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How Analytics Can Help You Improve Your Customer Experience

Posted by Kayleigh Alexandra on Mon, Aug, 13, 2018 @ 12:08 PM

Image credit: Pixabay

 

The importance of exceptional customer experience (otherwise known as CX) continues to rise proportionately alongside usability standards and the surfeit of consumer options in the ecommerce world. Today, any given site must contend with more viable rivals than ever before, and provide a level of functionality that would have been top-end just a few years ago.

 

To adapt to this hotly-competitive marketplace, retailers must consistently identify and implement improvements, whether to their content, their technical configuration, or their operational procedures — and improvement wouldn’t be possible without digital analytics.

 

It is rich digital analytics that can tell you not only how your business is performing but also how each segment of your setup is contributing to the whole, and if you’re planning to bolster your CX, you should start by delving into your analytics. Here’s how they can help:

Attributing value

For ecommerce, product value is obvious and easy to follow. The price is on the page, and an order logs a set value on the system — simple. But what about the value of everything that goes into yielding that order? What is a lead worth, or a form submission? What kind of traffic matters the most?

 

Using your analytics platform, you can create custom goals with values of their own to make the distribution of value through the sales funnel infinitely more understandable. For instance, if you can see from the stats that 1 out of every 100 Twitter visits results in an order, and that the average value of an order from a Twitter referral is $100, you can attribute the value of $1 to each Twitter visit.

 

Why is this important for customer experience? Because it allows you to direct your attention where it matters. While customer experience should surpass a certain baseline of quality across the board, it’s perfectly rational to work harder to keep the most valuable customers happy, and being able to see a clear value split that takes your whole funnel into account will equip you to allocate your people-pleasing work accordingly.

Highlighting weak points

Since everyone likes and dislikes different website elements, personal tastes gets involved in websites assessments far too commonly. Perhaps a developer personally feels that a particular piece of content is underwhelming, and concludes that it needs to be removed or reworked — but the system isn’t there for the staff, it’s there for the users.

 

Assuming correct configuration, analytics will make it abundantly clear which parts of the site are working effectively and which are driving people away. Simply looking at a page funnel will quickly and unambiguously indicate which pages are losing customer interest and which are performing excellently.

 

Armed with that awareness, you can then commit time and resources to shoring up the overall chain by rehabilitating the worst performers, knowing that the investment is fully justified (as opposed to making improvements on a whim and hoping that they’ll prove significant). Since there’s no such thing as a perfect digital design, working efficiently is essential.

Revealing demographic information

If you’ve previously glossed over your analytics, then you’ll have a very unclear notion of the people using your website. You might even have extrapolated wildly-inaccurate notions of your user base from occasional support tickets, direct enquiries, or social media mentions. And if you don’t know who’s using your website, how you can provide them with an optimized experience? Beyond the basics, difference demographics have markedly different preferences.

 

By installing Google Analytics (or using an existing installation, as is more likely given the ubiquity of the software), you can take a deep dive into your metrics and find out more information about the people who spend time on your site. You can then glean insight from the commonalities about what you need to do (you may be best served using an integration-rich webstore package to start from scratch, or you may need only minor adjustments).

 

Here’s an example: the older your user base skews, the more important it will be to provide accessibility features (such as adjustable font sizes and robust support sections) and legacy compatibility (ensuring that your site is functional in old versions of Internet Explorer, etc.). However you achieve it, you must attune your system to those who’ll ultimately use it.

Identifying opportunities

Analytics grant tremendous insight into user searches, pulling data from on-site search systems and external search engines (albeit to a lesser extent in the case of the latter), and that insight is invaluable for plotting your future content and feature updates. Every case of a user searching on your site for something that isn’t there is an opportunity for growth.

 

And the prospective expansion might not even require all-new content. Suppose that your analytics showed that many of the visitors to your site were searching for a non-existent guide to using one of your products. Since product pages often feature basic instructional information as it is, there’s a good chance that you’d be able to quickly throw together a decent guide using existing copy and images, and plug that search gap with minimal effort.

