Have you ever gotten caught up on Facebook clicking one after another on the videos and articles it throws up on your page?
Companies that get predictive analytics right can greatly improve their customer experiences and in turn leverage their data to offer a better CX and realize true customer lifetime value.With the rise of Big Data, along with Machine Learning, Predictive Analysis is becoming the status quo.
This technology applies to every industry where returning customers are a vital part of their strategy.
Companies that are consolidating their customer behavioral and purchase data with SSoV on social media and other public platforms are finding that an omnichannel approach to data can help them build predictive analytic tools that can offer exceptional customer satisfaction and a better customer journey.Think of predictive analytics it like a weather forecast for your business that can use existing data to predict future outcomes.
Predictive analytics leads to higher engagement, increased customer retention, and higher lead generation, which ultimately results in increased sales.There are seven types of predictive analytics to pay attention to when it comes to customer experience.
Each type helps gain better understanding of customers and improve the overall brand experience.1.
Have you ever sat on hold with your cable provider, trying to figure out why your bill always seems to be more money than you thought it was going to be?
Frustrated by this modern-day phenomenon, you hang on through the horrible hold music, only to be transferred several times to someone who tells you your issue will have to be “escalated” to a supervisor who will get back to you.A couple of days later, you receive an email from your cable provider who declares you one of their “valued customers,” advertising an exclusive deal for their Wi-Fi services.
The last thing you’re going to do is sign up for yet another service with that company, regardless of how good of a deal they pitch you.You may not realize it while you’re hitting that delete button, but what you just did was what most consumers do these days; decide on a brand not based on price, but on your experience and emotional response to them.Today’s crowded digital landscape and an ever-expanding eCommerce marketplace means that brands and consumers alike are looking for something more than just a straightforward buyer/seller transaction.
By using customer data to provide an enriched and engaging brand experience, you’re providing a deeper emotional connection and a sense that you understand their needs now and in the future.
This is the extra something that will keep customers faithful to your brand.Emotions and Experience Control Purchase PowerSmart, future-focused brands have been looking at the emotional side of customer experience strategy for some time now, because when you use emotion to drive your CX efforts, it becomes a powerful differentiator between your brand and your competitors.More companies are getting better at the functional basics of customer experience, like responding in a timely manner to questions, streamlining the purchase process, and providing potential product recommendations.
Brands that are thinking of the next step ahead know that they need something unique to offer that separates them from their competition.
In the past 18 months the pandemic has made us hyper-aware of what we touch, and how often we wash or sanitize our hands has become as second nature of a habit as glancing at our smartphones an average of 58 times a day (yep, that’s an actual statistic!)
Even as the pandemic starts to wind down, one major leftover of our Covid-19 existence seems to be a continued and even increased call for a sanitized, safety-conscious experience in all things.The near exponential growth of eCommerce over the past year is a direct example of the new consumer expectations.
As lockdowns became the new normal, businesses and consumers increasingly “went digital”, providing and purchasing more goods and services online, raising e-commerce’s share of global retail trade from 14% in 2019 to about 17% in 2020, and this is expected to jump to as high as 22% in 2021.Customer expectations have heightened as purchase priorities have shifted and buying behavior has changed.
The transition toward interfaces that rely on voice, gesture, and proximity instead of touch a movement called “zero UI” – will apply not only to in-person purchases but to other publicly shared UI controls such as ATM screens, in-store feedback buttons, checkout PIN pads, elevator buttons, smart boards, and more.What does that mean for future-ready brands?
A deeper commitment to providing an AI-empowered customer experience will be necessary to compete, but brands that succeed will find a way to provide this while also baking into their strategy a human-centric element that keeps the customer at the center of each interaction, and maintains efficiency, security, privacy, and choice.What trends can you anticipate seeing?
Here’s some insights.Touchless TechnologyThe latest user behavior shows that most people prefer a touchless environment instead of a high-end touch screen, however smooth and gliding the input is.
At Group FiO, we often discuss the value you can extract from customer data, and how you can best leverage that data to provide superior customer service.
