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What Is Cross-Selling?
Cross-selling involves selling related, supplementary products or services based on the customer’s interest in, or purchase of, one of your company’s products.
Its a great way of increasing customer loyalty and deeping customer relationships which in turn can improve customer lifetime value and retention.
This makes cross-selling an excellent growth strategy.
What we will cover:
Cross-Selling vs. UpsellingExamples of Cross-SellingBenefits of Cross-SellingPotential Drawbacks of Cross-SellingSteps for Cross-Selling to CustomersCross-Selling techniquesCross-Selling: Key facts and FAQs
Cross-Selling vs. Upselling
Cross-selling and upselling are two distinct practices that involve approaching existing customers and convincing them to purchase additional products or services. In the case of upselling, your goal is to sell a more expensive, more advanced product to the customer than they had planned by conveying its added benefits.
One example of upselling would be a cable television provider selling a premium plan with a more extensive selection of channels to a current subscriber of a basic package. Upselling may also entail approaching the customer at the point of sale for one product, offering a more advanced alternative.
In both upselling and cross-selling, companies must effectively utilise their existing and potential customer base to increase sales by offering appropriate additional products to the right customers. However, cross-selling never involves encouraging customers to replace their current choices with more expensive ones.
LEARN MORE ABOUT UPSELLING
Examples of Cross-Selling
Some examples of cross-selling include an electronics retailer offering a deal on a computer case, mouse, and screen cleaning wipes to a customer who purchases a new laptop, or an insurance provider offering renters’ insurance to its car policyholders.
Benefits of cross-selling
The main benefits of cross-selling include increased sales revenue,improve customer satisfactionand in B2B businesses, increased Customer Lifetime Value (CLV) through deeper integration in a customer’s business.
When it works, cross-selling is great for both you and for your customers. The ideal situation is one where your existing customer is not aware of a product or service that would improve their customer experience. You find them on theircustomer journeyat the ideal point, via their preferred contact method, and they react positively and go on to purchase the recommended product. Your sales increase, and their customer satisfaction increases because the product better fits their needs.
Potential Drawbacks of Cross-Selling
When it doesn’t work, cross-selling can be annoying for customers and ineffective at generating sales. This is almost always down to a lack of planning or appropriate data. If you recommend a product that makes no sense – for instance, promoting winter clothing to a customer who just bought a bathing suit – you may drive that customer away. If you approach a customer by phone who would typically place orders via email, you may not be able to make contact.
And strangely enough, cross-selling is notalwaysa great idea, even when it works. According to aHarvard Business Reviewstudypublished in 2012, certain types of problem customers can actually make cross-selling a profit-losing strategy. According to Denish Shah and V. Kumar, some customer types can put stress on your customer service staff, whether by returning or cancelling a large number of goods and services or withholding spending in other areas to spend on your cross-selling promotions.
It’s crucial toanalyse customer data and metricsrelated to your cross-selling marketing campaigns to evaluate which efforts produce cross-sales without reducing overall profitability, and which customers should be left out of cross-selling or approached with different methods, such as upselling. In general, cross-selling too many options to too many customers can be a losing endeavour if you don’t have a well thought out strategy in place.
Steps for Cross-Selling to Customers
Identify related products and services suitable for cross-selling
Identify suitable customers ready for a cross-selling
Develop a cross-selling campaign and customer journey
Before you can convince your customers to respond to cross-selling efforts, you need to identify which products and services go together: What do customers typically buy as add-ons to their purchases? What products are usually purchased together? Or even, what products have been successful in previous cross-selling campaigns? Solid data makes all the difference.
Say your company is a fitness centre: Do some of the members often buy drinks at your front desk? They might be interested in a supplementary beverage program for a flat monthly fee. Or maybe your online electronics shop has wireless headphones that could be marketed to recent smartphone buyers – these customers may even have browsed for headphones, but left them in their shopping carts without purchasing.
Identify related products and services suitable for cross-selling
The next step in creating effective cross-sellingcampaigns is targeting the right audience. Identifying cross-sellcustomers starts with the data you gather from your customers at every stage of their customer journey.
You can use information about in-person and digital communication your company has had with customers, their purchasing and browsing histories, whether they’ve repeatedly returned merchandise or cancelled services. All of this information can help you identify the best candidates for a cross-selling campaign. You can also target “look-a-likes” who demonstrate similar behaviours or characteristics to these customers.
Identify suitable customers ready for a cross-selling
Organising the information you receive through customer purchase histories and interactions is infinitely more effective when you use sales and marketing software with effective tools forCRM, and even better when coupled withAI-assisted sales analytics. Artificial Intelligence tools can automatically contact customers who display interest in certain products without the need for your staff to set up a new campaign each time. This frees up your marketing and sales staff for the more personal interactions that machines can’t perform.
Develop a cross-selling campaign and customer journey
Once you’ve identified customers who are ideal candidates for cross-selling, you’ve got to convert them. You then need to develop a strategy for presenting the potential cross-sales. If you have an online store, cross-selling through ads that appear during the checkout process can be effective, as canemail campaigns targetingthose who recently purchased a product. For higher cross-selling conversion rates, test out different approaches to making contact with customers, and adjust your approach based on analytics-based results.
Cross-selling techniques
Now that you’ve identified the customers you’d like to approach and the products you’d like to cross-sell, here’s some advice about techniques and some cross-selling tips to keep in mind:
Offer the customer additional products and services that will genuinely provide them with added value: Think about cross-sales from your a customer’s point of view, not just in terms of how much revenue you think you can generate. If you’reutilising a CRM, fewer well-placed offers are far more valuable than a greater range of offers that don’t benefit your customer relationships.
Find your customers at effective touch points on their customer journey: If they’ve used your website to place orders, email ortargeted adsmight be the best method for cross-selling. If they’re more likely to visit a store in person, a salesperson is more likely to cross-sell additional products and services to them in person or on the phone.
Use your existing inbound marketing campaigns to promote supplementary products and services: If you have content targeting an audience that buys luxury cars, for instance, you can include ads for car accessories on your blog posts and product descriptions to encourage cross-sales.
Make effective use of the data your customers provide: The new generation of consumers expects personalised service, even when it comes to upselling and cross-selling, and the tools for providing that through solid data are out there.
Encourage cross-sales by creating spaces for interaction between customers: An online community for skateboard buyers may be as effective at encouraging sales of additional wheels and other parts as your direct marketing efforts.
Make use ofsocial sellingtechniques: For example, social mediainfluencersare a valuable tool for reaching the widest possible audience in the current, predominantly digital sales environment. Offer incentives for influencers who already promote your products to mention supplementary products on their social media channels.
When handled with care, Cross-selling can be an effective way to increase sales revenue for your company. While you should take advantage of potential cross-sales, you need tools for gathering and analysing data to use cross-selling in a way that benefits your business and your customers.Managing your marketing and sales data intelligently gives you a competitive edge on your cross-selling efforts, thanks to sales AI. Find out more about LIKE.TG’s cloud software and Einstein Analytics with adeep dive into AI.
That’s a lot of info!
Here’s what you should take away from this article:
What is cross-selling?Cross-selling is the process of offering a customer products that are compatible with the ones they’re purchasing.
What’s the difference between cross-selling and upselling?Upselling is the practice of selling a more expensive product to a customer, while cross-selling is offering supplementary products.
What’s an example of cross-selling?An example of cross-selling would be offering a deal on a computer case to a customer who purchases a laptop.
What are the benefits of cross-selling?Benefits of cross-selling include increased sales revenue,improved customer satisfactionand increased Customer Lifetime Value (CLV).
Are there drawbacks to cross-selling?When it doesn’t work, cross-selling can be annoying and ineffective. This is usually down to offering incompatible or inappropriate products.
What are some steps for cross-selling to customers?The most important part of any cross-selling strategy is identifying products or services that are compatible with one another. After that, it’s identifying which customers are most likely to benefit.
What are some cross-selling techniques?When cross-selling, it’s important to always try to add value to the customer experience. You’ll also want to make sure that you’re offering the appropriate products at the appropriate touchpoints.
Cross-selling isn’t limited to burgers and software. It can be valuable in any industry, with any product.
Case in point: As a sales consultant, my clients sometimes need more than a basic training course or hour-long coaching session. Cross-selling books, additional training, or sales resources is almost always an option — and to make sure the door is open for those cross-sells, I continuously deliver valuable articles or insights to build trust. Then, when an opportunity presents itself, I go for the cross-sell.
This happened recently, shortly after the launch of my third book on sales. I had a few clients at the time who showed some interest in additional training for their sales teams, but I didn’t know exactly what they were looking for. So, I asked open-ended questions like, “What industry-specific insights or examples would be helpful?” and “What’s the best learning modality for your team?”
