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Dissecting the Art of
Building Great Customer
Experiences
Introduction
Customer experience has the power to make or break a brand. In our
remote, digital-first environment, providing exactly what the customer needs
is more important than ever. Consumers today demand an individualized
experience across channels, with contextual content. Every engagement
with a consumer is an opportunity for you, as a marketer, to demonstrate
that you know who they are, what they care about and how you can help
them. Consumers have high expectations from brands given the variety of
messages they receive. Their experience with your brand must be managed
in the right way to ensure that they are not frustrated.
There is a 4-8% increase in revenue for companies with
a customer experience mindset.
- Bain & Company
How often do consumers prefer to receive messages and communication
from brands?
Source: Personalization Pulse Check Report 2021
16%
Daily
Frequency doesn’t matter if information is relevant
Weekly Monthly Quarterly
39% 25% 5% 14%
2
Customers are likely to spend 140% more after a
positive experience.
- Deloitte
Engaged customers have:
10% 14% 1.14%
greater wallet
share in
deposit balances
greater wallet
share in
investments
an average of 1.14
additional product
categories
Consumers who believe that companies are doing well
in offering personalized experiences shop over three
times more frequently.
- Epsilon
39% of North American and European consumers prefer to receive weekly
communication from brands; for others, frequency doesn’t matter if the
communication is relevant. Inconsistent messaging across channels,
receiving irrelevant products, and too many or too few messages are the
most frustrating communication experiences for consumers in North
America and Europe. Brands must create a communication strategy keeping
in mind frequency and individual preferences. Personalization and
omni-channel marketing to deliver a consistent experience play a critical
role in engaging customers.
Discussion about customers and data is futile if it doesn’t take into account
the ways in which behavior of customers and the brands interacting with
them has changed globally. Emerging trends in this post-pandemic world
indicate an increasing focus on keeping the customer at the centre of the
product and brand strategy. This has worked well for organizations across
verticals and geographies.
How digital adoption enhances customer experience
Among financial institutions, fully engaged customers bring $402 in
additional revenue per year to their primary bank compared to those who
are actively disengaged.
3
When a person purchases an item from a retail store,
they don’t expect to see an email or mobile notification
prompting them to repurchase the same product, if it's
not a repeat purchase. Consumers want brands to
personalize their experience based on their purchase
history and known interests and expect them to leverage
this information in the right way.
- Meagan White
Senior Marketing Director, North America
MoEngage
When we think about customer experience, the key question to ask is, "How
do we create the best experiences for users both within and outside of our
product?" You need to spend time to figure out how to build seamless
workflows so that everything is at your user's fingertips or a couple of clicks
away.
It’s all about customer
experience
We use analytics and attribution tools to understand
behavioral differences between our user segments,
such as renewing customers versus churn customers.
We also run A/B tests to test our hypothesis and
reiterate our findings.
Christopher Smith believes that brands need to understand what
customers are doing within their app or website. This doesn’t happen by
using hunches or assumptions to drive business. He recommends that
brands “should collate data by engaging in A/B testing or multivariate
testing to make sure that they're showcasing the best experience”. Use of
third party tools to understand behavioral differences between user
segments such as renewing customers vs churned, or identifying users by
their investment profiles can be a game changer here.
- Trang Dao
Vice President, Growth
Atom Finance
4
To engage users before they even purchase their product, organizations
need to ensure that their registration process is quick and easy. Getting
rid of unnecessary fields simplifies the customer experience.
A majority of engaged customers receive communication that is not related
to the product or service that they want - a big mistake when it comes to
personalization. The trick lies in finding the optimal time to ask users what
they want and making it really easy for them to communicate their
preferences. This can be easily achieved by mapping their behavior via
insight-led engagement.
The most active time of the day – Understand when your
customers use your platform.
Preferred communication channels – Pick the right
marketing channel to get your message across.
Content preferences – Decipher what each customer
prefers to view and recommend the right content.
