Understand Your Customers of be Left Behind

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Information about Understand Your Customers of be Left Behind

Published on September 17, 2014

Author: samkh

Source: slideshare.net


Customers are more empowered and connected than ever, and the customer’s journey has grown more complex. Their expectations are growing and trust is diminishing as they may interact with multiple brands through web, mobile and social channels.

Considering 70% of the buying process in a complex sale is already complete before prospects are willing to engage with a live salesperson – it’s critical to understand your customers and anticipate their needs.* However leading consulting firm Econsultancy reports, 91% of companies do not know why customers leave their digital properties without converting.

In this presentation you will learn:

Understand your customers digital journey with quantitative and qualitative analytics
Influence your customers behavior to drive right set of actions
Turn visitors into repeat customers through continuous engagement across digital channels and devices
Gain insights on why traditional approaches of understanding your customers constantly fail

Understand Your Customers or be Left Behind @IBMExpOne | #smartercommerce Best practices to influence your customers buying cycles using analytics.

Sameer Khan Senior Product Marketing Manager IBM Customer Analytics @sameerkhan Blog: Smartercommerblog.com Blog: Keywebmetrics.com

3  Availability. References in this presentation to IBM products, programs, or services do not imply that they will be available in all countries in which IBM operates.  The workshops, sessions and materials have been prepared by IBM or the session speakers and reflect their own views. They are provided for informational purposes only, and are neither intended to, nor shall have the effect of being, legal or other guidance or advice to any participant. While efforts were made to verify the completeness and accuracy of the information contained in this presentation, it is provided AS-IS without warranty of any kind, express or implied. IBM shall not be responsible for any damages arising out of the use of, or otherwise related to, this presentation or any other materials. Nothing contained in this presentation is intended to, nor shall have the effect of, creating any warranties or representations from IBM or its suppliers or licensors, or altering the terms and conditions of the applicable license agreement governing the use of IBM software.  All customer examples described are presented as illustrations of how those customers have used IBM products and the results they may have achieved. Actual environmental costs and performance characteristics may vary by customer. Nothing contained in these materials is intended to, nor shall have the effect of, stating or implying that any activities undertaken by you will result in any specific sales, revenue growth or other results. Acknowledgements & Disclaimers:

UNDERSTAND: @IBMExpOne | #smartercommerce To know the meaning of (something, such as the words that someone is saying or a language) To know how (something) works or happens To know how (someone) thinks, feels, or behaves

UNDERSTAND: @IBMExpOne | #smartercommerce To know the meaning of (something, such as the words that someone is saying or a language) To know how (something) works or happens To know how (someone) thinks, feels, or behaves

@IBMExpOne | #smartercommerce To know how (someone) thinks, feels, or behaves Your customer Digital activity Purchase decisions :/ ;p Feedback

@IBMExpOne | #smartercommerce Source: https://flic.kr/p/anHyXn What channels your customers interact with?

@IBMExpOne | #smartercommerce Source: https://flic.kr/p/anHyXn

@IBMExpOne | #smartercommerce Source: https://flic.kr/p/anHyXn How do you customers access your digital properties? this? this? OR all of these devices?? this?

@IBMExpOne | #smartercommerce Source: https://flic.kr/p/anHyXn Who are your customers? Mark – The Innovator : Risk taker & affluent buyer Pete – The Early adopter- quick decision maker who needs less info about products Jack – The Early Majority – needs social references from friends and family Mary – Late Majority – does tons of research on and off site

@IBMExpOne | #smartercommerce There is not “one view” to who your customers are and how they are going to behave

@IBMExpOne | #smartercommerce This makes it difficult to measure your customer’s true digital journey

@IBMExpOne | #smartercommerce Let’s look at the problem with a different angle…

@IBMExpOne | #smartercommerce . We are experts at Nano Analytics

@IBMExpOne | #smartercommerce . But we forget the macro measurements

@IBMExpOne | #smartercommerce Source: https://flic.kr/p/anHyXn We also tend to find insights that don't exist If you torture the data long enough, it will confess – Ronald Harry Coase

@IBMExpOne | #smartercommerce https://flic.kr/p/5cMBti UX Analytics Marketing Then… Organizational Silos BI IT Product Sales Social

@IBMExpOne | #smartercommerce Actions Taken After Having a ‘Poor’ or ‘Very Poor’ Experience Using a Web Site or Mobile App on their Smartphone 50% 29% 8% 8% 7% 36% 1% Left the web site or app Decided to use another web site or app that offered similar products/services/content Contacted the company directly (e.g. using contact form, email, chat or telephone) Shared my experience on social media (e.g. Facebook, blog, Twitter, review sites, etc.) Posted a comment on the company's website None of the above Don't use a Smartphone Q6. Which of the following actions have you taken after having a “poor” or “very poor” experience using a web site or mobile app on your Smartphone? (Select all that apply) Base: Smartphone Users r (n=1,114)

@IBMExpOne | #smartercommerce And yet…our customers are becoming increasingly digital savvy * Econsultancy - 2013 92% of consumers research online and seek opinions via earned media before a purchase They are always connected…. have easy access to information… high expectations… 70% of consumers have stopped doing business with a brand following a poor customer experience and are fickle. 5 minutes the response time users expect from a company once they have contacted it via social media 84% of smartphone users check an app as soon as they wake up

Lots of Data, Not Enough Answers The Departmental Analytic Approaches of the Past are Insufficient Only 26% of companies have a well-developed strategy in place for improving customer experience.* 58% of companies have limited or no understanding of which usability issues affect conversion* 91% of companies have limited or no understanding of why people leave their site without converting* * Econsultancy - 2013

