Importance of Customer Experience and How You Can Improve it?
Increasing customer retention rates by 5%, increases profits by 25% to 95%. (Bain & Company)
Creating a Winning Customer Experience Strategy
According to Forrester research, experience-driven businesses grew revenue 1.4 times faster and increased customer lifetime value 1.6x more than other companies in the past year.
Customer Experience, also known as CX, is defined as the overall experience customers have with your business, based on their interactions and perceptions about it. It is a combination of a customer’s psychological, emotional, and physical encounter with your business.
Gartner predicts that by 2019, more than 50% of organizations will redirect their investments to customer experience innovations. Investing in innovative technologies to deliver the best customer experience can lead to increased customer satisfaction, brand loyalty and conversions.
Here are a few questions to keep in mind if you want your customers to have an exceptional experience:
How to Increase Customer Loyalty and Retention?
A report by Bain & Company reveals that increasing customer retention rates by 5%, increases profits by 25% to 95%. Differentiating your offering on price or product will no longer guarantee increased customer loyalty and retention.
Customers today are loyal to the companies that offer them the experiences they want – personalized, omnichannel and seamless. Integrate all the customer interactions and provide them with a seamless experience wherever they are.
How to Increase Customer Satisfaction?
According to Esteban Kolsky, 72% of customers will share a positive experience with 6 or more people. Build a relationship with your customer, communicate clearly and shorten the response time. Don’t make them wait.
Engage with them frequently on social channels, review forums, live chat, website, email, and other touchpoints. Providing your customers with superior experiences can improve customer satisfaction and increase conversions.
How to Achieve Higher Customer Lifetime Value?
Loyal customers are the most valuable customers. A study by Motista states that consumers with an emotional connection to a brand have a 306% higher lifetime value, stay with a brand for an average of 5.1 years vs. 3.4 years, and will recommend brands at a much higher rate (71% vs. 45%).
72% of customers will share a positive experience with 6 or more people. (Esteban Kolsky)
Acknowledge your customer, nurture them, build an engaged community and provide value to them throughout their journey at all touchpoints. Show your customers you care for them by personalizing their experience, rewarding them and providing an amazing user experience. Ask for their feedback frequently and let them know that you listen to them.
How to Build Better Brand Equity?
Providing awesome customer experiences at all the touchpoints has a positive result on brand equity. Increased brand equity translates to enhanced customer retention, improved marketing ROI and higher market share.
Provide exceptional customer service and build meaningful relationships with your customers. Increase your brand awareness and brand reach by communicating what your brand means through your content. Be consistent and relevant with your messaging to build trust with your customers.
How to Reduce Service and Marketing Costs?
A CX-centric approach leads to less guesswork about what customers want, which can add up to potential savings in marketing costs. By carefully collecting and analyzing customer data, brands can generate valuable insights and optimize their marketing spends.
Landing pages videos increase conversions by 86%. (Wordstream, 2018)
How to Increase Up-selling and Cross-selling?
According to research by Epsilon, 80% of customers are more likely to purchase a product or service when brands provide personalized experiences. With features like “Complete your look,” “Our picks for you,” “People who buy this also bought,” “Recommended for you,” “You may also like” you can provide personalized product recommendations to customers.
Personalized customer experiences can inspire customers to purchase more products and services resulting in higher average order values.
Frequently Asked Questions (FAQs):
What is the difference between customer experience and customer service?
Customer service is one of the many interactions that people have with your brand during their journey. It is centered around a dedicated department with clear guidelines to resolve different customer issues.
However, the customer experience is the culmination of every interaction a customer has with your brand and is the responsibility of everyone in the organization including all the automated touchpoints.
Why is Customer Experience Management (CEM or CXM) important?
At a time when customers have access to all the information about a brand on their fingertips and everyone is trying to get their attention through similar messaging, providing a fulfilling customer experience is the key to differentiate yourself from the clutter and establish a long-term relationship with them.
Customer experience management is important because research found out that more than 60% of the customers are willing to pay more for a better experience for similar products and services.
What is a customer experience management strategy?
