$46.8B Record U.S. agency revenue in 2015
A lot of people think they do a great job of producing fantastic digital experiences for customers. In fact, according to a study by Econsultancy and IBM, 69% of marketers believe strongly in their ability to deliver superior experiences online. And yet the same study found that 51% of customers who left a company blamed it on bad online experiences.
Clearly, many brands aren't delivering the kinds of mind-blowing experiences they think they are.
A big part of the problem is the huge power shift happening in the marketplace today. We've lost control of the conversations we're having with consumers. Consumers have more of everything—more power, more information, more options and more ability to tune out companies that just aren't relevant to them.
So what can we do about it?
According to Forrester Research, there is a strong correlation between higher rates of revenue growth and two factors: a better customer experience and a concerted effort to be insights-driven. To deliver a great customer experience, we need to go beyond just focusing on the customer. We need to become customer-obsessed. We also need to take a systematic approach to building relevant, engaging, meaningful experiences for customers across every touch point.
Fundamental to successfully delivering a great customer experience is having a good measurement system. Most companies have a fragmented view of customer experience success metrics—such as click-throughs on email campaigns and conversion rates on their websites. But chances are good that customers interact with your brand across multiple channels, and you need that holistic picture. Moreover, sometimes—even if your customer converts—you've inadvertently made it really hard, which means they're probably never coming back. You need granular insights to fix what you may not know is broken.
Customer experience analytics can provide rich insights to better understand your customers in context so you can deliver a customer experience that engages them. This type of analytics can tell you who customers are, where they came from, what they're doing, where they struggle and what they want.
With customer experience analytics you can:
- See experiences through your customers' eyes.
- Understand the entire journey the customer takes across channels and touch points.
- Easily uncover aggregate trends and drill into individual sessions for root-cause analysis.
Gathering, measuring and understanding this information is important, but what's even more crucial is what you do with these insights. With a customer-obsessed strategy in place, you can listen to what your customers are saying with their actions as well as their words. You can understand and deliver what they really want—sometimes before they know they know it themselves.
Want to see how it works? I recently took part in a two-part webinar on making customer experience measurement actionable. Part 1 of the webinar explains how to define the right CX metrics and offers a real-world example of how an online retailer optimized mobile experiences and improved conversion rates. Part 2 dives into how to rally your organization around CX metrics to improve the overall customer experience. You'll also see a case study showing the power of creating personalized campaigns based on customer insights.
When you have the right tools in place, you'll be able to understand the customer experience across time, channels and devices, making it possible to win more business and drive loyalty. You'll be one of the few who actually does a fantastic job of delivering great experiences for your customers—instead of just thinking you do.
About the Author
Elizabeth Magill manages marketing for IBM Customer Analytics solutions within the IBM Commerce division. In this capacity, she leads a team of portfolio marketers who develop thought leadership, positioning and sales enablement for IBM's solutions that allow businesses to understand their customers with quantitative and qualitative analytics. Elizabeth brings over 15 years of experience in product marketing for leading software and service companies in the customer analytics and customer experience space, including DemandTec, Coremetrics and Aspect Communications. Elizabeth holds a B.A. from U.C. Santa Barbara and an M.A. from Georgetown University.
About the Sponsor
Customer Engagement Solutions from IBM help you create unbreakable bonds with your customers. Through a powerful set of tools and solutions for marketing, e-commerce and customer analytics, you can understand your customers, identify the moments that matter most and respond immediately with experiences that surprise and delight. Become a customer-oriented business, unleash the power of cognitive commerce and tap into an endless universe of information and possibilities.