MoEngage Analytics allows you to analyze consumers and predict behavior
such as:
5
You need to ensure that you have continual engagement with users to
nurture them at each step of their journey. Doing an isolated
pay-per-click ad, a display ad or an in-app ad is no longer going to cut it.
- Christopher Smith
Co-founder
American Graphics Institute
- Philip Greenwald
Chief Executive Officer
HiWave
Importance of 1:1 Customer
Engagement
Create 1:1 relationships with customers and maintain authenticity.
Do not assume that customers don’t want to share data.
There has been a gradual change and customers are now
willing to give information under the right circumstances.
Understand what users want by asking the right questions and
making it easy for them to communicate their preferences.
Honor customer preferences across channels, timing and
frequency by appropriately scheduling messages.
Segment the audience by geo targeting, ethnicity groups, user
interests etc. to engage like-minded consumers together.
Incentivize new customers and make them feel appreciated with
badges, certifications, congratulatory messages on work
anniversary etc.
Go-to Strategies for
Digital Adoption
6
Keeping every individual engaged.
Using multiple martech tools that function in silos.
Making sense of disconnected, incomprehensible data.
Launching an omnichannel campaign.
Inability to personalize customer experiences.
Inability to get a unified customer profile.
Acquiring new customers.
Top Challenges for
Marketers
Recognize my name 16%
Based on my previous purchase history 26%
Based on my interest 21%
Based on my location 11%
Based on my preferences 14%
Based on the products I engage with 12%
Whether you are using a customer relationship management tool, a
marketing automation system or a customer data platform, the data is
stored in different places and different teams have access to different tools.
There's really no visibility into each consumer's profile or individual interests
and behavior across different channels. As a marketer, if you must create a
consistent one-to-one multi-channel experience, you need all the data to be
connected.
Since customers have different preferences and expectations, using
segmentation to group them appropriately would make it easier to target
marketing communications.
Send contextually relevant messages that are based on customer
characteristics and behaviors such as recent browsing, browsing history,
wishlist or any personal offers that customers are interested in. For instance, a
majority of consumers in North America and Europe want brands to
personalize experiences based on their previous purchase history and interests.
Tackling the Challenges
Source: Personalization Pulse Check Report 2021
7
Additionally, marketers have access to advanced tools that enable them to move at
the customer’s pace and deliver relevant content real-time, across every channel.
AI, when used effectively, can become a marketer’s super power and help
minimize effort by auto-suggesting next steps in the customer journey.
MoEngage’s Sherpa enables you to pick the right time and messages for your push
notifications, emails and text messages.
Sherpa observes the performance of different message variations to
automatically pick and show top-performing content to customers in real-time.
It boosts ROI by identifying the best time to send messages and when
customers are most likely to interact.
Intelligent Path Optimizer uses Sherpa to maximize conversions and helps in
identifying the best journey for customers.
Focusing on critical moments in the customer journey and
having a holistic view of customers on a single platform
allows marketers to create an insight-led engagement
strategy, and removes guess work and trial-and-error.
- Irmina Myszkowska
Senior Product Marketing Manager, North America
MoEngage
Empiricus used MoEngage User Path Analysis to optimize
campaigns for their onboarding process throughout the
customer lifecycle. They observed a 45% increase in
conversions and a 100% increase in content engagement.
Customers today are more digitally savvy than ever before. They
interact with brands across digital channels such as websites, mobile
apps and social media. Therefore, having a holistic view of customers on
a single engagement platform would simplify a marketer’s task by
allowing them to follow a data-driven approach to personalizing
customer experiences.
Did you Know?
8
9
There is a growing need for organizations to use the right tools to facilitate experimentation and personalization
in order to increase conversion and optimization rates. Businesses need an effective optimization and testing
program that can help them achieve return on investment and edge out competitors.