A customer experience management strategy is the action plan to deliver a memorable customer experience across the customer journey. A good strategy takes into consideration your customers and their needs, and how you can best meet them. A customer strategy helps brands understand and respond to customer needs.
What is the business impact of improving the customer experience?
Optimized and efficient customer experiences can lead to:
- Improved and Personalized Targeting.
- Increased Conversions.
- Reduced Cost Per Acquisition.
- Increased Customer Engagement.
Creating Customer Experience with Adobe Experience Manager (AEM)
How Adobe Experience Manager (AEM) Creates Superior Customer Experiences:
Customer experience and customer engagement go hand in hand. According to findings by Aberdeen Group, companies with strong omnichannel customer engagement strategies retain an average of 89% of their customers, compared with 33% for companies with weak omnichannel strategies.
Delivering highly relevant, personalized, omnichannel experiences across the customer-brand interaction points requires a strong foundation of digital technologies.
A business that can offer dynamic, personalized engagement to customers across all channels and devices, rather than competing just on prices, stands to gain immensely. To personalize customer experiences on such a massive scale, you need a reliable, centralized system to manage and deliver it.
80% of customers are more likely to purchase a product or service when brands provide personalized experiences. (Epsilon)
A dynamic content management system or CMS is the cornerstone in building personalization powerhouse. A versatile CMS is one which can:
- Handle the fast-paced content creation and publishing.
- Ensure smooth website change approvals.
- Provide the ability to test quickly and correct your course.
- Generate valuable and actionable insights from predictive analytics and machine learning algorithms.
And, Adobe Experience Manager (AEM) is designed to do all that and more.
Innovative companies like Silicon Labs, Morningstar, and Swisscom used Adobe Experience Manager to automate the creation of highly personalized website experiences across channels, regions, and personas. As a result, Silicon Labs improved targeting by 60%, Swisscom improved the conversion rate by 40%, and Morningstar increased premium trial sign-ups by 26%.
With Adobe Experience Manager, a high level of customer experience personalization, workflow efficiency, and data analysis are available to companies of all sizes. AEM levels the playing field, so a business can compete with any enterprise in the world – now, and well into the future.
Frequently Asked Questions (FAQs):
What is a Content Management System?
A content management system or CMS is a dynamic software supporting multiple users to create, modify, organize, and publish digital content. A CMS is most commonly used for either enterprise content management or web content management.
What does Adobe Experience Manager do?
Adobe Experience Manager or AEM is a dynamic content management solution to build websites, mobile apps, online communities, and forms. In addition to helping you deliver valuable, consistent and personalized digital experiences, AEM helps you in managing all the marketing content and assets easily through its efficient digital asset management (DAM) functionality.
Companies with strong omnichannel customer engagement strategies retain an average of 89% of their customers. (Aberdeen Group)
What are the Benefits of Adobe Experience Manager (AEM)?
Besides being one of the most efficient content management systems, AEM offers below benefits:
- Simplified Authoring: With easy to use drag and drop components and intuitive tools, marketers can efficiently design the websites without having to rely on IT for support.
- Effective Data Management: Multiple sites, inventory of digital assets, online communities, digital forms can be smoothly managed and tracked by marketers from one place.
- Scalability: Scale-up and manage your customer experiences easily with AEM’s cloud manager capabilities and auto-scaling functionality.
- Security: AEM offers best in class data security and privacy to handle any kind of updates, traffic, and downtime.
- Content Intelligence: Create, automate and deliver timely, personalized and targeted content to your customers at the perfect channel through AEM’s AI-powered suite.
- Adaptable Customer Experiences: Meet your customers wherever they are and provide them seamless, omnichannel and integrated customer experiences easily.
Importance of Enterprise Search in Customer Experience
Intelligent Search and User Experience
The search box is an important feature when it comes to online shopping on a retailer’s website, mobile site or mobile app. In fact, on average, 30% of site visitors will perform an on-site search according to the Moz Blog.
“Search” is one of the most important parts of the user journey. Given the length and breadth of products, services, and functionalities offered by the websites, the search becomes one of the critical systems to help visitors obtain what they are looking for. Search plays a similar role, if not better, than a great navigation design, in getting the asked information precisely and instantly.
