[Series] Critical Channels of Choice - Part 1: CX Now…CX How? Explore the Stack
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The document emphasizes the importance of customer experience (CX) as a critical driver of brand differentiation and highlights the need for businesses to adopt omnichannel strategies to meet evolving consumer expectations. It presents data indicating that poor CX leads to customer churn, and successful CX management can significantly enhance revenue growth. Additionally, it discusses the increasing reliance on digital channels and innovative technologies, such as chatbots and personalized video communications, to improve customer interactions and engagement.
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[Series] Critical Channels of Choice - Part 1: CX Now…CX How? Explore the Stack
- 1. CX Now…CX How? Explore the stack Matt Tredinnick, VP, Marketing Keith Wright, Senior Product Manager Chris Cummings, Principal Product Manager Critical Channels of Choice series
- 2. VP Marketing, Customer Engagement Solutions Precisely EngageOne Matt Tredinnick Keith Wright Chris Cummings Principal Product Manager, Customer Engagement Solutions Precisely EngageOne Senior Product Manager, Customer Engagement Solutions Precisely EngageOne Presented by:
- 3. By 2020 Customer Experience will overtake price and product as most important brand differentiators – most of it will be delivered via the digital channel. – WalkerInfo Customers will manage 85 percent of their relationship with the enterprise without interacting with a human. – Gartner Customers expect better, more personalized experiences. – DMA 3
- 4. Digital is the new normal… … and businesses are struggling to keep up 59% of 25-34 year-olds share poor customer experiences online.1 #1 reason that customers switch: Feeling unappreciated.4 4 Once a customer leaves, 4 in 5 say they will never come back.2 Acquiring a single new customer costs 5x more than retaining an existing one.3 1 in 26 unhappy customers file a complaint. The rest churn silently.5 Average value of a lost relationship: $289 per year.6
- 5. 5 What’s your organizational impact? • Missed key performance targets • Missed NPS • Customer churn • Reduced ROI • Negative media and word-of-mouth • Loss of morale • Staff retention
- 6. CX and omnichannel are top priorities in 2020 Most businesses have started their digital transformation 6 22.3% 32.2% 45.3% 49.0% 61.3% 0% 50% 100% Mobile engagement Single customer view Digital transformation Omni-channel communications Customer experience Top 5 Corporate Priorities 2020 Source: Aspire, The State of CCM-to-CXM Transformation, 2019 N = 512 enterprises (worldwide) 49% of businesses are investing in omnichannel communications to increase customer experience (CX) and realize higher business growth
- 7. Customer Life Stages 1. Find 2. Sell 3. Deliver 4. Bill 5. Service 6. Engage Upsell / cross sell Referrals Acquisition Onboarding / Enrollment Critical Communications Direct Mail E-mail Coupon Forms Welcome survey SignaturesContracts Welcome kit Personalized videos Bills & Statements Renewal Letters Business correspondence Payments Direct Mail E-mail Coupon Notifications Omni-Channel Means Lifecycle Marketing Companies who make CXM a priority grow revenues 41% faster Customer service 7
- 9. What’s in Common • ALL generations expect a blend of both DIGITAL and PHYSICAL channels as part of their ideal communications mix • ALL generations MOST enjoy having access to a PERSON who can help when they need it • NO generation gives brands an A for omnichannel engagement, as ALL say brands are doing a “PRETTY GOOD” job • ALL have been FRUSTRATED by the lack of connection between channels • ALL have QUESTIONED their relationship with the brand because of the frustration 9
- 10. It’s all about creating a seamless experience… 71% of consumers have QUESTIONED why they do business with a brand that frustrates them cross-channel. 84% of consumers are FRUSTRATED when they have to repeat themselves as they shift across channels.
- 12. Rise in New Channels 12 Communication channels your organization plans to use in next 12-24 month (large enterprises) 0% 5% 10% 15% 20% 25% 30% 35% Print Web or mobile website Mobile Messaging - Whatsapp, Facebook Messenger Interactive Voice Response (IVR) telephone systems Personalized videos (unique for each recipient) Email Text / SMS Intelligence virtual assistants (IVA), such as Amazon Echo Chatbots Mobile push or in-app messaging Internet of Things (IOT) devices, such as wearables Not used, but planned Source: Aspire, The State of CCM-to-CXM Transformation, 2019 N = 83 large enterprises only
- 13. Keith Wright Senior Product Manager, Customer Engagement Solutions Precisely EngageOne 13
- 14. “93% of Senior Management say great customer experience is critical to their success.” “CX Goes Mainstream” – UserTesting, Feb 2018 ”70% of CX initiatives are not successful… undifferentiated, unclear ROI.” “An Inconvenient Truth” – CustomerThink, Feb 2018 “Customers expect better, more personalized experiences.” “Elevating the Customer Experience” – DMA, Winterberry & Precisely – April 2018 By 2022 video will account for 82% of all internet traffic across all devices. – Cisco 97% of marketers say that videos help customers understand products and offers better than any other medium. – Hubspot 90% of consumers claim that video will help and influence them in making a purchasing decision. – Social Media Today
- 15. Redefine the video experience by evolving to video that interacts 15 Traditional Video Everyone sees the same thing Personalized Video Each viewer sees their own video Interactive Personalized Video Each viewer charts their own unique video experience.