Eventually, I uncovered a good fit: a few clients with smaller sales teams that wanted resources sellers could use on their own time. I confidently proposed a cross-sell in our regular check-in conversations, offering bulk copies of my book at a discounted rate. Happily, they accepted, and many have noted since that the book has made their training more impactful.
Frequently asked questions
What is cross selling and why is it important?
Cross-selling involves selling customers related items when they are making a purchase. It’s important not only because it boosts revenue, but also because it increases customer satisfaction, builds engagement, and helps to create solid and lasting customer relationships
Does cross selling work?
Yes. Cross-selling provides value for both businesses and customers, leading to increased revenue, increased customer satisfaction and better long-term relationships. This is assuming that cross-selling is done correctly – as the products or services being cross-sold must be appropriate and fit the needs of the customer.
What is an example of cross selling?
Cross-selling involves offering additional products that complement a purchase. For example, if a customer is buying a new bike, the retailer might offer them a discount on a tyre pump or a bike light. An electronics retailer might offer a case, an external hard drive and a mouse with the purchase of a new laptop.
Understanding Process Automation: Examples and Benefits
Defining Process Automation
Process automation applies software and technology to streamline and automate business processes, aligning them with predefined organisational goals. In today’s rapidly changing and competitive business environment, companies face the challenge of staying ahead of the curve. They must not only boost competitiveness and profitability but also enhance resilience and agility to thrive. Process automation is a key strategy to address these challenges.
The Growing Importance of Process Automation
Increasingly, businesses are turning to process automation as a powerful tool in their quest for competitiveness and profitability. According to a recent Gartner survey of global industry leaders, 80% of respondents cited automation as a core business priority for success.
Defining Process Automation
Process automation involves leveraging software and technology to automate business processes and functions. These automated processes help organisations achieve specific organisational goals, whether it’s producing a product, onboarding employees, or providing customer service. Process automation offers a simpler and faster way to enhance business efficiency and agility, allowing companies to create workflows and automate tasks without extensive coding.
Business Process Automation to Digital Transformation
Initially, Business Process Automation (BPA) was conceived as a discrete component within the broader framework of Business Process Management (BPM), with a predominant focus on enhancing back-end productivity by automating repetitive and time-consuming tasks. This initial iteration of BPA aimed to alleviate the burden of routine operations, thus increasing efficiency and reducing the potential for human error. It was a crucial stepping stone in the journey toward more streamlined and efficient business processes.
However, the evolution of BPA has been nothing short of remarkable. What was once a supporting element has now taken centre stage and transformed into the driving force behind BPM. In the contemporary business landscape, BPA has emerged as the catalyst for comprehensive digital transformation. It has expanded its scope and capabilities to encompass not just the back end but also the front end of business operations, ushering in an era where process optimisation touches every aspect of an organisation.
The Role of Robotic Process Automation
Robotic Process Management (RPM) represents a pivotal aspect of modern process automation. It encompasses integrating robotic process automation (RPA) tools and bots into business systems, further enhancing automation capabilities. RPM leverages software robots that are meticulously programmed to replicate human actions, allowing them to execute an array of rule-based tasks. This technology not only simplifies and accelerates processes but also ensures the consistency and accuracy of operations. By automating these routine and repetitive tasks, RPM liberates human resources to focus on more strategic and creative endeavours within the organisation. The synergy between RPM and other cutting-edge technologies like AI, machine learning, and workflow automation solidifies its position as a cornerstone of digital transformation, streamlining processes across various business functions and offering a competitive edge in today’s dynamic business landscape.
Identifying Automation Candidates
Not all activities are suitable for automation. Process automation is most effective for repetitive tasks with well-defined steps, sequences, and rules. This approach ensures that the business process is consistently executed with the right people, in the correct order, and within specified timeframes. Some areas that commonly benefit from process automation include recruitment, employee onboarding, payment and payroll processes, workforce scheduling, invoicing, customer experience enhancement, and compliance and regulatory tasks.
Key Technologies in Process Automation
Two core technologies at the heart of business process automation are Robotic Process Automation (RPA) and Workflow Automation. RPA involves software robots that emulate human actions to automate rule-based tasks within business systems. In contrast, Workflow Automation focuses on the independent execution of tasks, documents, and information flows in line with established business rules.
Techniques and Technologies in Process Automation
To achieve optimal outcomes in process automation, organisations employ a diverse array of techniques and cutting-edge technologies. These innovative tools and approaches empower businesses to not only streamline their operations but also enhance their decision-making capabilities and adaptability. Here’s a more in-depth look at the key technologies that play pivotal roles in achieving the best results in process automation:
1. Hyperautomation:
Hyperautomation is not merely a technology but rather a comprehensive strategic initiative. It involves identifying, vetting, and automating as many businesses and IT processes as possible. By orchestrating multiple technologies, tools, and platforms, including AI and machine learning, hyper-automation enables organisations to automate various tasks and processes. It extends the reach of automation to virtually every aspect of business operations, paving the way for an extensive digital transformation.
2. Intelligent Process Automation (IPA):
Intelligent Process Automation represents the next evolution of traditional process automation. It combines process redesign with the power of robotic process automation and machine learning. IPA not only automates repetitive, rule-based tasks but also incorporates AI and cognitive technologies to mimic human activities and even learn from them. This infusion of intelligence into automation leads to improved performance, increased speed, reduced risk, and enhanced customer experiences.
3. Low-Code/No-Code Automation:
Low-code and no-code automation platforms are designed to be accessible to individuals with limited programming or coding expertise. They offer drag-and-drop functionality, visual tooling, and pre-built content. These platforms empower subject-matter experts to automate processes according to their specific needs. Simultaneously, they maintain governance and ensure compliance standards, allowing IT teams to oversee the integration of new automated processes within the system securely.
4. Big Data Integration:
Big Data is characterised not only by its volume but also by its complexity and speed. It encompasses structured and unstructured data, such as customer feedback, emails, videos, and images. Big Data integration into process automation allows businesses to leverage artificial intelligence and machine learning capabilities to guide decision-making, accelerate processes, and reduce the burden of repetitive tasks and assessments. It provides valuable insights previously buried within data, aiding in more informed decision-making.
5. Artificial Intelligence (AI):
AI technologies complement process automation by addressing the challenges posed by unstructured data. While traditional process automation thrives on structured data, AI is proficient at processing unstructured data, such as scanned images, webpages, and PDF documents. AI can convert this data into a structured format, making it understandable for other automation tools, which enhances the overall accuracy and utility of process automation.
6. Natural Language Processing (NLP):
NLP-powered tools excel at understanding human speech, context, and tone. In process automation, NLP can be deployed to enhance interactions, providing both internal and customer-facing automated responses. It allows organisations to deliver more effective and context-aware automated services and support.
7. Machine Learning:
Machine learning relies on Big Data to make informed decisions. When integrated with RPA, AI, and NLP, machine learning can identify trends, patterns, and insights from both data and human users. This augments the accuracy and relevance of process automation, making it a more valuable asset for organisations.
8. Intelligent ERP Systems:
Enterprise Resource Planning (ERP) systems have evolved to become intelligent and capable of supporting a wide range of business functions. Modern ERP systems incorporate AI and machine learning technologies to enhance operations across the organisation. Many automation functions are now integrated into these ERP systems, improving efficiency and performance in various departments.
Incorporating these advanced techniques and technologies into process automation solutions equips organisations to not only optimise their processes but also harness the full potential of their data. It results in more agile, adaptable, and intelligent operations that can respond to changing market conditions and customer needs with speed and precision.
Benefits of Process Automation
The advantages of business process automation are significant and include:
Increased business structure agility and resilience.
Enhanced operational efficiency with faster cycle times.
Improved compliance through transparent data trails and monitoring.
Reduced burden of slow, manual processes, enabling greater freedom to innovate and grow.
Real-time collaboration across the organisation, fosters teamwork and employee satisfaction.
Improved customer service quality and faster response times.
The Path to Digital Transformation through Process Automation
Successful digital transformation relies on several key strategic components:
1. Strategic Priority: In any organisation aspiring to navigate the digital transformation landscape successfully, automation must transcend the realm of individual processes and be elevated to the status of a strategic imperative that permeates the entire organisational fabric. Rather than viewing automation as a series of isolated initiatives, it should be ingrained in the company’s overarching strategy. This strategic approach ensures that automation is not merely a reaction to specific operational challenges but an integral part of the organisation’s vision for growth, efficiency, and competitiveness. By making automation a strategic priority across all functions and departments, companies can unlock its full potential, realising the benefits of coherence, cost-effectiveness, and adaptability.