The search results page is one of the most frequented pages of the website. Furthermore, conversion rates through site search can be 50% higher than the average. Effective site search leads to reduced bounce rates and increased engagement through easy navigation and personalized search recommendations.
Site search also provides ample information to understand the shopping behaviors of visitors, and emerging trends among product categories. Viewing your site search analytics can allow you to understand your customers wants and needs, and can help you decide what to stock, which keywords to run PPC campaigns with, and what your top-performing searches are. These insights can be used to deliver highly personalized customer engagement.
The Coveo Advantage
Coveo is a game-changing application of artificial intelligence and machine learning in delivering a more personalized digital experience. And customers spanning a wide array of industries have reaped significant results by using Coveo to unify their content – no matter where it resides – and automatically recommend the most relevant information to every person, at every interaction.
60% of the customers are willing to pay more for a better experience for similar products and services.
Some significant results from clients using Coveo include:
- A customer experience management firm, Medallia, increased customer satisfaction and boosted their NPS score by 5 points.
- An international law firm, Fasken, increased conversion rates by 12% and average click-through rates by 46%.
- A software development company, Informatica, enhanced its content strategy and decreased content gaps by 50%.
Frequently Asked Questions (FAQs):
What is Intelligent Search?
For your search to be intelligent, you need to:
- Leverage AI and machine learning to personalize your search results based on customer interaction and online buying behavior.
- Optimize your data for voice search to leverage devices like Amazon Echo, Alexa, and Google Home.
- Be responsive and present on all the devices while providing relevant search recommendations.
- Keep your data inventory up to date.
What is Coveo Search?
Coveo Search is an AI-powered search which uses intelligent and predictive search technologies to deliver relevant and personalized search results to customers, employees, partners and anyone who interacts with your organization. Coveo keeps your data secure and gives you valuable insights into an individual’s search behavior which can be used to optimize the overall experience.
What are the solutions offered by Coveo?
Coveo offers the most dynamic solutions to create best in class customer experiences:
- Website Search: Deliver the most accurate and relevant search results to your customers with Coveo’s intelligent AI-powered search. Provide a seamless experience to your customers by easily integrating Coveo with your CMS and enterprise system with the help of readily available Coveo connectors.
- Content Personalization: Personalize search results and content based on customer behavior, location and their digital buying journey leading to increased engagement and conversions.
- Enterprise Search: With Coveo’s AI-powered enterprise search employees in your company can efficiently find the most relevant and useful content for the task at hand. The enterprise search functionality enables collaboration among employees and equips them to increase their work efficiency.
- Coveo for Commerce: Deliver personalized omnichannel search recommendations to your customers and deliver superior customer experiences through Coveo’s machine learning powered search. Leverage the Coveo Usage Analytics to gain valuable insights and enhance the search experience for your customers.
The Power of a Scalable Personalized Customer Experience
The combination of AEM’s Machine Learning Content Creation with Coveo’s AI Relevance Engine Creates the Ultimate Personalized Content Experience
Machine learning is the only way to scale a personalized customer experience, and with the combination of AEM and Coveo, you can create and deliver the right content, to the right person, at the right time.
It starts by first leveraging machine learning through the content intelligence features in AEM, such as smart cropping and auto-text summarization, to create the right content with the right format for your audience. Then, once your content is created, Coveo can leverage AI-powered search and recommendations to surface the most relevant content for each user.
Every time a visitor searches for information on your website, they’re giving you valuable feedback about the content they want. To close the loop on your content marketing process, you can turn this information into actionable insights to fine-tune your strategy with Coveo analytics.
TA Digital’s Coveo for AEM allows you to take full advantage of the powerful features offered by both platforms. It does this by making it easy to move your AEM content into the Coveo index.
Using the configuration tools provided by the connector you can manage your Coveo index directly within AEM. You can create fields in Coveo and then map these to AEM fields. Then you choose the content paths within AEM you wish to index. Coveo for AEM does the rest. Your content and its associated metadata are added to the Coveo index automatically.
These configuration tools allow you to avoid the time and effort required to expose your AEM fields as metadata within the content pages themselves. This significantly reduces both cost and time to market when implementing Coveo.
