expectations depending on culture, language and location.
In the past, it has been difficult, time consuming and costly to analyze customer data that exists in many languages and distill the information into actionable items. Many companies will do some quantitative studies and surveys of customers, but all of the comments that are available through online sources or captured in CRM systems are often ignored because it hasn’t been feasible to translate the large volumes of customer data using traditional human translation.
However, with advances is automated language translation, companies can now effortlessly translate and analyze customer data from multiple languages and sources to improve access to customer trends and relationships across the globe.
Multilingual Solution to Customer Intelligence
The solution for timely, accurate analysis of large volumes of multilingual customer data involves automated translation software. There is simply too much relevant, customer information available in foreign languages to ignore this data or to slow down access by manually translating everything. In order to keep up with new information coming in, real-time translation is necessary.
Language Weaver automated translation software provides real-time translation in 55 language combinations, including several European language combinations. Language Weaver utilizes statistically based translation technology to produce fluent and accurate translations, leading to cost and time savings. In the case of customer intelligence, the software quickly translates foreign text into one language for instant access and analysis. The software can be easily integrated into customer intelligence applications, such as predictive analytics software, for easier access to key information; it is also customizable to help enforce key terminology and topics in a particular market.
Adding automated translation into customer intelligence initiatives allows companies to:
Respond to and quickly resolve sources of customer dissatisfaction in many global markets, regardless of the language
Proactively request feedback from customers in many parts of the world
Gain an in-depth understanding of a global customer base
Develop targeted product offerings for specific locales, depending on expectations and needs
As stated in the article “Gain Insight with Multilingual Competitive Intelligence” from the April newsletter - it’s not who you know, it’s what you know. If multilingual customer data is not included in customer intelligence initiatives, there is a big piece of information that is missing from the picture that creates an opportunity for competitors to get ahead.
If your company is expanding to new global markets, interested in gaining leverage over the competition and would like real-time access to foreign language customer information help make better informed decisions, contact Language Weaver to find out how automated translation software can be utilized within intelligence applications within your organization.
If you are interested in reading Language Weaver's previous articles about intelligence solutions within the enterprise, please follow the links below:
Support Decision Making with Multilingual Business Intelligence
Gain Insight with Multilingual Competitive Intelligence
If would like to learn more about how tracking customer interactions can lead to a high ROI and reduce customer churn, please request/download the white paper recently published by one of our partners, SPSS, Inc: Turning Customer Interactions into Money: Using Predictive Analytics to Achieve Stellar ROI