2. People-Centric Approach: An essential facet of digital transformation is placing people at the forefront of the automation journey. Instead of expecting employees to conform to rigid automation processes, businesses should design automation solutions that adapt to the needs and preferences of their workforce. This people-centric approach emphasises that technology should serve as an enabler, enhancing human capabilities rather than replacing them. By focusing on making technology work for people, organisations can foster a culture of innovation and collaboration. Employees feel empowered to explore the creative aspects of their roles, while automation takes care of the repetitive and mundane tasks, leading to a more motivated and satisfied workforce. Furthermore, this approach promotes seamless human-machine collaboration, wherein both elements complement each other’s strengths, resulting in an agile and adaptive organisation well-prepared to thrive in an era of rapid change.
3. Scalability: Amid today’s unpredictable market conditions and an ever-shifting business landscape, scalability is a critical determinant for achieving and sustaining process automation success. The ability to scale automation initiatives effectively equips organisations with the flexibility and adaptability to meet evolving market demands.
As market dynamics change and business requirements shift, organisations must have the agility to respond promptly and effectively. Scalability in process automation ensures that automation solutions can grow with business needs, accommodating increased workloads, expanding operations, and addressing new challenges without requiring a complete overhaul of existing systems. This adaptability is crucial for organisations seeking long-term value from their automation investments.
Implementing Process Automation
Implementing process automation within an organisation is a transformative journey requiring careful planning, strategic alignment, and a commitment to continuous improvement. The process begins with a thorough assessment of the existing workflows and processes, identifying areas where automation can yield the most significant benefits. Once these areas are pinpointed, the next step involves selecting the appropriate automation tools and technologies tailored to the specific needs and goals of the organisation.
Successful implementation hinges on clear communication with all stakeholders and fostering a culture of collaboration, where employees actively participate in the automation journey. Change management strategies are essential to ensure a smooth transition. Furthermore, it is critical to establish key performance indicators (KPIs) to measure the impact of automation, monitor progress, and adjust strategies as needed.
Training and upskilling employees to work alongside automation solutions is also crucial. As processes are automated, they must be continuously monitored, optimised, and adapted to changing circumstances. The successful implementation of process automation does not represent an endpoint but a continuous cycle of improvement, enabling organisations to unlock the full potential of automation while staying agile in an ever-evolving business landscape.
Automate Your Business Processes with LIKE.TG
Transform your business operations with the power of automation using LIKE.TG. Instead of relying on your users to manually execute every step of a business process, empower your organisation with the efficiency and consistency of automated workflows. The advantages are twofold: your team can redirect their valuable time and skills to more strategic tasks, and you can have confidence that each process is executed precisely as intended.
LIKE.TG provides a comprehensive suite of automation tools, from guided visual experiences to behind-the-scenes automation and approval processes. Even more appealing is that these tools don’t require writing a single line of code – they’re all point-and-click.
Choose from various LIKE.TG Flow features to streamline and automate your business processes. Flow Builder, for instance, simplifies the automation of your organisation’s repetitive tasks, creating a graphical representation as you build it. It combines the capabilities of workflow rules and Process Builder, offering a unified, point-and-click solution.
As your business grows, you can leverage Flow Orchestration to manage complex workflows, involving multiple users and departments, regardless of geographical boundaries. For personalised experiences, Einstein Next Best Action provides the means to display tailored offers and actions to the right people at the right time, refining recommendations based on your unique criteria.
LIKE.TG’s automation tools extend to Automated Actions, reusable components that perform background tasks such as updating fields or sending emails. Approval Processes take automation a step further, allowing you to define a sequence of steps required to approve a record.
LIKE.TG Workflow Rules enable the automation of standard internal procedures and processes, simplifying your organisational operations. Alternatively, you can harness the power of Process Builder, which offers graphical representation as you design automated processes.
7 Sales Dashboards Every Team Needs (With Examples)
Fill in cell. Add row. Update column. New tab. Cross eyes. Rinse, repeat —10 times a day. Sound familiar? I’ve seen countless businesses (including enterprise companies) compile — and try to analyse — sales data in spreadsheets like this. Sure, spreadsheets are useful for small projects, but they can be cumbersome when dealing with complex sales data.
Sales dashboards to the rescue.
The right dashboards can automatically pull in, organise, and display your data in clear and useful ways, segmenting critical metrics by role with data updated in real-time so everyone can see the latest information. But not all dashboards are created equal. Below are a few specific types that I recommend to get a clear look at sales performance at every level — rep to sales org.
What is a sales dashboard?
A sales dashboard is a visual representation — typically in graph or chart form — of sales metrics. Located within a company’sCRMor sales analytics software, it groups together related metrics for an “at a glance” look at progress toward sales goals. When used regularly, a dashboard can reveal where sales teams are performing well and where they need to improve.
In most cases, sales dashboards are created by sales managers, sales leaders, and sales operations teams, though reps can create dashboards to track their own accounts. The most versatileCRMsallow teams to share dashboards with others on the sales team and across the business for maximum visibility.
One dashboard I see a lot: A sales manager creates a team pipeline dashboard that includes the total number of leads generated by reps in a given quarter, the total number of leads in each pipeline stage, and the team’s conversion rate (percentage of leads that complete a purchase). With this information, the manager can forecast sales for the quarter and identify opportunities for coaching.
How to create a sales dashboard
How you build a sales dashboard depends on the analytics platform you’re using, but there are a few common steps: Determine the goals and metrics you want to track, find a tool that allows you to track them, sync your sales data with the new tool, and build out the dashboards for your team.
Identify sales goals you want to track.For example, you may have a yearly sales goal of $1 million.
Identify metrics that support each of these goals.If your singular goal is total sales, you probably want totrack metricsthat support that goal, like leads generated, leads in pipe, and pipeline value. (My recommendation: Try to stick to three or four metrics per goal. Otherwise, it’s hard to set up your dashboards and even harder to interpret them.)
Identify who should have access to each dashboard.In many cases, you’ll want to share dashboards across the team for maximum visibility. But there will be some dashboards, like topline sales goal tracking, that may not be helpful to reps in their day-to-day work.
Find an analytics tool or CRM that allows you to create dashboards using the metrics you’ve identified.Many customer relationship management (CRM) tools have pre-built templates and drag-and-drop tools to make building dashboards simple. I recommend picking ones that can create dashboards with just a few clicks based on role or function.
Sync your data.If you’re deploying a new analytics tool in your tech stack, make sure it’s securely integrated with your other tools and can sync customer and sales data frequently — ideally, in real-time. Alternatively, you can avoid daisy-chaining a bunch of tech by picking (or moving to) aCRMwith robust analytics that includes customisable dashboards.
Create and share your dashboards.Follow the steps provided by your analytics orCRMprovider.
7 sales dashboards examples
The dashboards that give you the clearest picture of sales and business health are simple, visible across the sales org, and supported by real-time data. Here are the seven I use the most:
1. State of sales dashboard
Who it’s for:Sales managers and executives
KPIs to include:Total team revenue, total deal amount in pipe, average quota attainment percentage, forecast accuracy (Can also include: Total new leads, employee satisfaction and turnover rate, calls booked by quarter/year, average team deal amount)
When to use:Daily or weekly
Why it’s important:Think of the state of sales dashboard as a command centre. It provides a snapshot of all key metrics that affect team-wide sales targets. By knowing these, you can see signs that overarching sales strategy should be revisited, territories should be re-evaluated, or enablement efforts should be shored up.
2. Forecasting dashboard
Who’s it for:Sales managers and executives
KPIs to include:Teamwin rate, average deal amount, average sales cycle length, total pipeline value
When to use:Weekly
Why it’s important:Think of this dashboard as a weather report for your sales team. Based on the latest sales data, it can determine whether or not you’re likely to hit your overarching sales goals and coach up your reps against any potential storms. I recommend checking it weekly to spot any problems, like low lead volume or unusually long sales cycles, that might keep you from hitting your topline sales goals.
3. Sales rep performance dashboard
Who it’s for:Sales managers
KPIs to include:Conversion rate, total revenue generated, quota attainment percentage, activity engagement, opportunities in pipeline, customer retention rate, potential risks and neglected accounts (Can also include: Leads generated, opportunities in pipeline, average deal amount, sales cycle length, and activity metrics like calls made or emails sent)
When to use:Daily or weekly
Why it’s important:Rep performance is most accurately measured by three key metrics: conversion rate, total revenue generated, and quota attainment percentage. When you combine these on adashboardand view them relative to previous months, quarters, or other reps, you can see whether a rep is underperforming, performing as expected, or excelling. The other metrics noted here, like leads generated and average deal amount, can be early warning signs of neglected deals and that key performance metrics will be off. When these are below benchmark, it’s a good time to dig into calls and processes to find coaching opportunities.