Morganne Hatfield explains the three
different areas of Hanna Anderson’s
experimentation program
The ideation stage is a collaborative one where the team solicits test ideas from
the whole company. To build a culture that promotes testing, the company uses a
simple Google form to collect ideas from employees. Tests are conducted using
tools such as AB Tasty. This is followed by analyzing the results and calculating an
estimated run time based on the amount of traffic needed to reach statistical
significance. This information is then communicated to the teams early on so that
Hatfield can set the right expectations about the timelines for results.
Taking an experimentation approach is a great way to ensure
that you are keeping customer experience at the forefront and
enabling customers to find what they are looking for and get
personalized recommendations.
Using Experimentation to Improve Customer Experience
The cost to acquire new customers is increasing every year.
However, by optimizing experience and creating an effective
optimization program, you can decrease acquisition costs by
50%. You can thus convert more customers at a lower cost.
This can ultimately help you lift your revenues by 5-15% and
increase the efficiency of your marketing spend by upto 30%.”
- Mary Kate Cash
Senior Manager, Partner Marketing
AB Tasty
Test Results
Analysis
Test
Ideation
Test
Execution
The testing process needs to be iterative, defined, prioritized and
collaborative - you need to allow ideas to flow in from everywhere.
Get an executive sponsor who truly believes in the testing program and
get endorsement at the highest level in the company. Additionally, you
need a dedicated resource who can drive the program forward.
Communicate the progress, wins, learnings etc. from day one. Provide
weekly updates on tests to the leadership team as well as the
merchandising and digital teams. Also put in place quarterly internal
reviews for testing.
Test ahead of time to get data before you invest resources and save on
time, effort and money.
Build a culture of testing that can have a ripple effect so that there are
more people who are aware of what's going on. This will make them
more invested in the process, ask questions and pitch in ideas.
Capabilities of a Rock Solid
Testing Program We have seen the impact that the economic uncertainty caused by multiple
rounds of lockdowns and restrictions around the world has had on customer
confidence in 2020. Customers continue to shift to online shopping across
categories. It is likely that this shift will stay on after the pandemic. New
digital habits such as grocery/food delivery are being formed. Many apps
were born during the pandemic and they will continue to be a vital area of
investment as the economy recovers. The urgency for personalization in
marketing and customer expectations from brands has increased
exponentially. Customers expect brands to go the extra mile and anticipate
their needs based on their interactions, interests and personal preferences.
To meet these expectations, brands need to deliver the right product or
communication at the right time using a streamlined data-driven approach
that incorporates customer profiling, segmentation and customized
experiences.
Conclusion
Our Experts
10
American
Graphics
Institute
HiWave
Here’s what you can read Next:
Shopping Behavior and
Consumer Preferences in
North America and Europe
1. Personalization
Pulse Check Report
2021
Read More
2. Beginner’s
Guide to
Omnichannel
Marketing for
2021
Read More Read More
3. Insight-Led
Engagement for
Media &
Entertainment
Brands
05
11
4. State of Mobile
Finance in
2021
Read More
Creative:
stevepartners.com
About
MoEngage is an insights-led customer engagement platform, trusted by more than 1000 global consumer brands
such as Ally Financial, McAfee, Flipkart, Nestle, T-Mobile, Travelodge and more. MoEngage empowers marketers
and product owners with insights into customer behavior and the ability to act on those insights to engage customers
across the web, mobile, email, social and messaging channels. Consumer brands across 35 countries use MoEngage
to power digital experiences for over 900 million users every month. With offices in nine countries, MoEngage is
backed by Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast and Helion Ventures.
Fortune 500 brands across 35+ countries such as Deutsche Telekom, Samsung, Vodafone, Nestle, McAfee, and
internet-first brands such as Ola, OYO, Bigbasket, and Tokopedia use MoEngage to orchestrate their cross-channel
campaigns and engage efficiently with their customers.
