NEV - Net Emotional Value enables a new range of analytics across the organization to help learn the “Voice of Customer”. We believe that just counting how many times certain words were uttered does not give you the exact context related to a given sentiment. It requires understanding the context, products, activities and more that users have mentioned in connection to their experience.
E.g. NPS or Google review submitted by the customer moments after receiving a delivery allows you to capture and learn exact user context in relation to last mile delivery, with emotional and sentiment intensity.
We believe that these metrics with companion contexts are going to be key to help organizations transform into a customer centric company.
NEV is more than a single NPS score or customer satisfaction survey. A single survey or one-time Net Promoter Score℠ (NPS) is not enough information to calculate emotional loyalty. Every engagement that a customer has with the brand impacts their perception and value they hold, which makes it key to track and monitor these customer events closely.
NEV includes measuring specific emotions like appreciation, happiness, value, and trust which have been identified as key binding emotions in a variety of studies.
- Being able to calculate those and more emotions, at a product or service level is the core objective of NEV.
- Measuring customer satisfaction, ease of engagement, and emotional feedback are three key pillars of this measurement regimen.
CSAT and CES metrics have been successfully implemented through NPS review and campaign based initiatives. Tools like Yotpo or InMoment and many others provide the needed technology to run CSAT initiatives and collect reviews across your entire customer base.
CES is about measuring how easy it is for your customers to find the product, services, checkout or get their issues resolved. This can be dynamically measured across digital platforms using platforms like InMoment and others who enable the request at the right time, when you have the best chance to get a response. CES is calculated as total_score / total_responses across the feedback response.
Outside of the two qualitative measures mentioned above, emotion analysis is the new and recent addition to these metrics. This analysis takes advantage of thousands of reviews, NLP, and high speed computing to find those emotional contexts. What is usually lacking in current sentiment analysis is the ability to attribute sentiment and emotional intensity towards a given product, service, or brand. This is where a tool like talkAItive, with its world class accuracy in sentiment analysis, helps you extract a deeper level of insights across chatter already collected or generated online.
These emotional qualitative metrics, coupled with the quantitative behavioral KPIS, give you a true measure of loyalty. Emails and purchases are all transactional behaviours, but how a customer feels about the product over its life requires organizations to go to alternate sources like UGC and first party reviews. Marketers should be excited about expanding their metrics universe beyond retention, purchase behavior, and incremental sales to assess how effective their loyalty strategies make their customers feel.
NEV = Emotional_score [happy, appreciated, trust] + CSAT + CES + NPS
This can be calculated across a given product, customer segment or brand as a whole.
Typically these metrics are calculated monthly.
We would love to help you monitor, gather and process UGC, Reviews and more to build an emotional 360 view of your customers reaction towards products, services and even activities related to the customer experience - click here