One of the answers lies in customer sentiment analysis.When you think about the brands you’re most loyal to, it’s often for a number of reasons; you love their products, they have the best services and they help you in a time of need are typically at the top of the list.
It’s no secret that emotional connections are important when it comes to spending money or maintaining loyalties, nor is it a mystery that in today’s aggressively competitive eCommerce landscape, building a strong emotional connection with your customer base is the key to repeat purchases and real customer lifetime value (CLV).That being said, human emotions are incredibly complex, and can be incredibly difficult to quantify into a usable metric that can help you predict future sales and CX outcomes.Many organizations today are already attempting to capture and understand customer emotions.
You know the ones; after ending a conversation with a customer service agent, you receive a survey request about your experience.
Discover motivational indicatorsNot only are human emotions complicated and nuanced, they’re also fickle.
Artificial intelligence (AI) is emerging as a key technology to do this, because it enables brands to understand and interpret a wider range of emotions.
The same goes true for addressing concerns.
Smart organizations realize that can make or break a business, yet some still miss big when it comes to how to create those relationships and brand loyalty.
A recent study from McKinsey indicated that while it costs five times as much to attract a customer than to keep an existing one, most companies only allocate 18% of their overall marketing focus on retention.In today’s hyper-crowded eCommerce world, that simply won’t do.
Brands that aren’t using modern data-driven technology to inform and empower their retention and loyalty will find it hard to compete.How to Bridge the Loyalty Gap?So, what is the reason for this disconnect?
The reason for this could relate to a misunderstanding of how companies understand the concept of “brand loyalty”.
Tactics like providing a free gift with purchase or giving extra content to those who sign up for an offer or a membership are all great ways to give consumers that extra added push to look deeper at your brand and your product line and begin a relationship with both.Psychological Triggers: Commitment & ConsistencyIf you’ve ever decided to quit smoking or lose some weight, you know how stating your goal out loud to others can help keep you “accountable” to achieving your goal.
Have you ever sat on hold with your cable provider, trying to figure out why your bill always seems to be more money than you thought it was going to be?
Frustrated by this modern-day phenomenon, you hang on through the horrible hold music, only to be transferred several times to someone who tells you your issue will have to be “escalated” to a supervisor who will get back to you.A couple of days later, you receive an email from your cable provider who declares you one of their “valued customers,” advertising an exclusive deal for their Wi-Fi services.
The last thing you’re going to do is sign up for yet another service with that company, regardless of how good of a deal they pitch you.You may not realize it while you’re hitting that delete button, but what you just did was what most consumers do these days; decide on a brand not based on price, but on your experience and emotional response to them.Today’s crowded digital landscape and an ever-expanding eCommerce marketplace means that brands and consumers alike are looking for something more than just a straightforward buyer/seller transaction.
By using customer data to provide an enriched and engaging brand experience, you’re providing a deeper emotional connection and a sense that you understand their needs now and in the future.
This is the extra something that will keep customers faithful to your brand.Emotions and Experience Control Purchase PowerSmart, future-focused brands have been looking at the emotional side of customer experience strategy for some time now, because when you use emotion to drive your CX efforts, it becomes a powerful differentiator between your brand and your competitors.More companies are getting better at the functional basics of customer experience, like responding in a timely manner to questions, streamlining the purchase process, and providing potential product recommendations.
Brands that are thinking of the next step ahead know that they need something unique to offer that separates them from their competition.
Have you ever gotten caught up on Facebook clicking one after another on the videos and articles it throws up on your page?
Companies that get predictive analytics right can greatly improve their customer experiences and in turn leverage their data to offer a better CX and realize true customer lifetime value.With the rise of Big Data, along with Machine Learning, Predictive Analysis is becoming the status quo.
This technology applies to every industry where returning customers are a vital part of their strategy.