4. Sales leaderboard
Who it’s for:Sales reps and managers
KPIs to include:Number of new leads, new pipeline generated, quota attainment percentage — all by rep (Can also include: Activities logged and service level agreement compliance rate)
When to use:Quarterly
Why it’s important:Most reps I’ve worked with are competitive. They’re motivated to beat their teammates by winning more or bigger deals.By displaying your reps’ performance for the whole sales team to see, you encourage them to push for the top of the leaderboard. Encourage a little healthy competition by offering added incentives for those who hit the top of the leaderboard by quarter’s end. An added plus for managers: This dashboard reveals which reps might need extra coaching.
5. Win/loss dashboard
Who it’s for:Sales managers and executives
KPIs to include:Win rate or loss rate, win/loss trends over time, churn rate
When to use:Quarterly
Why it’s important:When setting up this dashboard, make sure you add filters for industry, business size, or other dimensions so you can see where your products/services are resonating and where they’re falling flat. With this info, you can take a close look at your sales strategy and adjust product positioning for your target market.
6. Sales lead dashboard
Who it’s for:Sales reps and lead generation teams
KPIs to include:New outbound leads (from prospecting), new inbound leads (from marketing or advertising efforts), win rate by lead type
When to use:Weekly
Why it’s important:With a closer look at the source of the leads you’re bringing in and whether or not they’re converting, you can see the effectiveness of your prospecting and marketing efforts. Concentrate on the channels that bring you highly qualified leads that are likely to close and drop the leads that never make it through the pipeline.
7. Pipeline generation dashboard
Who’s it for:Sales managers, sales reps, and marketing teams
KPIs to include:Total pipeline value, pipeline growth rate (quarter over quarter), conversion rate (Can also include: Pipeline velocity, or how quickly a lead makes it through the pipeline, and target vs. actual pipeline)
When to use:Weekly
Why it’s important:For every business, a pipeline value-to-sales ratio is critical for hitting targets. The typical standard is typically 3:1, but this ratio changes depending on your industry and need. Whatever it is, this dashboard helps you keep an eye on your team’s pipeline to ensure you have enough deal dollars in the works to hit your sales targets. For instance, if you’re aiming for $2 million in revenue, you’d probably want to see a $6 million pipeline. In short, if your pipeline value is low, you’re unlikely to hit targets, so it’s probably time to start ramping up prospecting.
Boost your team’s performance with sales dashboards
Setting up dashboards is just the beginning. Once you have these dashboards in place, it’s crucial to review and update them every quarter to ensure their relevance. This regular maintenance allows you to get the most out of your tools, ensuring that your sales reps, managers, and leaders continuously receive the insights they need to succeed and close deals faster. But don’t worry, it’s a heck of a lot easier than viewing those metrics in sheet after sheet of rows and columns.
Project Management: Your Comprehensive Guide
If you aim to deliver projects on time and within budget while satisfying all stakeholders, efficient project management is essential. But what does exemplary project management entail? What are the best frameworks, and which features are critical in the software you select? Our definitive guide to project management with LIKE.TG addresses these queries and more. You will gain insights into project management processes, optimal frameworks, and managing a project effectively.
What is Project Management?
Project management leads a team to achieve all project goals within specified constraints. Typically outlined in project documentation created at the project’s inception, the main constraints include scope, time, and budget. For instance, your objective may be to launch a new product, develop software, or organise a networking event. To attain your end goal, project management encompasses:
Establishing goals
Scheduling tasks
Managing teams
Monitoring progress
Collaborating with stakeholders
Numerous structured frameworks, such as Agile, Kanban, or Scrum, can be employed to reach your project objectives. While these frameworks take different approaches, each is focused on bringing the necessary steps to complete your project on time and within budget.
Why is Project Management Important?
Project management is vital as it provides the leadership, motivation, and problem-solving skills to introduce new products or services, boost revenue, and meet organisational objectives. Prioritising effective project management styles enables proactive and continuous workflow improvement, preventing mistakes and overspending. The most successful companies understand how to manage a project efficiently and productively.
Who Uses Project Management?
Organisations of all sizes, from large multinational corporations to small or medium-sized businesses, employ project management. Whether you are leading a team in the office or managing remote teams globally, effective project management ensures your organisation reaches its goals. Project management encompasses various project types, including (but not limited to):
Product and service development
Software engineering
Event planning
Construction projects
Marketing campaigns
IT system implementations
Traditionally, a project manager leads the project team and is responsible for the project’s overall success, assigning tasks to team members, monitoring progress, and ensuring deadlines and budgets are met. Multiple team members can share project management responsibilities in smaller teams without a dedicated project manager.
The Five Stages of Project Management
Successful project management begins by designing and following a straightforward road map to set expectations. As Matt Burns, a project manager at LIKE.TG, emphasises, “The number one thing to do before initiating any project is to outline the project road map at the beginning. Because if you want to go somewhere, and you don’t have this map, you’ll probably get lost.” To help you create your road map, let’s delve into the five essential phases of project management. Here’s a high-level overview of each:
Initiating
In the project initiation phase, essential preparations are made to complete the work on time and within budget. This phase involves:
Defining the project scope
Providing a high-level project overview
Establishing budgets
For larger projects, a project charter or Project Initiation Documentation (PID) may be created to delve deeper into these areas. Planning and creating a clear and deliberate project plan ensures all team members work toward a common goal. During the project planning phase, you will:
Select project team members
Outline deliverables
Estimate required project resources
Determine associated activities
Set key milestones and dates
Additionally, you can outline your team’s project management methodology with options such as Agile, Waterfall, PRINCE2, PMBOK, Scrum, Lean, or Kanban.
Executing
During the execution phase, you will carry out your project plan to deliver products to stakeholders. This stage runs concurrently with the monitoring and controlling phase and may involve:
Managing workflows
Recommending changes
Suggesting corrective actions
Ultimately, it’s about maintaining control, collaborating with the entire team, and staying on track.
Monitoring/Controlling
Regular monitoring is essential in any project life cycle to answer the question: Where are we versus where should we be, per the project plan? Effective monitoring requires:
Regular project check-ins
Use of proper project documentation and tracking tools to visualise project progress. Visual and real-time monitoring is more effective.
Closing
The closing phase, also known as “project delivery” or project closeout, involves wrapping up all activities and delivering the final product. This handover could be to the client, an internal team, or an external stakeholder. It may include concluding contracts or agreements and conducting a comprehensive review or audit.
The Four Types of Project Management
Various project management types and frameworks can lead to successful project management. Choosing the right one is crucial, as it determines how you structure your team and plan and monitor your projects. Here are concise descriptions of the leading project management frameworks:
1. Waterfall Project Management
Waterfall project management focuses on meticulous planning, breaking down and scheduling the entire project from start to finish sequentially. It’s best suited for teams capable of defining all project requirements upfront and comfortable with fixed deadlines.
2. Agile Project Management
Agile is an iterative approach that enables quick responses to project feedback. It prioritises adaptability, collaboration, and incremental delivery, making it ideal for complex projects with evolving requirements, especially in software development.
3. Kanban Project Management
Kanban focuses on continuous improvement through visualising and managing the flow of work. Tasks move across the Kanban board as the project progresses, allowing for rapid adaptation and resolution of bottlenecks. It is beneficial for projects with unpredictable workloads.
4. Scrum Project Management
Scrum divides larger projects into shorter sprints, adapting to project demands as it evolves. It defines rules for team size, roles, planning, meetings, and deliverables.
Eight Tips for Successful Project Management
Effective project management allows companies to develop products or services, optimise operations, and provide value to customers with minimal friction and greater efficiency. To succeed in project management, follow these eight tips:
Invest in the initiation and planning stages to avoid later confusion.
Choose the proper framework or methodology for your project.
Promote a culture of transparency and ownership to improve communication and collaboration.
Define a realistic project scope to prevent scope creep.
Prioritise efficient scheduling for better time management.
Practice effective resource management to maximise efficiency.
Engage your stakeholders and maintain strong communication throughout the project.
Leverage tools like LIKE.TG to streamline project management workflows and facilitate decision-making.
Start mastering project management with LIKE.TG today and unlock the potential for successful and efficient project delivery.
Understanding Customer Experience Automation (CXA)
To gain insight into the realm of Customer Experience Automation (CXA) and its potential to shape customer expectations and enhance overall satisfaction, it’s essential to explore how businesses employ automation to streamline repetitive, manual tasks, mitigating the risk of human error. This is particularly vital in improving client contentment.
Customer Experience Automation, or CXA, leverages automation tools like AI chatbots and automated email campaigns to elevate the quality of customer interactions. CXA solutions optimise communication with both prospective and existing customers, ensuring their needs are met seamlessly from start to finish, resulting in more personalised interactions. The advantages of automating the customer experience are diverse and manifold.
Furthermore, CX automation is gaining increasing popularity in the business landscape. If you’re ready to embark on your CXA journey, continue reading to delve into the world of customer experience automation. Learn how it distinguishes itself from marketing automation, understand its benefits, and discover its myriad applications within your organisation.