- 16. EngageOne Video – Measurable ROI Those using the EngageOne Video platform to communicate with their customers are seeing impressive results in a variety of industry verticals and use cases. 12% increase in retention among customers who have viewed their videos. 84% of customers said they better understand our services after seeing their videos. 74% of customers feel that we care about them. 55% of viewers contacted us after watching their personalised videos. 76% of customers were highly engaged with our message for over 4 minutes. 6x Return on Investment within the first 6 months.
- 17. Evolve to video that interacts. EngageOne Video. Engagement. Evolved. 17
- 18. Chris Cummings Principal Product Manager, Customer Engagement Solutions Precisely EngageOne 18
- 19. Consumer expectations evolve 19 Over 20 billion messages exchanged monthly between businesses and 1.3 billion consumers on Facebook Messenger.1 90% of SMS marketing messages are opened within 3 minutes – and 99% are opened within 20 minutes..2 U.S. smart speaker install base reaches 87.7 million adults This emerging interactive digital channel now provides access to over one-third of U.S. adults.3 Reducing customer effort is #1 factor in customer loyalty.4 Omnichannel Platforms Channels of Choice New Technologies Customer Experience
- 20. Mobile is a critical touchpoint – and digital engagement is essential. 0% 20% 40% 60% 80% 100% Voice-activated personal assistants Online communities Online portals Mobile apps Text/SMS Percentage of US customers who use and prefer the following channels when communicating with companies Prefer to use Total use20 75% Of customers expect companies to use new technologies to create better experiences
- 21. Mobile experiences must be compelling, connected and consistent 0% 20% 40% 60% 80% 100% Connected experiences are very important to winning my business I expect companies to recognize me wherever I engage I have no patience for disconnected experiences I expect the same level of service regardless of where I engage Percentage of customers that agree with the following … 21 71% of consumers have questioned doing business with a company due to a poor cross-channel customer experience. - CMO Council & Precisely, 2019
- 22. It’s time for organizations to achieve more efficient, personalized and responsive communications. Integrate with ERP or CRM systems to add specific, personalized content. Utilize real-time reporting for real-time results, including opens, click- through rates and more. Quick Contextual Accountable Create, design and deliver in minutes, not days or weeks. 22
- 23. In 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human. Chatbots can answer up to 80% of common questions, 24/7/365. Per-query costs drop from $6.00+ for human agents to less than $1.00. Chatbots can cut resolution time from 38 hours to five minutes. 23
- 24. 24
- 25. Other Use Cases 25 Financial Services • Automate customer service – Bill explainers, account transfers, check balances • Robo-advisor suggests practical changes to improve your credit score/financial future • Automate collection of funds Insurance • Get initial or full quote for home, auto, or boat insurance. • File claim or check status of a previously filed claim. • Answer basic policy and billing questions. Retail • Check order status, answer FAQs, get deals • Shopping assistant – Product recommendations, product comparisons, find items in-store • Post-sales tasks – Additional products/services, product reviews Telco • Automate customer service – Bill explainers, account inquiries, appointments, disruptions. • Automated upsell or cross-promotion – Eligibility for device or plan upgrades • Technical support with interactive, step-by-step guides Utilities • Automate customer service – Bill explainers, onboarding, appointment scheduling. • Acquire multi-product customers – Transpromo, step-by-step tutorials, interactive guides. • Deliver critical information – Keep customers safe and strengthen your relationship. Government • Automate customer service – Benefits explainer, status of a tax refund, paying tax bills. • Increase citizen engagement – Feedback; address health concerns (e.g., quit smoking). Healthcare • Automatically refill prescriptions and get information about the prescribed medications. • Reduce patient readmission with reminders/instructions to help them stay healthy. • Reduce paperwork – Keep patient records up to date through power of conversation.
- 26. 26 FALSE! Chatbots can… • Be created from an existing FAQ page • Be built and deployed in just minutes • Maintain a human connection with your customer when needed
- 27. Upgrade to autmated, data-driven, 1:1 communications with EngageOne Converse 27
- 28. Fierce, unrelenting competition for the attention of your consumers narrows our attention spans 8 seconds Average human attention span in the year 2018 9 seconds Average attention span of a goldfish 12 seconds Average human attention span in the year 2000
- 29. 29 What works? • Stimulating visuals • Personalized content • Right time & place Over one-third of millennial business professionals say they will only engage with content that has a great story or theme.