 

In some cases, you may not have a clear idea of what your users are looking for with particular searches, but then your analytics data can serve as a jumping-off point for some community consultation. Reach out to your customers through social media, your website, and/or email surveying and ask them what improvements they’d make, then align the feedback with the analytics for confirmation.

 

Trying to create a great customer experience without taking full advantage of analytics is like trying to complete a puzzle in the dark. It’s technically possible, but extraordinarily unlikely, and you won’t even know if you achieve it. Only through keeping a close eye on the data can you achieve the consistent improvements that deliver consistent results.

 

Kayleigh Alexandra is a content writer for Micro Startups — a site dedicated to keeping people informed about everything relating to entrepreneurial ambition and online startups. Check it out for the latest insights and stories, and follow us on Twitter @getmicrostarted.

 

Tags: customer experience, big data, CX

How Important is Live Chat? (Infographic)

Posted by Websitebuilder on Tue, Jun, 05, 2018 @ 16:06 PM

Nowadays, everything moves forward with the help of technology, so in order to be up to date with the latest trends, companies started using a software called LiveChat. Launched in 2002, LiveChat is an online customer service which offers you support and also web analytics. 
 
The online shopping market is worth more than $1.9 trillion, so being in touch with the potential customers is of utmost importance. That's why over 21,000 companies from 118 countries, aware of how much customer service is important, opted to use LiveChat. Amazon, XBOX, Nordstrom, The Bank of America, etc., are among the most famous brands that use this software.
 
According to the American Marketing Association, quality live chat applications for B2B businesses in the US increases conversions by at least 20%. 
 
The customers are the ones spreading a good word about a company and by using LiveChat the companies gain the trust of the customers. People want to buy from companies which have a good reputation because they expect that the product they chose would justify the amount of money they paid.
 
Cutting costs is another benefit that the companies will have, since it is less expensive than phone support by 400%, and the average chat agents can do the work of 15 email support employees. 
 
A fun fact is that companies get the option to see what the customers are writing even before they send the message. 
 
We can summarize that having a really good customer service is quite important for a company and LiveChat is the most convenient to customers. 
 
Please, feel free to read more interesting facts in the infographic that follows. 

livechat

Tags: customer service, integrated marketing, omnichannel marketing and customer service, CX

Energy Management Services in the Age of IoT

Posted by Tom Smith on Fri, Feb, 23, 2018 @ 08:02 AM

 

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There’s been a lot of news about using IoT devices to reduce costs; however, uptake has been slow due to the expense of implementation and the dearth of data scientists and analysts. There are 14 states, primarily in the Northeast and Atlantic Coast, including Washington D.C. with deregulated electric markets.

 

Energy management has been around as long as deregulation. Small, medium, and large enterprises can benefit from the economies of scale that can be gained by buying energy in bulk across multiple states.

 

If you are buying energy for your business in a deregulated market, an energy management consultant can help you reduce your spend by 20 to 40%. The consultant will begin by obtaining your utility bill and analyzing how to improve the price you are paying. This includes evaluating market conditions, discovering risk tolerance, and determining your real business needs.

 

When energy markets begin trading, your consultant will arrange a competitive auction to determine the most competitive price, the best supplier, and the optimal terms which will result in the best energy solution for your organization.

 

Having worked with hundreds to thousands of clients, energy consultants are able to identify efficiencies that those not dedicated to energy management are aware. You remain active in the energy market determining the best times to buy for the optimal efficiency and cost savings. All of this is tracked versus your budget with ongoing reports of budget versus actual.