Companies that are consolidating their customer behavioral and purchase data with SSoV on social media and other public platforms are finding that an omnichannel approach to data can help them build predictive analytic tools that can offer exceptional customer satisfaction and a better customer journey.Think of predictive analytics it like a weather forecast for your business that can use existing data to predict future outcomes.
Predictive analytics leads to higher engagement, increased customer retention, and higher lead generation, which ultimately results in increased sales.There are seven types of predictive analytics to pay attention to when it comes to customer experience.
Each type helps gain better understanding of customers and improve the overall brand experience.1.
In the past 18 months the pandemic has made us hyper-aware of what we touch, and how often we wash or sanitize our hands has become as second nature of a habit as glancing at our smartphones an average of 58 times a day (yep, that’s an actual statistic!)
Even as the pandemic starts to wind down, one major leftover of our Covid-19 existence seems to be a continued and even increased call for a sanitized, safety-conscious experience in all things.The near exponential growth of eCommerce over the past year is a direct example of the new consumer expectations.
As lockdowns became the new normal, businesses and consumers increasingly “went digital”, providing and purchasing more goods and services online, raising e-commerce’s share of global retail trade from 14% in 2019 to about 17% in 2020, and this is expected to jump to as high as 22% in 2021.Customer expectations have heightened as purchase priorities have shifted and buying behavior has changed.
The transition toward interfaces that rely on voice, gesture, and proximity instead of touch a movement called “zero UI” – will apply not only to in-person purchases but to other publicly shared UI controls such as ATM screens, in-store feedback buttons, checkout PIN pads, elevator buttons, smart boards, and more.What does that mean for future-ready brands?
A deeper commitment to providing an AI-empowered customer experience will be necessary to compete, but brands that succeed will find a way to provide this while also baking into their strategy a human-centric element that keeps the customer at the center of each interaction, and maintains efficiency, security, privacy, and choice.What trends can you anticipate seeing?
Here’s some insights.Touchless TechnologyThe latest user behavior shows that most people prefer a touchless environment instead of a high-end touch screen, however smooth and gliding the input is.
At Group FiO, we often discuss the value you can extract from customer data, and how you can best leverage that data to provide superior customer service.
One of the answers lies in customer sentiment analysis.When you think about the brands you’re most loyal to, it’s often for a number of reasons; you love their products, they have the best services and they help you in a time of need are typically at the top of the list.
It’s no secret that emotional connections are important when it comes to spending money or maintaining loyalties, nor is it a mystery that in today’s aggressively competitive eCommerce landscape, building a strong emotional connection with your customer base is the key to repeat purchases and real customer lifetime value (CLV).That being said, human emotions are incredibly complex, and can be incredibly difficult to quantify into a usable metric that can help you predict future sales and CX outcomes.Many organizations today are already attempting to capture and understand customer emotions.
You know the ones; after ending a conversation with a customer service agent, you receive a survey request about your experience.
Discover motivational indicatorsNot only are human emotions complicated and nuanced, they’re also fickle.
Artificial intelligence (AI) is emerging as a key technology to do this, because it enables brands to understand and interpret a wider range of emotions.
The same goes true for addressing concerns.
Smart organizations realize that can make or break a business, yet some still miss big when it comes to how to create those relationships and brand loyalty.
A recent study from McKinsey indicated that while it costs five times as much to attract a customer than to keep an existing one, most companies only allocate 18% of their overall marketing focus on retention.In today’s hyper-crowded eCommerce world, that simply won’t do.
Brands that aren’t using modern data-driven technology to inform and empower their retention and loyalty will find it hard to compete.How to Bridge the Loyalty Gap?So, what is the reason for this disconnect?
The reason for this could relate to a misunderstanding of how companies understand the concept of “brand loyalty”.
Tactics like providing a free gift with purchase or giving extra content to those who sign up for an offer or a membership are all great ways to give consumers that extra added push to look deeper at your brand and your product line and begin a relationship with both.Psychological Triggers: Commitment & ConsistencyIf you’ve ever decided to quit smoking or lose some weight, you know how stating your goal out loud to others can help keep you “accountable” to achieving your goal.