This is the post excerpt.
Now that the title has gotten your attention! This blog is mainly discussing how Artificial Intelligence combined with Customer Experience Analytics can help businesses make and save money.
Digital customer experience analytics are all of the metrics that track and measure relevant data about the customer journey during every stage of the customer lifecycle. Customer experience analytics guide the digital marketing agenda and are used to prioritize the use of marketing actions and investments.
Here are two most common platforms that you might have used – Amazon & Netflix. So, What do they track? How do they use it?
Structured Analytics answers the “what” questions:
- What kind of customers transacted?
- What purchases did they make?
- What products are selling?
- What devices are they using?
But, in order to create a competitive edge and better customer experiences, businesses need to get answers to the Unstructured Analytics. Unstructured data tends to be more qualitative and provides analytics associated with buyer behavior and sentiment. It leverages social media feeds, clickstream data, web site navigation habits and call center logs.
Unstructured data answers the “why” questions:
- Why did buyers make a purchase?
- Why did they choose one product over another?
- Why do buyers prefer to interact via one channel versus another?
- Why did customers defect to the competition?
IBM’s Watson customer engagement tool uses Artificial Intelligence in order to give you Unstructured data which the decision makers of organization can use to up their CEX game. Take a look at what this amazing tool can do – IBM Watson’s CEX Analytics
CEX only uses a three step process of visualizing customer journey, reliving customer’s experiences and gaining the insights that you need. When Machine learning abilities are applied to a Customer Engagement Analytics, Businesses would be able to find out directly where the bottlenecks were and why they were happening?
Let’s take a look at an example of what CEX and AI are capable of achieving that can help businesses with better planning.
STEP 1 : STRUGGLE ANALYSIS
Watson’s customer Experience Analytics offers a ‘Struggle’ Insight for all the web pages where customers were struggling to achieve their desired actions or goals.
STEP 2 : VIDEO RECORDINGS OF SESSIONS
After pulling out those pages highest struggle scores, you can go through individuals customer’s sessions recording. The entire page is captured plus all the interactions the customer had such as what they typed, where they hovered or clicked, what error message was displayed, what it looked like on their device whether it be mobile, tablet, or desktop.
This can capture EVERYTHING, EVERYWHERE, EVERY TIME!
STEP 3 : MACHINE LEARNING
By using the Artificial Intelligence and machine learning abilities, t’s easy to find every other customer that had the same issue. If there was an abandoned shopping cart because of the struggle, you can easily calculate the financial impact of this to your business.
I bet Renaissance Artists would have been good viral marketers in today’s time. As vague as it sounds, these artists did spread ideas that were globally accepted and are even referred to in 21st century.
( Teenage Mutant ninja turtles Painted As The Renaissance Painters They Were Named After by Owen Dippie)
In the later period of Renaissance, artists depicted a more personal reflection of how they saw the world, travelled more, developed better techniques to share, became creative geniuses, were paid more and gained more freedom over the art that they produced. Pretty similar to what a brand or a marketer strives to achieve in today’s digital space, What do you think?
Social Currency – For The Win!
To achieve a perfect formula for spreading ideas effectively, two things come easy – Dopamine and Oxytocin (Chemicals produced by human brain). Do you feel the urge to visit Social Media atleast once a day? That’s Dopamine in the play. Does getting a ‘Like’ make you happy in the smallest way possible? Yes, That’s Oxytocin at it’s best.
An average human shares 80% of things on social platforms that shows him/her in a good light and can increase one’s social status. The feeling we get from self presentation is so strong that visiting your own Facebook profile has shown to improve people’s self esteem.
THINK ! Clothes, Games, Music and the Logo on your Digital Device right now.
Social currency is often used nowadays to refer to an individual’s online influence and access to influencers, derived from their presence on social media sites such as LinkedIn, Twitter, Facebook and Instagram.Just as they use money to buy products, people use social currency to achieve desired positive impressions among their families, friends and colleagues.
Brands need social currency. In order to put your brand’s message and products out effectively, social currency becomes enormously important. It creates value through differentiation and increased relevance and it adds value beyond the product, namely the context of the daily life of people.