Defining Customer Experience Automation
CX automation empowers businesses to automate individualised customer engagement throughout the entire customer lifecycle, expediting communication and personalisation. Instead of relying on service representatives for daily client interactions, automation solutions shoulder much of this workload, thereby minimising human intervention and streamlining operations.
For successful customer experience automation, it is imperative to incorporate the following elements:
Orchestration: Utilising existing customer data to pinpoint areas where automation can be most effective, you can set up your touchpoints and communicate with clients at opportune moments.
Segmentation: By categorising your audience into subgroups based on shared characteristics like demographics, shopping habits, and personal values, segmentation ensures that each contact receives content tailored to their unique requirements and at the most appropriate times.
Personalisation: Personalisation guarantees that every interaction with your brand is tailored to the individual, enabled by the data collected during segmentation efforts.
Automation: The ability to analyse customer data and harness it to automate communication processes.
Recognising that customer experience and customer service have distinct meanings is essential. While customer service represents a single instance of support when a client requires assistance, customer experience encompasses every interaction with your business.
CX Automation vs. Customer Relationship Management (CRM)
While CXA focuses on automating the entire customer journey, Customer Relationship Management (CRM) involves organising and managing client relationships and analysing interaction-derived data. These two components work harmoniously to improve customer experience and cultivate more robust connections with your audience.
CRM software aggregates and evaluates automatically or manually collected information, providing a centralised dashboard for accessing client data, promoting interaction uniformity, and personalising customer engagement.
With CX automation, you can leverage the insights from your CRM to automate specific interactions throughout the customer journey.
CX Automation vs. Marketing Automation
CXA tools are designed to guide customers through their journey from start to finish and beyond, ensuring comprehensive care at all stages of the buying process. In contrast, marketing automation primarily concentrates on enhancing funnelling efforts to progress individuals through different stages and campaigns.
The Benefits of Customer Experience Automation
The advantages of utilising customer experience tools include improved customer communication, enhanced operational efficiency, and fortified customer relationships. Notable benefits include:
24/7 Support: Automation tools enable customers, both current and potential, to access support whenever they require it, even outside regular working hours. AI chatbots can address common issues without necessitating human intervention.
Cost Reduction: Businesses can save money and minimise operational costs by automating various requests. This efficiency allows live agents to focus on more critical tasks.
Enhanced Customer Satisfaction: Automation can reduce response times, provide high-quality support, and resolve issues more swiftly, increasing customer satisfaction and decreasing waiting times.
Personalised Communications: Automation empowers businesses to offer personalised interactions, catering to individual needs and interests through product recommendations, targeted ads, and tailored emails.
Consistency: CX automation minimises friction, ensuring that customers experience a consistent journey through the buying process and perceive your brand positively, while reducing the risk of unprofessional errors.
Valuable Insights: CX automation software can gather crucial information about customer preferences and needs, enhancing your understanding of your clientele.
Strengthened Customer Relationships: Automated customer experiences build stronger client connections, fostering loyalty and advocacy, ultimately contributing to increased sales and recommendations.
Increased Profitability: A better customer experience, coupled with satisfied customers, can boost conversions and revenue, fostering business profitability. However, human interactions remain invaluable and sometimes indispensable.
Ways to Implement CX Automation
With predictions suggesting that 40% of customer interactions will be automated through AI and machine learning, the importance of CX automation is undeniable. Here are some practical ways to leverage CXA within your business to stay ahead of the competition:
AI Chatbots: Deploy AI and machine learning-driven chatbots to respond swiftly to frequently asked questions, reducing customer wait times.
Self-Service Scheduling: Streamline the appointment booking process with self-service tools, allowing customers to schedule appointments efficiently.
Automated Emails: Employ various automated emails, such as abandoned cart notifications, new subscriber welcomes, and transactional messages, to enhance customer engagement.
Live Chat: Offer real-time support through live chat solutions, ensuring customers receive timely assistance outside regular business hours.
Feedback Surveys: Automate customer surveys to collect valuable feedback about their interactions with your brand, facilitating continuous improvement.
In conclusion, embracing CX automation enhances customer relationships and boosts sales and positions your business for success in a world where automation plays an increasingly significant role in customer interactions. While automation is invaluable, the human touch remains essential for certain interactions.
How to Adapt Your Marketing for the New Era of Data Analytics
It’s no stretch to say the marketing data landscape has changed quite a bit over the past two years. For one, the ways companies collect user data have been under the microscope, and policies from Apple and Google are forcing marketing data analytics changes across the board.
Also, customers are more thoughtful than ever about what information they’re willing to share and how it’s being used. Finally, scalability and personalisation have become buzzwords, but you can’t accomplish either without strong analytics – and getting that has been an uphill climb for many businesses.
How are companies succeeding in this new era of marketing? We spoke with marketers from Cox Automotive and Sobeys about charting their own paths forward and how they’re finding ways to connect with customers in this complex landscape.
Here’s how those companies adapted their marketing data analytics to become more efficient and improve outcomes across the customer journey.
Rethink your marketing data analytics strategies
The movement toward consumer privacy protections is accelerating, and that’s a good thing. However, the downstream effects of increased data collection restrictions mean various metrics — like open rates and measurement methods used to benchmark success — are no longer reliable. Because of this, you’ll need to shift your strategies.
As the previous metrics of success are deprecated and customers are increasingly experience-oriented, marketers are realising how important it is to gain a more complete view of how campaigns are performing. Instead of evaluating marketing channels individually or in silos, they are assessing performance across all investments together as part of a unified strategy. Last year, 83% of marketers described their cross-channel coordination as dynamic as opposed to siloed or duplicated – up from just 68% in 2021.
Marketers are also more focused on first-party data — information gained directly from the customer. Instead of relying on old systems like open-data exchanges to buy audience data, they are modernising the way they build first-party data assets through the lens of user consent.
Cox Automotive has spent the past two years building a more complete picture of prospects and clients, including combining role, engagement, and product purchase data from across its brands into a centralised location. Now, their teams can target specific audiences with custom product or service messages.
By unifying their data, Cox Automotive can better segment their audience and deliver more personalised messaging to their customers. They have defined value by segment and role so they have a clear idea of the problems they are solving and the messages they need to convey for each product.
Use automation to free up time for smarter insights
Having a clear vision for your marketing data analytics is critical for a successful marketing strategy. And building a trusted data foundation is the first step in executing on that vision. Automation can handle menial tasks like gathering and segmenting data, giving you a clear view of the information you need to make decisions.
Marketers are using a growing number of different platforms in their tech stack to advertise, engage customers, deliver better experiences, and ultimately get people to convert. This complexity often leads to teams spending too much time on connecting and harmonising data to create reliable insights instead of optimising their efforts.
Instead of relying on a jumble of platforms, you can invest in automated data governance to relieve your teams of manual data aggregation. This includes managing campaign naming and taxonomy, tracking requirements, data delivery, and quality assurance.
A proper marketing intelligence platform facilitates data connections, with all clicks and no coding. With a platform that uses technology like automation and AI, you’ll spend less time on data prep and more time on connecting with customers.
But it’s not only about connecting the data. Marketing intelligence helps harmonise it to create a consistent framework that enriches raw data: helping you find actionable insights, rather than get lost in a sea of data points. You can take this even further with automated taxonomy management, flexible harmonisation logic, and holistic data governance tools.
With an accurate data foundation that evolves with the changing data ecosystem, you’ll move more efficiently and gain time back to do more testing and learning. The end result? Less wasted time trying to decipher inaccurate marketing data analytics, a better return on your investment, and happier customers.
Turn insights into outcomes with marketing data analytics
With access to cross-channel and first-party data, you can measure customer-based outcomes across an entire marketing journey. Then, you can use those insights to achieve your marketing initiatives. For example, instead of focusing on upper-funnel metrics like clicks and opens, marketers can optimise for downstream outcomes such as signups and purchases.
Grocery chain Sobeys is using qualitative and quantitative data to improve how it measures success across the customer lifecycle.
“What gets measured, gets done,” said Erika De Haas, vice president of marketing communications at Sobeys. “As we continue to build our connected full-funnel experiences, establishing clear baseline benchmarks based on all of the first-party data we have will be critical to not only connecting our experiences but driving their impact and growing our loyal customer base.”
Sobeys’ strategy is to approach the sales funnel as one connected experience, with every interaction helping build customer loyalty.
“At the top of the funnel we focus on which emotional benefits drive Canadian families to choose Sobeys. We research brand preference, and what matters most is brand ownership and equity,” said De Haas. “As that same customer moves through our funnel, we develop communications and experiences that provide more functional benefits, and success is more measured on transactions.”
