This post is sponsored by Acoustic.
Building a memorable customer experience is the centrepiece of any brilliant marketing strategy. Marketers need to constantly focus on enhancing their customersâ€™ engagement to remain relevant to their customers. The rewards of this are a boost in brand loyalty, life-long customer relationships, increased revenues, and a competitive edge.
However, this is easier said than done. Many companies struggle to meet, let alone exceed their customersâ€™ expectations because of the wide range of customer touch-points, evolving consumer trends, and not being able to make sense of the huge volumes of siloed customer data.
In order to deliver exceptional customer experiences, marketers must create relevant and meaningful interactions with the right people at the right time, via the right channel, with the right context â€“ every single time. And to achieve all of this, marketers must understand their customers.
Gaining insights into a customerâ€™s behaviour and interactions must be data-driven, and achieved by leveraging the right analytics tools.
PayPal, founded in 1998, operates a global digital payments platform that allows consumers and merchants to send and receive money in more than 200 markets worldwide. It has 267 million customers worldwide.
PayPal used Acoustic Experience Analytics to identify poor customer experience on its platform, in a proactive manner. It used AI and analytics to monitor its customersâ€™ journeys and areas of struggles on its platform, to identify where customers faced challenges, and how many customers were impacted.
This helped its engineers prioritise their efforts on issues to address first. By improving the customer experience, this resulted in an increase in the number of transactions per customer.
Acoustic Experience Analytics (formerly Tealeaf) is a behavioural analytics tool that can help companies analyse customer behaviour and optimise their experiences based on web and mobile interactions. Powered by AI, marketers can easily identify customer struggles, detect anomalies, and uncover hidden insights.
Forrester, along with Acoustic, recently conducted a Total Economic Impactâ„˘ (TEI) study of Acoustic Experience Analytics.
The organisations interviewed by Forrester identified that companies struggling to deliver impactful customer experiences had one common challenge: All these organisations had a tough time understanding their customersâ€™ interactions and struggles.
They lacked clarity about the issues their customers were facing, and hence, didnâ€™t know how to fix them.
After investing in Acoustic Experience Analytics, organisations gained a deeper understanding of their customersâ€™ experiences and struggles.
This allowed organisations to improve conversion rates and increase customer retention. These organisations leveraged features such as struggle analytics, usability analytics, anomaly detection, and journey analytics to engage with their customers better and boost revenue.
Additionally, the users of Acoustic Experience Analytics reaped the following results:
- 243% ROI with payback in less than six months.
- $10.2 million of net present value.
- 6% increase in online conversion rate.
- 5% increase in mobile conversion rate.
- 40% improved productivity across key users of the customer behavioural analytics tool.
Acoustic Experience Analytics identifies repeatable patterns of struggle, helping marketers understand and assess the cost of the struggle and impact to the business.
As shared in the PayPal case study, Acoustic Experience Analytics uncovers insights, allowing marketers to prioritise which areas they should be addressing first, and driving a return on their investment.
Read more in the full Forrester Total Economic Impact report.
The writer is David Vinton, head of solution engineering, Asia Pacific and Japan,Â at IBM in support ofÂ Acoustic.
Acoustic (formerly IBM Watson Marketing and Commerce) is the worldâ€™s leading independent marketing cloud platform. Acoustic serves an international client base of more than 3,500 brands, providing a range of AI-powered marketing offerings, specifically designed for the modern-day marketer.