 

Taylor Consulting and Contracting have been providing energy management services with impressive results:

  • A collection of Dunkin’ Donut franchises in six states have saved 15 to 20% annually for six years over what they were able to buy electricity for individually.
  • More than 4,000 Boston SMEs have joined Boston Buying Power (BBP) and enjoyed 50% savings during the 2014 polar vortex, and more than 100% versus the market-based price of electricity.
  • Independence Blue Cross of Pennsylvania has saved 50% on their electricity over the past five years since Pennsylvania deregulated electricity.

 

Technology, and data, is enabling companies of all sizes to reduce their energy spend. You don’t have to wait to employ IoT to enjoy the savings.

 

Tags: CX

What kind of Customer Experience are you providing?

Posted by Tom Smith on Thu, Nov, 10, 2016 @ 08:11 AM

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According to Gartner, 64% of people say customer experience (#CX) is more important than price in their choice of a brand.

According to American Express customers are willing to pay 17% more for a good customer experience.

Forrester found that 80% of companies say they deliver superior customer service. However, only 8% of people think these same companies deliver customer service worthy of a superior rating.

What kind of customer experience are you providing? Have you asked your customers? Have you asked your employees? Engaged customer-facing employees have a better idea of the customer experience than non-customer facing employees. Disengaged employees don't care.

How do your customers define an acceptable, unacceptable, and outstanding customer experience? Ask them. That's the only way you'll ever know. 

Talk to your customers to let them know you care about what they think. They'll be amazed that you care about them as individuals.

Recognize employees who provide an outstanding customer experience so other employees will know what you value - beyond revenue.

If you address a customer's concern, they're more likely to stay with you than a customer who never complains.

Save a customer time, make their life easier and you'll earn a customer for life - and probably reduce your marketing budget.

 

Click Here To Schedule a 30-Minute Consultation  to Discuss Marketing or Sales Issues

 

Tags: CX

Customers' Emotional Connection to the Brand and #CX Pays

Posted by Tom Smith on Wed, Apr, 27, 2016 @ 12:04 PM

 

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Great insights from Bruce Temkin and Temkin Group with the following statistics from "ROI of Customer Experience 2015" which looked at the connection between customer experience (CX) and loyalty for 10,000 consumers and 300 companies across 20 industries.

Key findings:

  • 87% of consumers who give a high rating for emotion were likely to make multiple purchases, compared to 13% who gave a low rating.
  • 76% of consumers who gave a high rating for emotion were promoters compared to six percent who gave a low rating.
  • 63% of consumers who gave a high emotion rating were likely to forgive a company's mistakes compared to 11% giving a low rating.

The findings from Temkin Group are reinforced by findings from Forrester:

  • CX leaders grow revenue three times faster than CX laggards. On average the eight CX leaders had a compound annual growth rate (CAGR) of15% while the laggards grew at an average of 2.5%.
  • Companies with superior CX can charge more for their products and services. This is especially true for customers who rate an experience as "outstanding."
  • Superior CX drives customer loyalty and purchase intent. When customer has a good experience they'll tell their friends about it - in person and online, they'll spend more with you and be less likely to move to a competitor if you have a hiccup in service.

I've written numerous posts of the need to create an emotional connection to the brand.

I've worked with companies where the SaaS customers were not engaged with the brand and renewal rates were dismal. I've worked with a professional services who was much more concerned with sales than customer sat, CX and retention with similar results.

You need to establish a two-way relationship, ideally a dialogue, with your customer where you are learning what's important to your customers, while at the same time convincing them of your commitment to meeting their needs. The more you learn about customers' needs and wants, the more you'll be able to make their lives simpler and easier which will lead to a "customer for life."

The more you establish an emotional connection with your customer, and provide a solid CX, the more loyal they will be, you'll see less churn, and greater revenue.

As more companies learn about the positive ROI in engagement and CX, perhaps they'll reallocate their marketing spend from lead gen to customer retention?

What are you doing to enhance the emotional engagement and CX of your customers with your brand?

 

Download the Free e-book  "Customer Bonding Programs:  How to Get, and Keep,Customers for Life"

 

 

Tags: emotional connection to the brand, customer experience, CX