De Haas said Sobeys’ success will always be measured by the same metric: Is it providing families with what they need so they continue choosing Sobeys as their place to shop? Now, the team has new tools to achieve that metric across the customer journey.
“Knowing if our customers engage with our brand at the top of the funnel but drop off in the middle will require a different strategy than if they’re engaged at the middle but drop at the store,” she says. “Monitoring our data in a holistic way will be the difference-maker that ensures we are connecting our customers with our brand throughout the entirety of their journey with us.”
Connect with customers across your channels
Once you have your strategy, automation, and insights all in order, the next step is putting them all together to start generating engagement across all your channels. That engagement generates more high-quality first-party data, which in turn leads to more data analysis, better insights, and even better engagements on the next go round, as your data analysis operation grows into self-perpetuating and self-improving marketing powerhouse.
The first step to getting there is building connected customer journeys that guide every customer through relevant interactions across their favourite channels. That will mean different things for different businesses – maybe for you it’s about increasing engagement in your customers’ inboxes, or reaching them at the right time via SMS.
But no matter what the individual steps along the way might be, you can build the perfect journey from good strategy and clean data, with AI helping your customers along the way as sort of an invisible tour guide.
You can find more success on that journey by being smart about automating elsewhere. Using first-party data instead of cookies gets you lower cost conversions. Automating more basic customer communications saves time and frees up your marketers to do more big-picture work.
That all may sound like a lot to manage, but with the right intelligent reporting and a connected dashboard, you can easily keep track of all of it in one place. You can get the most from your marketing data analytics when you let AI and automation eliminate the guesswork, letting you focus on your customers.
Contact Centre AI: Redefining Interactions with Customers
The hottest topic in service today is generative AI, especially in the contact centre. 84% of IT leaders we surveyed in a recent study say generative AI will help their organisation better serve customers, and every day we speak with service leaders who are excited about the potential for generative contact centre AI.
Yet, only 24% are actually using any form of contact centre AI. What’s in the way? 66% say that their employees don’t have the right skills to successfully put generative AI to use. What’s needed is an entire redefining of the way contact centres interact with customers in this age of AI, to maximise the effectiveness of the technology we have available, while also ensuring we maintain the human touch we know customers still value in their interactions.
What is contact centre AI?
The right mix of customer service channels and AI tools can help you become more efficient and improve customer satisfaction in your contact centre. AI is still an emerging branch of technologies in the contact centre space, and its presence and utility is evolving at a rapid rate, however it is showing a great deal of promise in being able to increase efficiency, provide better analysis, and – perhaps surprisingly to some – personalise the customer experience.
Some AI technologies that are currently being used are:
Chatbots
Perhaps the most obvious and visible of the AI customer service tools, chatbots can greet customers, collect any background information, and try to solve the issue they’re seeking to resolve by drawing on existing data. The challenge right now is that chatbots are great at solving simple problems, but complexity can still baffle them, so they still require the attention of a real person. Chatbots can, however, pass on the information they’ve gathered to ensure a smooth transition that many customers won’t be able to detect.
Intelligent routing
Contact centres have been routing their enquiries for a long time now, with customers instructed to press different numbers on their phone to be put through to different departments, but AI can take into account more complex criteria, including customer personality and information drawn from previous contacts with the business. This helps ensure the customer is put through to the most appropriate department, improving their customer experience and helping to prevent potential frustration.
Intelligent Interactive Voice Response (IVR)
We’ve all had that frustrating experience of telling a robot on the phone the reason we’re calling, only to have them misunderstand and ask us to repeat ourselves in perpetuity until we hang up in frustration, but IVR has come a long way in recent years. Now using natural language processing and understanding, IVR can be used from the first point of contact to collect data, identify why the customer is calling, and automate some tasks – all without annoying anybody.
Live transcription and translation
While the language barrier was once just that – a barrier to communication, AI can now translate in real time, allowing better access to people from diverse communities. It can also transcribe in real time, allowing participants in the call to have an immediate recorded summary.
Predictive technology
Based on their previous activities, AI can predict when a customer might need support in advance, allowing you to forecast and schedule customer support strategies.
Automation of processes
Work that was once done by your customer service representatives can now be automated by AI, including uploading summaries to a database, scheduling follow-up communications, or dialling outgoing numbers.
Reporting and analysis
Access to more accurate reporting, analysis and analytics can give your business invaluable customer information that allows you to take appropriate action in real time. This sort of information could help you to identify customers in danger of churning, for instance, giving you the chance to reach out to them with a compelling offer personalised to their consumer behaviour.
Quality management and coaching
AI can take the high touch out of quality management by automatically tracking performance, script compliance, and metrics, and providing feedback to staff members in real time.
Although the contact centre and customer service landscape is in a constant state of flux as technology moves more rapidly than it ever has before, AI is already showing great value in the contact centre arena – and the best is almost definitely yet to come.
How does AI fit into the contact centre technology stack?
AI doesn’t compete with, nor replace, the contact centre technology stack that already exists. Rather, it’s a transformative addition to your existing stack, and it should seamlessly integrate with your systems, enhancing your customer experiences and your operational efficiency.
You’ll find AI solutions that can enhance the way your existing stack operates, including your:
Communication platform
Customer relationship management (CRM)
Learning management system (LMS)
Workforce management (WFM)
Quality management (QM)
Business analytics.
Ultimately, good AI will optimise your contact centre by helping your staff to solve problems more quickly, make data-driven decisions, and streamline the customer service experience by linking in with your existing systems.
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Why is contact centre AI important?
We may be just beginning to scratch the surface of the possibilities AI brings to contact centre efficiency and effectiveness, but we know that it is already opening a multitude of pathways for companies to amplify their productivity, prioritise their customers, and streamline operations. The gap between contact centres using AI and those that aren’t will only widen, as the value-driving potential of AI creates enormous advantages, including:
Better customer connections: AI brings self-service avenues and gives your staff the ability to create tailored interactions. This, in turn, elevates your customer satisfaction metrics, engagement levels, and lifetime value.
Increased efficiency and lower cost: Put simply, tasks that used to require a person to take the time to execute them can be done either automatically or, at least, much more quickly and with less boring repetition. That reduces handling times and operational costs, and provides a better experience for both employees and customers.
Heightened security: Ever-improving fraud prevention and security AI can provide an extra safety net for your business, your business assets, and your customers, helping you to meet your compliance standards and bolstering your professional reputation.
Enhanced insights: AI simplifies the process of assessing and applying massive amounts of data that your contact centres collect. You can then use this data to refine your customer satisfaction metrics and discover new commercial opportunities.
Improved employee experience: While many might be concerned that AI will take the jobs of contact centre workers, what it actually does is take boring, repetitive tasks off their hands, letting them focus on the true nature of their work: personalised customer service. While some work will no longer need the human touch, AI will give your employees the tools they need to tailor their approach and give the best service possible.
Using AI to elevate the customer experience- What can contact centre AI actually do?
Let’s look at four key ways you can use contact center AI, along with example use cases and tips that will help you get started.
Generating service responses to customers
Your contact centre provides multiple ways for customers to contact your business — from phone to email to chat to SMS. While many customers still use the phone, 57% now prefer to use digital channels. Your agents staffing these digital channels need to give accurate and relevant information, reply in a timely manner, and resolve the customer’s issue quickly.
So how can generative AI help? The large language models powering generative AI can automatically generate a human-like reply to any question. When grounded in your customer data and knowledge base, you can personalise these generated replies, making them more trustworthy. Agents can review the suggestions from the model and easily send. For agents working on several cases all at once, contact centre AI can be a real timesaver.
Let’s look at an example for a fictional internet company we’ll call Nation-Wide Web.
Jane is a Nation-Wide Web customer and notices an unusual charge to her bill. Jane opens up a chat message on the company’s website and is soon connected to an agent, Katie.
Katie has a few messaging windows open from customers, one of them is Jane. Jane shares her concerns about her bill. Apparently, Jane went over her data package for the month. The contact centre’s AI tool uses Jane’s question and the context of her account status to generate a personalised message that explains this charge in an empathetic tone, but also that it’s within company policy to waive the fee given the circumstances.
Katie reviews the message and confirms the policy, then sends the message and removes the charge from Jane’s account. Jane is happy she got a quick and easy solution and Katie can focus her attention on customers with more complex issues.
Generating case summaries
To provide your customer with a great experience, you need accurate data to track and optimise your business’ service interactions. This makes the wrap-up summary your agents do after a case is closed one of the most crucial pieces of service data your business can collect.
The challenge? This is a time-consuming task that keeps your agents from helping other customers.
But contact centre AI can take the most complex email and chat conversations and generate a proposed wrap-up summary. Your agent just needs to review these summaries before they’re saved to the case log. This saves agents a ton of time and effort on data entry.
