customer experience

11月 292018
 

Whether you're reading industry articles about smart tags or analyst reports about inventory tracking, you've probably noticed an uptick in coverage on the adoption of IoT (and RFID) in retail. Since I've been following these topics for awhile, I've decided to dedicate a series of posts on the ways IoT can be used [...]

Will 2019 be the year of an IoT epiphany in retail? was published on SAS Voices by Greg Heidrick

10月 112018
 

Smart retailers know that omnichannel customer experience isn't just about marketing anymore.  It’s about bridging all your digital and physical channels to recognize customers wherever they are, collecting data and understanding the retail customer’s purchasing journey. By taking customer data, product data, and supply chain data - and applying predictive and prescriptive [...]

Retailers: is your customer experience strategy working? was published on SAS Voices by Greg Heidrick

8月 112018
 

With analytics, brands can see the world as their customers do ‒ and shape customer experience in real time. And according to latest Harvard Business Review Analytics Services Report, Real-Time Analytics: The Key to Unlocking Customer Insights & Driving the Customer Experience, real-time analytics is a critical enabler. There are [...]

Who owns real-time customer interactions in the C-suite? was published on Customer Intelligence Blog.

1月 082018
 

Real-time analytics is, at its most basic, being able to present the right offer at the right time. And it’s the ultimate competitive differentiator in today’s age of highly valued customer experiences. Marketers need to understand why this capability is so important to customers, and how to implement this kind [...]

A marketer’s guide for real-time analytics was published on Customer Intelligence Blog.

11月 162017
 

The concept of real-time customer experiences has been around for a while. However, the ability to deliver real-time customer experiences had been limited until recently. Real-time experiences are progressively and significantly influencing today’s customer journeys. Tomorrow, successful customer journeys will not happen at all without them. What is the meaning [...]

How Do You #RealTimeWithSAS? was published on Customer Intelligence Blog.

10月 122017
 

I’ve been making note of recent interactions and observations with different companies that I’ve done business with lately. My goal is to share with you real ways in which excellent customer experiences are shaped. Observation #1: Witty conversations rule As I write this, I’m sitting at a Panera Bread restaurant [...]

Two memorable multi-channel customer experiences was published on SAS Voices by Lonnie Miller

10月 032017
 

Real-time customer experiences are an elusive yet coveted goal for all organizations. As competition intensifies in every single industry, organizations want to ensure they are providing customers with unforgettable results. Satisfactory is no longer enough. Not if you want your customers to come back. Forrester Principal Analyst Rusty Warner’s research [...]

SAS is revolutionizing the real-time customer experience was published on Customer Intelligence Blog.

8月 242017
 

Your business is in a battle to retain and increase your share of wallet from a happy customer base. Winning takes analytics-driven real-time customer experiences. If you’re unconvinced of the value that using analytics brings to the customer experience, a recent Forbes Insight survey of nearly 360 executives makes a compelling case, with benefits including:

    • Faster decision-making: 62 percent.
    • Better insight into a common view of customers: 51 percent.
    • Greater confidence in decision-making: 49 percent.
    • Greater engagement with customers: 49 percent.
    • Increased sales revenue: 47 percent.
    • More repeat business from customers: 44 percent.

With these advantage-building benefits you can imagine the risk to your bottom line from saying “no” to taking an analytical approach to delivering customer experience: Forrester puts it at a 14 percent missed growth opportunity.

What consumers want

All modern consumers are transitioning from digital-first into digital-only users – and they expect you and every other business to achieve “digital parity”. In other words, your organisation needs to match or exceed the best experiences your customers have had with other organisations online or in self-serve environments. The result is that expectations of brand experiences are higher than ever in this data-driven world.

Why an analytical approach delivers against consumer expectations

Over the last decade, a plethora of technologies designed to help us better address our customers has come and gone. For consumers, the result has been fragmented and inconsistent experiences and marketers found themselves failing to deliver a stellar customer experience.

An analytical approach to customer experience enables organisations to move from simply reacting to customers in the moment, to predicting those moments and the appropriate outcomes in advance, to deliver a more considered and strategic experience. Integrated analytics and decisioning is the only way to balance an understanding of a customer’s attitudes, preferences, interests and needs with customer lifetime value, propensity and risk. This approach allows you to make accurate and profitable decisions about the right content, the right offer, the right price or the right product in the moment a customer engages with you. In real-time environments, all this decision-making must be done in milliseconds – something a predetermined, rules-based approach cannot deliver.

 How can you capitalise on the real-time opportunity?

At the SAS Data and Customer Experience Forum, the data strategy and innovation director at a leading European broadcaster said that the key to improving customer experience was by “improving all of the small decisions that are made by organisations when they interact with customers.”

Small decisions are those made in response to an individual customer’s choices. Focusing on small decisions offers benefits in many ways:

  • Improving risk management and matching price to risk.
  • Reducing or eliminating fraud and waste.
  • Increasing revenue by making the most of every opportunity.
  • Improving the utilisation of constrained resources across the organization.

The result is a superior customer experience.

By deploying a real-time decisioning framework, this leading broadcaster has experienced a significant sales uplift through online cross-sell and upsell activities. Their customer retention team has also used this approach to significantly reduce retention costs across the same number of customers.