@IBMExpOne | #smartercommerce What should we do? 1. Customer at the front and center of analysis

The discipline of marketing is changing TIMELESS Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise. 2012 Understanding each customer as an individual. Creating a system of engagement that maximizes value creation at every touch. Designing your culture and brand so they are authentically one. 2014 Know each customer in context. Innovate and scale personally relevant and rewarding experiences. Co-create with customers, employees and partners. @IBMExpOne | #smartercommerce

Empowers marketing, merchandising, commerce and service leaders to engage customers in context at scale Provides solutions by business outcomes based on proven patterns of outperformers Ignites innovation with expertise from IBM and our extensive ecosystem of partners @IBMExpOne | #smartercommerce

Understanding your customers holistically requires putting the customer ahead of the analysis  Future Buying Insight ‒ Predicts outcomes and behavior using all data ‒ Integrates predictive intelligence at the point of impact to drive optimized interactions ‒ Reduces churn, improves CLTV Anticipating Customer Actions  Social Media Insights ‒ Prevailing sentiments ‒ Affinities and correlations ‒ Share of voice ‒ Relevant relationships ‒ Potential risks Mapping Attitudes & Opinions  Quantitative Insight ‒ Web site and mobile traffic data ‒ Customers in purchase funnel ‒ Completed transactions ‒ Conversion metrics Measuring Results Understanding Behavior  Qualitative Insight ‒ Surface customer struggle on digital channels ‒ Session replays to understand actual customer journey ‒ Identify impacted customers @IBMExpOne | #smartercommerce

@IBMExpOne | #smartercommerce What should we do? 1. Customer at the front and center of analysis 2. Integrate tools

Web Analytics & Customer Experience Analytics complement each other Quantitative insight by capturing website and mobile interaction data showing: • Purchase funnels • Real-time sales data • Traffic flow through site • Conversion benchmarks Capture, replay and analyze individual web and mobile interactions: • In-page context (including dynamic, personalized experiences) • Error messages displayed • Identify affected visitors Digital Analytics WHAT IS HAPPENING? Behavioral Analytics WHY IT IS HAPPENING? 360 CUSTOMER EXPERIENCE ANALYTICS SOLUTION  Improve customer experience  Increase lifetime value  Reduce operational cost  Increase loyalty and profitability @IBMExpOne | #smartercommerce

Understanding Your Customer is a key component to IBM’s ExperienceOne portfolio @IBMExpOne | #smartercommerce

@IBMExpOne | #smartercommerce What should we do? 1. Customer at the front and center of analysis 2. Integrate tools 3. Cross-functional SMEs

@IBMExpOne | #smartercommerce Cross-Functional SMEs Skills Business Analytics + UX UX + Web Analytics Designer + Analytics Developer + Analytics Social Media + Analytics Web Analytics + UX Qualitative Quantitative

Hard Things Possible Complex Things Easier Simple Things Quickly @IBMExpOne | #smartercommerce The industry’s most comprehensive portfolio

@IBMExpOne | #smartercommerce Customer Case Study

@IBMExpOne | #smartercommerce Wehkamp.nl 98% brand awareness 72% female buyers 51% new customers < 35 years >129 M visits 17.2M products sold 7.1 <M packages delivered 590M sales - RFS Holding >180.000 different articles 150.000 reviews

@IBMExpOne | #smartercommerce Wehkamp.nl 1. Improve Customer Experience 2. Recover Lost Revenue 3. Solve Technical Problems 4. Reduce Fraud

Search for all customers that struggled from the home page IBM Digital Analytics IBM Tealeaf 2 Identify impact on conversion rates or discover trends & anomalies Enables rich new ad-hoc analysis: segment by Drill down to understand why any attribute of the experience without tags Why are there low conversions from the home page? 1 IBM Digital Analytics View Individual Customer Experiences to understand why 2 IBM Tealeaf IBM Digital Analytics – Tealeaf Integration: 1 @IBMExpOne | #smartercommerce

@IBMExpOne | #smartercommerce Wehkamp.nl 1. Improve Customer Experience  10% improvement in conversion for specific segment 2. Recover Lost Revenue  40K in recovered sales 3. Solve Technical Problems  Technical fix saved millions in cart revenue 4. Reduce Fraud  Twice as much fraud detected and prevented

Questions? @IBMExpOne | #smartercommerce

Next Steps & Resources Resources:  IBM ExperienceOne: http://ibm.com/experienceone  IBM Customer Analytics (CA): http://ibm.com/customer-analytics/  IBM Tealeaf (TL) product details: https://ibm.biz/CEM-Tealaef  IBM Digital Analytics (DA) product details: https://ibm.com/digitalmarketing  IBM Social Media Analytics (SMA) product details: https://ibm.biz/socialanalytics  IBM Predictive Customer Intelligence (PCI) product details: https://ibm.biz/predictiveintelligence @IBMExpOne | #smartercommerce

@IBMExpOne | #smartercommerce

© IBM Corporation 2014. All Rights Reserved. IBM, the IBM logo, ibm.com are trademarks or registered trademarks of International Business Machines Corp., registered in many jurisdictions worldwide. Other product and service names might be trademarks of IBM or other companies. A current list of IBM trademarks is available on the Web at “Copyright and trademark information” at www.ibm.com/legal/copytrade.shtml. Copyright and Trademarks @IBMExpOne | #smartercommerce

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