Let’s go back to our Nation-Wide Web example.
If you remember, Katie’s AI tool generated a response to Jane and all Katie had to do was review the message, press send, and waive the fee from Jane’s account. In the meantime, the AI is using the data from the message thread and the actions that Katie took in Jane’s account to generate a case summary.
After the conversation with Jane is complete, Katie can read over this proposed summary, adjust some details, and save it to the case record. Reducing after call work helps Katie move on to help other customers faster.
Generating knowledge articles
LIKE.TG research shows that 59% of customers prefer self-service tools for simple service issues. However, to do that, a business needs a large knowledge base that customers can search through to find a solution.
Service agents are often tasked with publishing knowledge articles after resolving a case. But it takes time for agents to manually create, review, and publish an article, which keeps them from helping customers in need.
Contact centre AI can automatically generate a knowledge base article after a support case is closed by pulling from case notes, message history, and data from other service tools. From there, your agent just needs to review the article to ensure accuracy and add it to the queue for approval. This takes the pressure off agents to write articles from scratch.
Going back to our Nation-Wide Web example, Austin has slow internet and calls to troubleshoot. He’s connected to Tawni who asks for his router and modem details.
Tawni runs through a few common scenarios based on similar cases, but none work for Austin’s setup. Tawni decides to try something new. She asks Austin to do a full-system reboot through the Nation-Wide Web mobile app. After this is over, Austin’s internet speeds are back to normal and the case is closed. Tawni logs all of this information into the company’s service console, including his router and modem setup and how she solved this issue with a reboot.
Because this was a unique case, the contact centre’s AI tool uses the details of the Tawni’s conversation with Austin and the context of Austin’s issue to generate a new knowledge base article. Tawni adds some extra detail and pushes it into the approval queue.
Generating answers
When your agents are in the middle of a service interaction, they don’t have time to read pages of documentation or every detail of a knowledge base article. But, they still need to find the right information to solve your customer’s query.
The same is true for self-service. Reading article after article to find the information you need is not a good customer experience.
Generative AI can help agents and customers get the answers they need faster and easier. Rather than getting a list of pages that may (or may not) have the answer, AI can pull the relevant details from a knowledge article and answer a question directly as plain text.
For our final example, we’ll go back to our Nation-Wide Web customer, Austin.
A few months after his interaction with Tawni, his internet is slow again. He remembers they used the mobile app to fix the issue last time, but now he’s locked out of the mobile app. But instead of calling for assistance, he takes a look at the company’s Help Center. Austin uses the search function to ask the following question: “How do I fix a slow internet connection when I’m locked out of my mobile app?”
Before, Austin would have first needed to find the article on resetting his password and then find the article on using the app to perform a full-system reboot. Now, the contact centre’s AI tool generates a personalised response to Austin’s question, pulling together information from multiple articles. “First, click here to request a new password to your mobile app. Once you are logged in, here’s how to use the app to perform a full-system reboot…”
Austin solved his issue without interacting with an agent and still got a personalised experience. If an agent was the one who needed to find specific information within the knowledge hub, they’d have this same experience.
By adding generative AI to your contact centre, you’re helping everyone get the most out of every service interaction. Your agents get more done with less busy work and your customers get a quick and easy resolution to their problems while having a personalised experience.
What’s the best way to set up for success with generative AI? Start slowly and build your contact centre AI program out as your business skills-up on AI. For example, have your agents take Einstein Reply Recommendations for Service on Trailhead and then practice what they learn with one another. Once they’re comfortable, check out how else you can apply generative AI across your contact centre.
From Service to Sales: How Field Service Can Drive Revenue Growth
Field service can help drive revenue growth by selling to your existing customers, also called upselling or cross-selling. Most likely, your mobile team is already doing this without much guidance or forethought. We’ve found that 65% of mobile workers are successfully selling to existing customers.
But the question is, how can you reach this audience at the right time, with the right message, in a way that doesn’t make them feel like they’re being sold to during a service visit?
Here are four tips to help set you up for success:
Get buy-in from leadership for upselling/cross-selling in the field
Invest in the best field service management software to make sales fast and easy for your mobile team to do [AI is key]
Train your field service employees and contractors on sales tactics
Offer incentives to motivate your team
Ready to get started? Let’s dig into each of these best practices for upselling and cross-selling in field service.
Make the business case for upselling and cross-selling
I’ve spent 15 years of my career in sales and sales leadership roles for software and hardware companies. Most business leaders I speak with are always looking to increase their share of wallet on customer spend for similar products. They also know that customer trust can lead to more sales.
This makes the business case to use field service technicians as sellers easy to stand up with your leadership team. After all, your mobile team is in the field every day building trust with customers by solving problems for them. Paired together, monetizing every field service visit while leaning into that customer trust sets the stage for revenue growth.However, it’s not as simple as asking your field service team to sell at appointments. While your mobile workers are uniquely positioned to sell, they may not be comfortable selling, prepared to sell, or even interested in selling.
Even with your leadership buy-in, there’s a lot that goes into making this transition. Let’s look at how field service management with AI, training, and incentives can set your team up for success.
Use AI-first mobile field service management
Your field service team needs mobile-ready field service management powered by AI to make upselling easy and fast. Here are a few examples of how having the best field service management in place can help your mobile workers sell successfully.
With AI-generated summaries, you can brief your mobile workers on past service interactions, asset history, offers, and communications before they even arrive at a job site. These details can help your team prepare a consultative sales approach that’s personally tailored to the customer’s specific needs and preferences.
AI can make recommendations for upgrades, replacements, or maintenance from new customer data collected on site. For easy upsells like a new battery or service level agreement (SLA), your team can instantly provide next steps. But for more involved sales, like customized equipment, let your mobile workers know it’s okay to pass the lead to Sales. AI can create a list of questions or a checklist for them to quickly capture key details for a seamless hand off.
Mobile quoting lets your technicians provide pricing right in the field for a future project. Creating customized documents with a line item breakdown, images, and a signature capture makes it easy for your customers to commit on the spot.
Payment capabilities within the field service management mobile app lets your field service workers collect immediately for the additional sales they make. They’ll receive credit right away and earn their incentives faster.
At the end of each appointment, have your mobile workers ask your customers to fill out a digital customer satisfaction survey from their field service management mobile app. AI can analyze the post-service feedback to identify potential upselling opportunities. For example, if a restaurant chain customer says they have issues maintaining their freezers, your field service technician can suggest an SLA.
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Offer upselling training and support
In addition to having the right field service management enablement, give your technicians the right training to identify customer cues and engage in upselling/cross-selling.
Remember: your field service technicians are not salespeople, nor should you assume they will enjoy selling. The two roles require different skill sets, but each plays an important part for revenue growth.
Train your mobile workers on sales techniques and how to look for customer cues. This can include easy upsells, such as extending a warranty or SLA, and more involved upsells like upgrading an outdated piece of equipment. Use knowledge base articles on how to sell andTrailhead, LIKE.TG’s free self-paced learning platform, to help your field service technicians get up to speed.
Your field service technicians should feel comfortable with basic pre-selling best practices. One of the most critical skills is how to set customer expectations for contact from your team. If a customer asks a question that Sales is best suited to answer, the field service technician should give a specific timeframe and channel in which they will be contacted.
Uncovering an opportunity and creating a lead in the CRM goes directly to Sales for follow up. This helps to create a valuable partnership between Service and Sales. The seller can progress the opportunity, and the field service technician doesn’t feel like they’re doing a seller’s job. It’s a win-win for Service and Sales.
Provide career and monetary incentives
When you expand the scope of any team member’s role and expectations, it’s vital to introduce consistent incentives to ramp up participation and recognize outstanding work. Deliver these rewards monthly, quarterly, annually, or on an ad-hoc basis to recognize exemplary achievements.
Include sales expectations as part of your employment contracts. Clearly explain how field service technicians can earn incentives by generating leads that convert to sales. A few incentive options include:
Bonuses for a number of on-the-spot sales or closed leads
Paid training for career growth
Extra paid time off (PTO)
Pair these personal incentives with public recognition, such as a team leaderboard. At a minimum, a simple thank you and acknowledgement in a team meeting can go a long way to reinforce the results you’re looking for.
Encourage your entire team by sharing growth metrics and KPIs that showcase the impact that field service has had on your company’s revenue growth. This transparency and measurement will make the team’s work feel more tangible and, importantly, it can help justify increased investment in your team’s training and incentive programs.
Set up your field service team to upsell/cross-sell for revenue growth
Your customers should always feel like they’re having a consistent experience — no matter who they’re interacting with. With the right field service management, training, and incentives in place, your mobile team is primed to become your organization’s new just-in-time sales team and drive revenue growth. Remember: by investing in your field service team, you’re investing in your company’s future.