The Coveo for AEM connector provides you the quickest, most efficient indexing method available. It is built on top of Coveo’s Push API which allows your AEM instance to push the content into the Coveo index as needed.
Experience-driven businesses grew revenue 1.4 times faster and increased customer lifetime value 1.6x more than other companies in the past year. (Forrester, 2018)
Until now AEM users had to rely on a crawling module to crawl the site content. This was both time-consuming and caused delays in moving content updates into the index. But now, whenever your content is updated and published, the Coveo index is updated in real-time.
Frequently Asked Questions (FAQs):
What is AI-powered search?
AI-powered search is the next-generation of search technologies that use natural language processing (NLP) and machine learning to organize and understand a set of data, predict the intent of a search query and improve the relevancy of results that are returned, automatically.
Machine learning algorithms use the actions from each and every user to predict and surface the content that has the highest probability of leading to a successful outcome. And it can be embedded as a search box, widget or page, in virtually any web application to deliver a richer, more relevant digital experience.
How do you use AI on your website?
There are three primary ways to use AI and machine learning on your website: to facilitate content discovery, to reduce the steps to conversion, and, in the case of a commerce-enabled site, to increase revenue per visit.
Whether visitors to your site are anonymous or authenticated, AI can learn from click actions and search events to understand an individual’s context and intent, to serve up more relevant content and recommendations during each and every visit.
Coveo for site search transforms the digital experiences you have with a brand by guiding you to the most relevant content, suggesting queries, dynamically presenting filters and facets, and predicting the most relevant information based on your needs.
Conclusion: What You Should Do Next?
Not realizing the importance of customer experience is no longer viable today. Customers today are more informed and better equipped than ever to make a purchase decision. Providing customers with personalized and amazing experiences would result in increased loyalty and revenues. Here are 5 things you need to keep in mind to create superior experiences for your customers:
1. 360-degree Personalization:
Providing personalized omnichannel experiences can result in up to 5% gain in revenues. Personalized email campaigns, search recommendations, smart content personalization, omnichannel personalization, and personalized product/service recommendations based on browsing history on its website could lead to enhanced customer satisfaction and increased customer retention.
2. Predictive Analytics:
Leveraging big data and customer insights to provide meaningful customer experiences could lead to increased conversions.
3. Omnichannel Approach:
Be present on all the customer touchpoints and provide an integrated customer experience by bringing insights from all the channels at one point. Give customers what they want where they want it.
4. Intelligent Search:
Insite search is one of the most important aspects in providing a seamless customer experience. Use an AI-powered search to provide your customers with the relevant information they need leading to increased customer satisfaction.
5. Dynamic Content Management System (CMS):
Choose the best content management system to design and build exceptional user experiences to drive engagement and loyalty.
About TA Digital
TA Digital is the only global boutique agency that delivers the “best of both worlds” to clients seeking to achieve organizational success through digital transformation. Unlike smaller, regional agencies that lack the ability to scale or large organizations that succumb to a quantity-over-quality approach, we offer resource diversity while also providing meticulous attention to the details that enable strategic success.
Over the past 20 years, TA Digital has positioned clients to achieve digital maturity by focusing on data, customer-centricity and exponential return on investment; by melding exceptional user experience and data-driven methodologies with artificial intelligence and machine learning, we enable digital transformations that intelligently build upon the strategies we set into motion. We are known as a global leader that assists marketing and technology executives in understanding the digital ecosystem while identifying cultural and operational gaps within their business – ultimately ushering organizations toward a more mature model and profitable digital landscape.
Recognized in 2013, 2014, 2015, and 2019 Inc. 5000 list as one of the most successful technology companies in the United States, TA Digital is pleased also to share high-level strategic partnerships with world class digital experience platform companies like Adobe, SAP and Salesforce and possess global partnerships with industry leaders such as Sitecore, Episerver, Elastic Path, BigCommerce, AWS, Azure and Coveo.
Bounce rates have a huge impact on the ecommerce store rankings. But what exactly is ‘bounce rate’? If you have an ecommerce store that has a high bounce rate, here’s how you can reduce bounce rates and boost ecommerce conversions.
Joseph Brannon 7 min read