Customer Analytics

Identifying moments that matter: the key to growing customer lifetime value

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The following is a guest post by Anurag Wadehra, Chief Marketing Officer at LivePerson.

Consumers are becoming increasingly vocal about where brands are failing them, and today, social networks and messaging apps are amplifying their complaints for potentially “viral” impact. What consumers are demanding is simple in premise and they can no longer be ignored: they want a personalized, human connection with their brands. But why is it that a vast majority of brands are unable to deliver?

At LivePerson, we believe that companies can begin to address this growing need by first recognizing that nothing can replace a positive human interaction, and secondly, by identifying the moments that matter. By understanding when and how different customers need to be engaged, you can create a connection that satisfies each one individually and also drives your business forward.

What are the moments that matter? By identifying certain moments, you can offer help to those who need it most in that very second. For example, when someone comes to your website with high intent to purchase, but can’t find what they’re looking for, this is a moment when the consumer needs to be engaged. It’s an opportunity to wow the consumer, help them to purchase, and potentially cement a relationship for lifetime value. There are certain consumers who can impact your brand significantly, both from a positive and negative standpoint, and we define these as “high impact” visitors.

High-impact visitors aren’t limited to your high-spenders and platinum customers. High-impact customers are those who significantly affect your business goals, your brand, and your ROI.

How to determine high-impact behaviors

While it’s always best to fine tune high-impact behavior for your specific business, consider the following as starting points to identify key visitors and scenarios:

  • The first-time customer with high cart value
  • A loyal customer showing intent to cancel
  • The visitor with a simple question, hovering on the 1-800 number page (a costlier option vs. finding resolution online)
  • A visitor who clicked a keyword and is stalled on your home page

From there, you can determine how these individuals might find resolution, and how best to connect with them. Equip your engagement team with best practices to personally assist each visitor according to their individual needs and preferences.

If brands can better identify and proactively engage their high-impact visitors, the result will be an overall improved, more human experience for individuals as well as potentially far greater value for the brand.

Think humans, not ’traffic’

Brands are moving from segmenting anonymous groups of visitors, to honing in on specific individuals—starting with behavior, history, preference and potential.

While there’s a place for aggregate data to show digital trends and overall campaign progress, individual engagements and conversations tell another side of the story. Your customers are having conversations with several of your company’s departments across myriad digital touchpoints. By capturing and mining these real-time conversations, you uncover a wealth of valuable information that can help you significantly improve your customer engagement practices. Further, you can start to connect the conversations your customers are having across marketing, sales and service so that previously siloed teams can start to work together to deliver a powerful and unified brand experience.

Take the guesswork out of targeting

Algorithmic-based behavioral targeting (or predictive targeting) leverages multiple data points in real-time to predict the most effective content and/or engagement for that individual. The moment they exhibit “intent,” consumers can be engaged via multiple digital channels, including live chat or video conversation, promo, video, and more, based on the individual’s profile.

Predictive targeting virtually takes the guesswork out of who and when the brand should engage, so that customer engagement professionals can focus on providing the most relevant and helpful experience to the customer the instant they are connected.

Which customers have the most high-impact potential for your brand? In the next post in this series, we’ll dive into details on consumer expectations for a meaningful brand experience.

Author bio:

Anurag Wadehra is the Chief Marketing Officer of LivePerson. Prior to joining the LivePerson team, Anurag led marketing for business-to-business software companies in the areas of mobile, eCommerce, advertising and data management technologies. Additionally, Anurag served in senior marketing positions at Kraft Foods and Procter & Gamble.

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