Today’s marketplace requires deep understanding of customers and coordination of customer engagement across every channel. As digital commerce continues to grow, mobile commerce is skyrocketing. In fact, ABI Research recently revealed that mobile commerce will account for 24% of overall ecommerce revenues by the end of 2017.
As the channels of commerce continue to mature, the empowered consumer is changing business. They are always connected, have easier access to information and much higher expectations, with 42% of customers expecting businesses to respond to them within 60 minutes once they have contacted it via social media. They are also fickle – our research found that 63% of all online adults are less likely to buy from the same company via other channels if they experience a problem with a mobile transaction. Success in today’s world means meeting and exceeding customer expectations.
Outperforming companies deliver differentiated and personalized customer engagement. Continuous customer engagement requires systematic understanding of an individual in order to engage that individual in a productive manner in any brand interaction. Delivering on customer expectations requires a holistic, deep understanding of customers and coordination of engagement across every touch point. But this has been no easy feat for businesses that are often faced with more data than answers. According to our research, 91% of companies have limited or no understanding of why people leave their site without converting, and over half (58%) of companies have limited or no understanding of which usability issues affect conversion.
Complete customer insight with actionable information requires businesses to have contextually-related information on how customers interact with the business (i.e. on email, social, phone, in-person), who their customers are (i.e. their attributes, characteristics and demographics), their activity (i.e. behavioral data, usage and payment history), and why they behave the way they do (i.e. their opinions, preferences and needs).
This insight enables businesses to gain a deeper understanding of their customers, but to fully optimize the customer experience, businesses must take it a step further and combine:
- Digital analytics, such as website and mobile traffic data, customers in the purchase funnel, completed transactions and conversion metrics;
- Behavioral analytics, such as surface customer struggle, session replays to understand the customer journey, and impacted customers;
- Social analytics, such as prevailing sentiments, share of voice, relevant relationships, potential risks;
- Predictive analytics, such as automated, optimized real-time decisions, the next best offer for customers, and how they can reduce churn and improve lifetime value.
Understanding the context of all customer interactions will not only help businesses develop and improve the customer experience, but it can also have a profound impact on the business – increasing revenue, improving conversion rates and customer loyalty. By enabling businesses to better understand social commentary and sentiment, and better target customers based on intent and interests, these insights can help reduce customer struggle and churn to ultimately improve customer satisfaction. Companies can also use these insights to identify problems before customers complain, and improve the speed of site maintenance and problem resolution, therefore reducing operational costs.
For example, a financial services company trying to reduce customer churn can use customer analytics to track customers across stages of maturity and customer milestones, and gain insight into customer behavior and interactions across multiple channels including multi-channel interactions. They can also find out, for example, that the main area of drop off in the loan application process is with using mobile apps for completing applications, find out exactly where in the mobile app the customer is experiencing struggle, and take remedial action.
At this year’s Smarter Commerce Global Summit, IBM will launch a new solution, IBM customer analytics as part of its introduction of a new branded solution set for customer engagement, IBM ExperienceOne. IBM customer analytics include investments in new or enhanced capabilities for IBM Tealeaf and IBM Digital Analytics, designed to leverage synergies across the two product families. IBM ExperienceOne customer engagement solution sets help clients attract, delight and maximize lifetime value of customers based on the proven patterns of outperforming companies. The new customer analytics solution, Understand Your Customers, helps clients understand not just what customers are doing but also why, and to prioritize and automate engagement based on those insights. It uniquely provides the ability to contextually understand customers throughout the individual’s journey and lifetime relationships. The solution has the ability to deliver actionable customer insights for the enterprise, by optimizing customer experience combining digital, behavioral, sentimental and predictive analytics.
Understand Your Customers new customer analytics capabilities delivers deeper insight into customer behavior on mobile and customer experience analytics in the cloud for reduced cost and time to deploy. It combines qualitative and quantitative analysis for 360 degree customer insight through the integration between IBM Tealeaf and IBM Digital Analytics,which enables the transfer of segments between solutions and accelerates conversion cycle by analyzing macro and micro events. The new IBM Tealeaf cxLifecycle solution leverages the capabilities of IBM Digital Analytics and IBM Tealeaf to accelerate customer journey with lifecycle analytics.
Find out more about what we can do for your business here.