Organisations need to adapt from making decisions at organizational speed to making decision at customer speed. For instance, if a customer ignores an offer online, they should be served a more suitable alternative within seconds based on all of their individual data including their lifetime value, propensity and attitudes, as well as new contextual information (e.g., their location, the device they’re using, etc.),

For Shop Direct, a UK-based digital retailer, the use of analytics to deliver a superior customer experience has paid off with a 43 percent  increase in pre-tax profits. CEO Alex Baldock, said, "We're making the most of how well we know our customer and being increasingly tailored to each of them."

Baldock admits personalisation needs to be executed effectively and that crude personalisation can be damaging to the customer relationship. "If a customer buys a pair of slippers and we just target them with slippers for the next year, that could be worse than not personalising at all." (source: essentialretail.com)

Are you ready to take a more analytical approach to customer experience? SAS helps many organisations start their journeys. Read more about our approach to real-time customer experience and how we can help you become a customer-first organisation, too.

Become a Customer First enterprise read:

Customer Intelligence for the always-on digital economy

 

Why success in real-time customer experience is about small decisions was published on Customer Intelligence Blog.

7月 282017
 

Think big, start small, take the analytics-driven approach

You want to be a customer-first organisation, but are the benefits worth it? Forrester reports that customer experience leaders enjoy 17 percent CAGR (compound annual growth rate) as opposed to laggards at 3 percent.[1]

Organisations of all shapes and sizes are embarking on digital transformation – a term that’s become synonymous with putting a slick digital front-end on traditional processes. In reality, true digital transformation is about adapting business culture and processes to work with new technology. This isn’t simple and presents many challenges that must be overcome in order to put the customer first, including:

  1. Functional silos: Beneath the glossy front-end of the customer experience machine sit functional and data silos created because many companies organise themselves around products or channels, not the customer.
  2. Legacy systems: Systems of record and channel-specific technologies, often with their own rules and logic, and little ability to talk to each other, fragment customer journeys.
  3. Cultural change: The various departments that contribute to creating a customer-first organisation have different objectives and key performance indicators. This undermines the collaboration and cultural change necessary to put the customer at the core.

Unfortunately, customers don’t care that your organisation is built on complex legacy structures in the back-end. When they interact with you they expect accurate and timely responses and decisions, regardless of the channel through which they engage.

What time is real time?

These days, organisations need to be able to respond to changing customer expectations and provide a seamless joined-up customer experience at every point of interaction, often in real time. The issue is that "real time" means different things to different organisations.

Many believe that a good real-time customer experience constitutes the ability to react immediately to what the customer is doing right now in a specific channel. Displaying a banner ad based on where a customer clicks on your website, or triggering an encouraging email when someone abandons their cart are nice tactics, but fall short of delivering a customer-first experience.

Excellent real-time customer experiences can only be delivered when you truly understand your customers: and their wants and needs; their price sensitivity and preferences; their propensity to buy; their lifetime value; and their service expectations.

Being a true customer-first organisation requires the capability to collect and analyse the data that customers make available to you, then use it (responsibly) to deliver value back to them. Today, these sources are expanding to include structured and unstructured data from social and multimedia feeds, streaming data from beacons and devices, voice calls, transactions and browsing histories.

Better faster, real-time decisioning

Once you’ve analysed the data to uncover valuable insights about your customers, you need a decisioning framework that allows analytical insights to be applied to both historical and real-time contextual data. It must encompass your organisational goals, all the potential offers and actions that a customer could be presented with, eligibility, budgetary and other constraints in order to infuse deep customer understanding into the decision-making process for each individual customer. Only then will you be empowered to make highly accurate decisions across your business about the right next action, next offer, next content or next recommendation and deliver that real time. Not having these capabilities could signal the loss of competitive ground.

Leading retailers, financial services, telco and media organisations have seen significant improvements in customer experience, profitability and reduced costs by using a customer decision hub.

Where do you start?

Choose a use case; a business challenge you would like to overcome. Once you have achieved your intended goals, replicate the model across other use cases or business problems. This is best illustrated with some of the work we have implemented with a leading European broadcaster and for a well-known insurer.

The broadcaster wanted to use analytical-driven decisions to increase conversion rates. Within weeks its customer decision hub was up and running and over a 6-week period the organisation saw a significant increase in the uptake of online upsell recommendations.

A global insurer used a customer decision hub approach to automate complex claims decisions that were being handled in the call centre. They were able to cut average settlement decisions from 28 days to making decision in real time, and saw a 26 percent improvement in decision-making accuracy while also providing a superior real-time experience for customers.

Get started

We can help you brainstorm your first project and get started with less risk.

Find out how we can help you to become a customer-first enterprise - read Customer intelligence for the always-on economy.

[1] Customer Experience Drives Revenue Growth, Forrester Research, Inc., June 2016

So you want to be a customer-first organisation? was published on Customer Intelligence Blog.

7月 182017
 

In part one of this series, Clark Twiddy, Chief Administrative Officer of Twiddy & Company, shared some best practices from the first of three phases of Twiddy’s journey to becoming a data-driven SMB. This post focuses on phases two and three of their journey. Phase two is about action. Now [...]

How to be a data-driven SMB: Part 2 of Twiddy’s Tale was published on SAS Voices by Analise Polsky