MoEngage was recognized as a Leader in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms,
a Strong Performer in the Forrester Wave™: Cross-Channel Campaign Management (Independent Platforms),
Q3 2021, a Leader in G2 for Fall 2020 Grid® Reports, and the #1 Mobile Marketing Platform in G2's
Spring 2021 Momentum Report for our solutions. To learn more, visit www.moengage.com.
content@moengage.com
www.moengage.com
twitter.com/moengage
Creative:
www.stevepartners.com

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Dissecting the Art of Building Great Customer Experiences (1).pdf

  • 1. Dissecting the Art of Building Great Customer Experiences
  • 2. Introduction Customer experience has the power to make or break a brand. In our remote, digital-first environment, providing exactly what the customer needs is more important than ever. Consumers today demand an individualized experience across channels, with contextual content. Every engagement with a consumer is an opportunity for you, as a marketer, to demonstrate that you know who they are, what they care about and how you can help them. Consumers have high expectations from brands given the variety of messages they receive. Their experience with your brand must be managed in the right way to ensure that they are not frustrated. There is a 4-8% increase in revenue for companies with a customer experience mindset. - Bain & Company How often do consumers prefer to receive messages and communication from brands? Source: Personalization Pulse Check Report 2021 16% Daily Frequency doesn’t matter if information is relevant Weekly Monthly Quarterly 39% 25% 5% 14% 2 Customers are likely to spend 140% more after a positive experience. - Deloitte
  • 3. Engaged customers have: 10% 14% 1.14% greater wallet share in deposit balances greater wallet share in investments an average of 1.14 additional product categories Consumers who believe that companies are doing well in offering personalized experiences shop over three times more frequently. - Epsilon 39% of North American and European consumers prefer to receive weekly communication from brands; for others, frequency doesn’t matter if the communication is relevant. Inconsistent messaging across channels, receiving irrelevant products, and too many or too few messages are the most frustrating communication experiences for consumers in North America and Europe. Brands must create a communication strategy keeping in mind frequency and individual preferences. Personalization and omni-channel marketing to deliver a consistent experience play a critical role in engaging customers. Discussion about customers and data is futile if it doesn’t take into account the ways in which behavior of customers and the brands interacting with them has changed globally. Emerging trends in this post-pandemic world indicate an increasing focus on keeping the customer at the centre of the product and brand strategy. This has worked well for organizations across verticals and geographies. How digital adoption enhances customer experience Among financial institutions, fully engaged customers bring $402 in additional revenue per year to their primary bank compared to those who are actively disengaged. 3 When a person purchases an item from a retail store, they don’t expect to see an email or mobile notification prompting them to repurchase the same product, if it's not a repeat purchase. Consumers want brands to personalize their experience based on their purchase history and known interests and expect them to leverage this information in the right way. - Meagan White Senior Marketing Director, North America MoEngage
  • 4. When we think about customer experience, the key question to ask is, "How do we create the best experiences for users both within and outside of our product?" You need to spend time to figure out how to build seamless workflows so that everything is at your user's fingertips or a couple of clicks away. It’s all about customer experience We use analytics and attribution tools to understand behavioral differences between our user segments, such as renewing customers versus churn customers. We also run A/B tests to test our hypothesis and reiterate our findings. Christopher Smith believes that brands need to understand what customers are doing within their app or website. This doesn’t happen by using hunches or assumptions to drive business. He recommends that brands “should collate data by engaging in A/B testing or multivariate testing to make sure that they're showcasing the best experience”. Use of third party tools to understand behavioral differences between user segments such as renewing customers vs churned, or identifying users by their investment profiles can be a game changer here. - Trang Dao Vice President, Growth Atom Finance 4
