As a CX and marketing professional, you are responsible for communicating and
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View this on-demand webinar to explore the key channels where your customers
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embrace new market opportunities and exceed their expectations.
Apidays New York 2024 - The Good, the Bad and the Governed by David O'Neill, ...
[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
8.
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
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
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
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
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.
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.
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)
Boston Consulting Group - Personalization Programs Increase Leading Companies’ Revenues by 6% to 10% - May, 2017
CMO Council and Precisely, Critical Channels of Choice, 2019
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
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)
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