- 30. Send personalized email and SMS quickly with EngageOne Communicate 30
- 31. Are you prepared for digital transformation? 31
- 32. Critical Channels of Choice Webinar Series 32 Topic 1 Topic 2 Topic 3 Topic 4 register now!today register now! register now!
- 33. Q & A 33
- 34. Thank You
Editor's Notes
- #4: Successful companies focus on customer experience – but what does customer experience actually mean? Many companies think “customer experience” means focusing on online billing and promoting paperless options. It’s much more than that.
- #5: Rational Drowning Delivering a great customer experience isn’t easy Consumers are demanding personalized experiences, delivered in realtime, on the channels they prefer The impact of bad customer experiences and poor customer service is demonstrable and real Here are some of the trends and impact we’re seeing… Companies are struggling to keep pace with all this -- let alone get ahead of it Sources Share poor experiences online: https://www.newvoicemedia.com/blog/the-multibillion-dollar-cost-of-poor-customer-service-infographic Never come back: https://www.sdl.com/download/research-the-global-cx-wakeup-call/82425/ 5x more: https://hbr.org/2014/10/the-value-of-keeping-the-right-customers (up to 25x more expensive depending on the study) Feeling unappreciated: https://www.newvoicemedia.com/blog/the-62-billion-customer-service-scared-away-infographic Churn silently: https://www.slideshare.net/ekolsky/cx-for-executives Average value: https://www.mediapost.com/publications/article/122502/poor-customer-service-costs-companies-83-billion.html (this is a US figure)
- #6: Boston Consulting Group - Personalization Programs Increase Leading Companies’ Revenues by 6% to 10% - May, 2017
- #11: CMO Council and Precisely, Critical Channels of Choice, 2019
- #20: Sources: Over 20 billion messages are exchanged between people and businesses on Messenger each month - https://messengernews.fb.com/2019/04/30/messenger-at-f8-2019-over-20b-messages-exchanged-between-people-and-businesses-every-month/ 1.3 billion users on Messenger - https://www.facebook.com/business/marketing/messenger SMS stats https://www.tatango.com/blog/90-of-text-messages-are-read-within-3-minutes/ Nearly 90 Million U.S. Adults Have Smart Speakers, Adoption Now Exceeds One-Third of Consumers - https://voicebot.ai/2020/04/28/nearly-90-million-u-s-adults-have-smart-speakers-adoption-now-exceeds-one-third-of-consumers/ 55% of consumers welcome customer service chatbots - https://www.retailtouchpoints.com/features/news-briefs/55-of-consumers-welcome-customer-service-chatbots Stop Trying to Delight Your Customers - https://hbr.org/2010/07/stop-trying-to-delight-your-customers
- #21: https://www.salesforce.com/content/dam/web/en_us/www/documents/e-books/state-of-the-connected-customer-report-second-edition2018.pdf https://www.salesforce.com/company/news-press/stories/2019/06/061219-g/
- #22: https://c1.sfdcstatic.com/content/dam/web/en_us/www/assets/pdf/datasheets/trends-in-integrated-customer-experience-salesforce-research.pdf
- #24: New Way Emerging – the stats on this slide are customer support centric – please replace with ones specific to what you know about the buyer persona and use case In today’s customer experience landscape… Chatbots are emerging as a key way to help businesses engage with their customers in a variety of ways… Chatbots are available 24 hours a day, 7 days a week And can be deployed in a variety of different use cases, across all verticals – for customer support, for acquisition, retention, sales, and more Sources: 85%: https://www.gartner.com/imagesrv/summits/docs/na/customer-360/C360_2011_brochure_FINAL.pdf 80% of common queries: https://www.accenture.com/t00010101T000000__w__/br-pt/_acnmedia/PDF-45/Accenture-Chatbots-Customer-Service.pdf Cut resolution time: https://www.ibm.com/blogs/watson/2017/10/how-chatbots-reduce-customer-service-costs-by-30-percent/ Per query drop: https://www.ibm.com/blogs/watson/2017/10/how-chatbots-reduce-customer-service-costs-by-30-percent/ (I’m using Forrester cost of $6.00 vs IBM’s $15.00)
- #29: https://www.sciencedaily.com/releases/2019/04/190415081959.htm - Abundance of information narrows our collective attention span http://dl.motamem.org/microsoft-attention-spans-research-report.pdf - attention spans
- #30: https://www.campaignmonitor.com/blog/email-marketing/2019/02/this-is-the-effect-engaging-visuals-have-on-your-email-conversion-rates/ https://www.smartbrief.com/original/2019/03/storytelling-increases-social-media-audience-engagement-and-loyalty