  • 5. To engage users before they even purchase their product, organizations need to ensure that their registration process is quick and easy. Getting rid of unnecessary fields simplifies the customer experience. A majority of engaged customers receive communication that is not related to the product or service that they want - a big mistake when it comes to personalization. The trick lies in finding the optimal time to ask users what they want and making it really easy for them to communicate their preferences. This can be easily achieved by mapping their behavior via insight-led engagement. The most active time of the day – Understand when your customers use your platform. Preferred communication channels – Pick the right marketing channel to get your message across. Content preferences – Decipher what each customer prefers to view and recommend the right content. MoEngage Analytics allows you to analyze consumers and predict behavior such as: 5 You need to ensure that you have continual engagement with users to nurture them at each step of their journey. Doing an isolated pay-per-click ad, a display ad or an in-app ad is no longer going to cut it. - Christopher Smith Co-founder American Graphics Institute - Philip Greenwald Chief Executive Officer HiWave Importance of 1:1 Customer Engagement
  • 6. Create 1:1 relationships with customers and maintain authenticity. Do not assume that customers don’t want to share data. There has been a gradual change and customers are now willing to give information under the right circumstances. Understand what users want by asking the right questions and making it easy for them to communicate their preferences. Honor customer preferences across channels, timing and frequency by appropriately scheduling messages. Segment the audience by geo targeting, ethnicity groups, user interests etc. to engage like-minded consumers together. Incentivize new customers and make them feel appreciated with badges, certifications, congratulatory messages on work anniversary etc. Go-to Strategies for Digital Adoption 6 Keeping every individual engaged. Using multiple martech tools that function in silos. Making sense of disconnected, incomprehensible data. Launching an omnichannel campaign. Inability to personalize customer experiences. Inability to get a unified customer profile. Acquiring new customers. Top Challenges for Marketers
  • 7. Recognize my name 16% Based on my previous purchase history 26% Based on my interest 21% Based on my location 11% Based on my preferences 14% Based on the products I engage with 12% Whether you are using a customer relationship management tool, a marketing automation system or a customer data platform, the data is stored in different places and different teams have access to different tools. There's really no visibility into each consumer's profile or individual interests and behavior across different channels. As a marketer, if you must create a consistent one-to-one multi-channel experience, you need all the data to be connected. Since customers have different preferences and expectations, using segmentation to group them appropriately would make it easier to target marketing communications. Send contextually relevant messages that are based on customer characteristics and behaviors such as recent browsing, browsing history, wishlist or any personal offers that customers are interested in. For instance, a majority of consumers in North America and Europe want brands to personalize experiences based on their previous purchase history and interests. Tackling the Challenges Source: Personalization Pulse Check Report 2021 7
  • 8. Additionally, marketers have access to advanced tools that enable them to move at the customer’s pace and deliver relevant content real-time, across every channel. AI, when used effectively, can become a marketer’s super power and help minimize effort by auto-suggesting next steps in the customer journey. MoEngage’s Sherpa enables you to pick the right time and messages for your push notifications, emails and text messages. Sherpa observes the performance of different message variations to automatically pick and show top-performing content to customers in real-time. It boosts ROI by identifying the best time to send messages and when customers are most likely to interact. Intelligent Path Optimizer uses Sherpa to maximize conversions and helps in identifying the best journey for customers. Focusing on critical moments in the customer journey and having a holistic view of customers on a single platform allows marketers to create an insight-led engagement strategy, and removes guess work and trial-and-error. - Irmina Myszkowska Senior Product Marketing Manager, North America MoEngage Empiricus used MoEngage User Path Analysis to optimize campaigns for their onboarding process throughout the customer lifecycle. They observed a 45% increase in conversions and a 100% increase in content engagement. Customers today are more digitally savvy than ever before. They interact with brands across digital channels such as websites, mobile apps and social media. Therefore, having a holistic view of customers on a single engagement platform would simplify a marketer’s task by allowing them to follow a data-driven approach to personalizing customer experiences. Did you Know? 8
