Enterprises usually fail to master the more rewarding aspects of retail and this is how customer experience often gets neglected. Ecommerce websites thrive on customer satisfaction and user experience —some of the abstract metrics synonymous to an entrepreneurial crusade. That said, retailers find it difficult when it comes to addressing the success and failure of a specific customer- centric program. While the information related to user experience is immensely valuable, it is surely an impactful addition to the existing marketing endeavors of any organization— provided the standards are in sync with the basics of predictive customer intelligence.
Intelligence solutions, including IBM’s much talked about Tealeaf, help enterprises gain important insights regarding customers, their preferences and behavioral traits. This in turn assists companies with better revenues, decreased production support rates and reduced customer churn. While gathering information isn’t as straight forward as it seems, there are several functional perks associated with this approach.
Understanding Tealeaf Better
Before we start discussing IBM’s Tealeaf in detail, it is necessary to understand the basics of customer attrition. Attrition rate basically signifies the percentage of customers who abruptly discontinue subscriptions synonymous to a particular client. Another way of looking at it is to analyze the customer churn rates which need to be minimized in order to maintain a steady user base. It is evident that an established service provider will surely lose a few subscribers on a daily basis but for the clientele to expand, the growth rate must exceed a company’s churn rate.
The practical example of something similar would be an ecommerce website. With users navigating through the website and making selections, it often gets difficult for the marketing team to analyze the actual reasons behind sudden cart abandonment. Although everything looks fine until the user suddenly shies away from making the purchase, it all comes down to the buyer’s journey which is mostly a hidden determinant and isn’t actually visible to the management. While the marketing team is pretty good at taking educated guesses, the actual reasons behind a failed purchase might never get highlighted in the absence of a predictive customer intelligence module.
This is where Tealeaf comes handy as it flaunts a well-equipped Customer Experience Management framework. Customer insights can be gained using the proactive and reactive approaches, synonymous to this CEM setup. While the reactive approach comes to the fore upon encountering a roadblock, Tealeaf implements the Proactive mode for assessing the issues way before the occurrence. The former gets involved when a customer formally complains regarding website glitches and the abnormalities encountered while making a purchase. The IT team readily addresses the issues and comes up with relatable fixes. Tealeaf allows the concerned authorities to visualize the complete buyer journey and this is how the scenario can be recreated, from the customer’s point of interaction.
The proactive approach makes use of advanced predictive intelligence algorithms and readily identifies the key areas where a purchase could go sour. A customer that has abandoned an ongoing purchase can therefore be redirected to the website by using Tealeaf’s proactive strategy. In simpler terms, this approach helps a business optimize the customer visits and amplify overall service effectiveness; thereby detecting issues faster and resolving them with urgency.
Advantages of Using Tealeaf
Having Tealeaf in your arsenal can surely amplify the existing marketing strategies by adding intelligent IT solutions in to the mix. Some of the more functional benefits of leveraging Tealeaf include:
- Increased Revenue— An intelligent CEM framework like Tealeaf can actually minimize the customer churn rates and increase conversion rates. This eventually leads to sizeable transactions and higher revenues.
- Decreased Production Support Rates— As mentioned previously, gaining customer-specific insights can eventually reduce the additional costs. Enterprises are quick when it comes to understanding customer requirements and therefore the existing website issues are often fixed immediately — minimizing additional support costs.
- Amplified Competency— Tealeaf creates a common language across companies and sectors; therefore creating a feedback loop for the stakeholders and IT specialists.
- Reduced Dispute Investigations— Tealeaf or the concerned CEM setup can seamlessly access archived records and swiftly resolve the existing set of concerns. This in turn amplifies customer experience and addresses issues related to dispute investigations and grievance control.
Every organization, regardless of its size and spread thrives on higher levels of customer satisfaction. However, in order to generate revenue, the user journeys are often neglected. Having a CEM setup at our disposal can readily enhance the activity levels of an organization while reducing the customer attrition rates. Although it is good to increase the existing subscriber base, it is equally important to retain the loyal ones by maintaining decent customer satisfaction levels.