Marketers must understand how people engage with these new ways of connecting, collaborating, and co-creating. Consumers proactively engage in certain conversations about brands and their lives, they choose to advocate and recommend certain brands over others, and they identify and bond with brands more deliberately.
One of the TV shows that’s benefited the most is Game of Thrones. It’s almost a shame for someone who hasn’t watched it yet! I personally recommend it to enjoy the large scale of production the show manages to achieve.
Value-creating program involves a carefully designed mix of digital and offline efforts, online experiences in networks, traditional brand-building, and even product development efforts.
One such brand who understands this is STARBUCKS.
DID YOU KNOW – Starbucks misspells your name of purpose because they know what happens after that. Watch a Starbuck’s employee’s confession on this link.
Today’s digital technologies open up new and enormously exciting opportunities for building social currency. While there has been a plethora of experimentation over the years, it is clear that we have merely scratched the tip of the iceberg. As technologies evolve, new ways will emerge of how social currency can be built over time.
Today’s Da Vincis or Michelangelos need to identify whether their brand has such currency, Invest more in building such connections between customers and brands.
A brand community is a community formed on the basis of attachment to a product or brand. Both, in the offline and online landscapes it has become very important for the brands to become customer centric. In similarity to this principle, strategy consultants have identified three basic forms of community affiliations : pools, webs and hubs. Effective community strategies combine all three in a mutually reinforcing system.
(LIVESTRONG raised millions to fight cancer from social media.Click the link to know how: http://bit.ly/2v9MVrG )
Value creating practices are different for each community affiliations. Going forward, let’s identify the practices significant in each of the three affiliations : Pools, Webs and Hubs.
Members of pools are united by shared goals and value. Brands need to identify and consistently communicate a clear set of values that emotionally connect consumers with their brand. Unfortunately, pools deliver only limited community benefits, people share a set of abstract beliefs but build few interpersonal relationships.
MY STARBUCKS IDEA is an online community activity which works quite similar to customer suggestions with over 150,000 + active members. In the last six years, this community activity has lead to more than 300 innovations with a common goal of achieving a great coffee experience (I am sure the Melburnian community has a lot to contribute to this pool 😉 ) Here, Starbucks uses CUSTOMER ENGAGEMENT and BRAND USE as functions to create a better value for the brand and community.
Melburnians! If you have cracked the perfect coffee code, drop them a suggestion on this Link .
Webs mainly entail strong one-to-one connections with others who have similar or complimentry needs. It is the most stable form of community because the people in them are bound by many and varied relationships. Social media platforms like MySpace, Facebook and Twitter are classic examples that allow users to set up their own profile and build connections with like minded people who pursue similar interests through open interactions. Even closed interactions with the recent buzz around The Sarahah App
EA SPORTS’s FIFA Online is a community of FIFA players with more than 20 million active members. Members interact through online games, social media platforms, forums to share updates and keep their love for the game alive. EA Sports plays on SOCIAL NETWORK and COMMUNITY ENGAGEMENT functions to keep it’s members always excited about the game.
Since we are on the subject, Did you guys enjoy watching how Ronaldo owned Barcelona just last week? Ronaldo showing how it’s done!
Members of hubs are united by their admiration of an individual. Hub is a strong albeit unstable form of community that often breaks apart once the central figure is no longer present. Hubs can help communities acquire new members who hold similar values. Hubs can also be used to create or strengthen a brand pool.
Apple, one of the most innovative companies owes it’s success to one of the most influencial person of all times, Steve Jobs. Followers of Apple products almost saw him as the face of the brand and laid their trust in the companies innovations. Today, even after years of Steve Jobs passing away, Apple respectfully uses Steve Jobs legacy to grow it’s pool community for Apple products.
So, to end my first blog, I believe brands should identify relatable communities that exist around them to push their product in that market instead of having a random strategy for building community around their products.
Feel free to comment and share more examples around this topic. Every marketer likes to come across more campaigns, don’t we? 😉
References : Susan Fournier & Lara Lee (2009), Getting Brand Communities Right. Harward Business Review.