  • 9. 9 There is a growing need for organizations to use the right tools to facilitate experimentation and personalization in order to increase conversion and optimization rates. Businesses need an effective optimization and testing program that can help them achieve return on investment and edge out competitors. Morganne Hatfield explains the three different areas of Hanna Anderson’s experimentation program The ideation stage is a collaborative one where the team solicits test ideas from the whole company. To build a culture that promotes testing, the company uses a simple Google form to collect ideas from employees. Tests are conducted using tools such as AB Tasty. This is followed by analyzing the results and calculating an estimated run time based on the amount of traffic needed to reach statistical significance. This information is then communicated to the teams early on so that Hatfield can set the right expectations about the timelines for results. Taking an experimentation approach is a great way to ensure that you are keeping customer experience at the forefront and enabling customers to find what they are looking for and get personalized recommendations. Using Experimentation to Improve Customer Experience The cost to acquire new customers is increasing every year. However, by optimizing experience and creating an effective optimization program, you can decrease acquisition costs by 50%. You can thus convert more customers at a lower cost. This can ultimately help you lift your revenues by 5-15% and increase the efficiency of your marketing spend by upto 30%.” - Mary Kate Cash Senior Manager, Partner Marketing AB Tasty Test Results Analysis Test Ideation Test Execution
  • 10. The testing process needs to be iterative, defined, prioritized and collaborative - you need to allow ideas to flow in from everywhere. Get an executive sponsor who truly believes in the testing program and get endorsement at the highest level in the company. Additionally, you need a dedicated resource who can drive the program forward. Communicate the progress, wins, learnings etc. from day one. Provide weekly updates on tests to the leadership team as well as the merchandising and digital teams. Also put in place quarterly internal reviews for testing. Test ahead of time to get data before you invest resources and save on time, effort and money. Build a culture of testing that can have a ripple effect so that there are more people who are aware of what's going on. This will make them more invested in the process, ask questions and pitch in ideas. Capabilities of a Rock Solid Testing Program We have seen the impact that the economic uncertainty caused by multiple rounds of lockdowns and restrictions around the world has had on customer confidence in 2020. Customers continue to shift to online shopping across categories. It is likely that this shift will stay on after the pandemic. New digital habits such as grocery/food delivery are being formed. Many apps were born during the pandemic and they will continue to be a vital area of investment as the economy recovers. The urgency for personalization in marketing and customer expectations from brands has increased exponentially. Customers expect brands to go the extra mile and anticipate their needs based on their interactions, interests and personal preferences. To meet these expectations, brands need to deliver the right product or communication at the right time using a streamlined data-driven approach that incorporates customer profiling, segmentation and customized experiences. Conclusion Our Experts 10 American Graphics Institute HiWave
  • 11. Here’s what you can read Next: Shopping Behavior and Consumer Preferences in North America and Europe 1. Personalization Pulse Check Report 2021 Read More 2. Beginner’s Guide to Omnichannel Marketing for 2021 Read More Read More 3. Insight-Led Engagement for Media & Entertainment Brands 05 11 4. State of Mobile Finance in 2021 Read More
  • 12. Creative: stevepartners.com About MoEngage is an insights-led customer engagement platform, trusted by more than 1000 global consumer brands such as Ally Financial, McAfee, Flipkart, Nestle, T-Mobile, Travelodge and more. MoEngage empowers marketers and product owners with insights into customer behavior and the ability to act on those insights to engage customers across the web, mobile, email, social and messaging channels. Consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month. With offices in nine countries, MoEngage is backed by Multiples Private Equity, Eight Roads, F-Prime Capital, Matrix Partners, Ventureast and Helion Ventures. Fortune 500 brands across 35+ countries such as Deutsche Telekom, Samsung, Vodafone, Nestle, McAfee, and internet-first brands such as Ola, OYO, Bigbasket, and Tokopedia use MoEngage to orchestrate their cross-channel campaigns and engage efficiently with their customers. MoEngage was recognized as a Leader in the 2020 Gartner Magic Quadrant for Mobile Marketing Platforms, a Strong Performer in the Forrester Wave™: Cross-Channel Campaign Management (Independent Platforms), Q3 2021, a Leader in G2 for Fall 2020 Grid® Reports, and the #1 Mobile Marketing Platform in G2's Spring 2021 Momentum Report for our solutions. To learn more, visit www.moengage.com. content@moengage.com www.moengage.com twitter.com/moengage Creative: www.stevepartners.com