Tiffani Bova contributed to this blog article.
Make Your Sales Kickoff the Party of the Year
It’s true: I once fell asleep during a sales kickoff. I didn’t mean to, but nature is bound to take over when you’re sitting through the sixth presentation in a row.When I came to, I made a solemn vow: When I became a sales leader one day, I’d never throw a boring sales kickoff. Today, I’m Head of Sales at Slack, and I’ve made good on that promise (or so my entire sales team tells me).Here are my strategies for throwing a sales kickoff that captivates and energises your sales force and team for the new year. It starts and ends with a simple principle: Put yourself in your audience’s shoes, and give them something good.What you’ll learn:What is a sales kickoff (SKO)?What should be included in a successful sales kickoff meeting?How do you plan a sales kickoff agenda?Sales kickoff tips and best practicesWhat is a sales kickoff (SKO)?A sales kickoff is an event where the company’s sales team gathers together, often at the beginning of the fiscal year. It’s a chance to celebrate wins from the previous year, set goals for the coming year, and share lessons and strategies to help each other win.SKOs are all about:Camaraderie. This is the time to deepen connections that will carry us through the rest of the year.Collaboration. Team selling is more important than ever, and sales kickoffs help us sell faster and smarter when we learn more about each other’s working styles. Often a sales kickoff will include partners from other teams, like solution engineering and customer success, who are critical to the sales cycle. Building these relationships is critical to working more effectively together throughout the year.Excitement. Sellers begin their pitches by understanding the customer’s why. Same goes for sales kickoffs. My sales team is full of people who want to create generational wealth for their families, advance careers, help their customers, and gain freedom. So I create content that touches on those themes to get people excited.What should be included in a sales kickoff?A great sales kickoff includes team-building product training, recognition, interactivity like workshops and discussions, and, yes, presentations (but not too many, please). Here’s a closer look at the key elements of a sales kickoff.Team-buildingTeam-building exercises help us peel back that professional layer on the surface, and make personal connections based on rapport (“I like you”) and trust (“I feel that you have my back”). These exercises also create valuable networking opportunities, where employees and leaders from different teams can step outside their circles and connect. Here are some ideas:Rock, Paper, Scissors Extreme: Pair off and play Rock, Paper, Scissors. Every loser joins the Hype Team of the winner, following them around and cheering them on. In the end, there’s the final battle between the two finalists, with their massive Hype Teams behind them.Shark Tank Fail: Teams of two pitch their very worst business ideas to a panel of judges, and the team that makes people cringe the most is the winner.Flip the Tarp: Place groups of people on a large tarp, and ask them to flip it over while standing on top of it, without touching the ground.RecognitionWeave recognition into your next annual sales kickoff meeting to celebrate wins from the previous year and create some healthy competition to outdo each other in the year ahead. Here are some examples:Awards: Give away awards to top performers and get creative with the categories. Some examples: Achievement Award for hitting a sales record, Leadership Award for being a great manager, Growth Award for being the most improved player, Team Morale Award for bringing great vibes, and Salesmanship Award for elevating the craft.Leaderboard: Pull together data from across your sales dashboards and present a Leaderboard to show how top performers rank across sales metrics, like close rates and sales cycle length.Appreciation Shower: Group into circles of six to ten people and give spontaneous shout-outs to each other.Get articles selected just for you, in your inboxSign up nowInteractivityBring in interactive elements to make your next sales kickoff meetings more engaging and give your sales teams a chance to converse. Here are some ways to do it:Workshops: Organise people into groups and ask them to work on solving a problem together, like ideas for launching a new product, growing the business, or selling into a new industry, region, or company type. At the end, ask a representative from each group to present on what they discussed.Roundtables: Encourage everyone to join in with roundtables, which are organised conversations that give everyone a chance to speak. Typically a moderator will kick it off by introducing a topic, then go around to facilitate table by table.Panel discussion: Feature a panel of speakers who can share diverse points of view on an important topic, and include an QA that encourages audience participation.PresentationsAt sales kickoffs, you’re usually launching something new. Maybe you’re launching a new product, selling into a new industry, or tweaking the sales process. Use presentations to help the team walk out with confidence to sell, and remember to frame your content with what’s in it for them. What will help them drive the business? Dig into topics like these:Product announcements: When I’ve gotten stuck in my career, I’ve always broken through by bringing it back to basics. What are the products? What do they do? Use the sales kickoff to discuss product announcements that will help your sellers go to market.Industry trends: We owe much of our success at Slack to the fact that we speak the language of the industries we sell into. Use the sales kickoff to present on trends, risks, and opportunities in your target industries, so sellers can bring more expertise to the table when they meet with customers.Sales strategy: The sales kickoff often happens shortly after you create your annual sales plan and sales strategy at the end of the fiscal year. Now’s the time for sales leaders to present the top-line goals and tactics and get the sales team in lock-step to achieve them.Customer panel: Customer speakers tend to be the favourites at the sales kickoffs I’ve been to. It gives the sales team to hear about the product and the industry from decision-makers we sell to, and leaves time for them to ask questions.How do you plan a sales kickoff agenda?When you’re planning an agenda, find a comfortable venue with different areas to break out, set aside time and budget for group meals to come together and relax, and dream up surprises to thrill the audience, like an exciting keynote speaker they’d never expect.Here’s a sample agenda to get your juices flowing:Day 1:Breakfast and introduction. Fill up your attendees with eggs and caffeine, tell them what to expect in the coming days, and leave space for people to greet each other, shake off the nerves and the jet lag, and choose a place to sit down.Look back and look forward. Look back on the previous year and share lessons learned, including highlights and lowlights. Then, shift to the year ahead, announcing important changes and goals.Keynote speaker. Invite an exciting guest speaker, like one of your company’s most beloved executives, a customer from one of your biggest deals, or even a celebrity. For example, our sales kickoff at LIKE.TG once featured football legend Peyton Manning, who discussed how to go for growth.LunchRock, Paper, Scissors Extreme: Described in the team-building activities section, this high-energy game shakes off any afternoon doziness and helps people let their guards down.Sales strategy presentation: Make the transition from a discussion on strategy to a presentation, so sales leaders can share their vision for the year ahead.Roundtable discussion: Company strategy. Pick an important topic you’re wrestling with, like how to penetrate a new market, or which product line to invest in next, and invite everyone to weigh in.Leaderboard: End the day on a high note, sharing the top performers across the metrics you care about, and getting everyone amped up for dinner.DinnerDay 2:BreakfastProduct presentation: Get down to business with critical presentations sharing important announcements that will enable your sales team to be more effective.Customer presentation: Invite a customer speaker to share why they chose your company, what’s top of mind in their industry, and how they’d recommend you engage with similar customers in the future.Industry panel discussion: Invite a few guests to share lessons that help your sellers speak in the native accent — not just the language — of your customers.LunchFlip the tarp: Remember this one from the team-building activities section? Get the energy up by getting physical.Roundtable discussion: Customer segmentation. Group up, so everyone can share thoughts in facilitated conversations about the topics raised so far.Awards: End the day on a note of recognition, having your awards ceremony to honour your team.Sales kickoff tips and best practicesTo throw a really successful sales kickoff event, first, you’ve got to define what success looks like. At the end, ask for feedback to see how you did. It’s also important to involve the right people, and invest in seeing each other in person. Let’s take a closer look.Set goals to define successJust as we set sales targets, we have to set SKO targets. I communicate measurable goals in every sales kickoff meeting, including both long-term goals to set a vision, and also short-term goals to set day-to-day tactics to get there.Here are a couple examples of goals we’ve set at previous SKOs at Slack, using the V2MOM process pioneered by Marc Benioff.Method: Create solutions around product that solveMeasure: X% increase in cross-sellsObstacles: Organisational structureMethod: Create a holistic plan for customer success, products, and partnersMeasure: X% accounts have an account planObstacles: Enablement structureGet feedback on your content to see if it resonatesIt’s critical to gather data on how well your content is resonating. I send out anonymous surveys at the end of each SKO to ask people about what worked and what needs improvement. I also organise a small committee and ask them to take notes throughout on the good, bad, and the ugly, so we can meet after and debrief.Involve people on other termsBroaden the audience of your SKO to include anyone who’s accountable to the customer experience. For example, at Slack SKOs, we include team members from the following teams:Sales (all managers)Sales development (all managers)Solution engineering (all managers)Customer success (select managers)Industries and partner team (select managers)Meet in person if you canMy advice for throwing a virtual sales kickoff? Don’t do it. There’s no substitute for meeting in person and feeling that energy in the room. That said, sometimes a company will have no choice but to go remote with their sales kickoff. For example, you might have budget constraints or a team that’s widely distributed around the globe. If that’s you, read our complete guide for how to throw a virtual event or sales kickoff.The Met Gala? Coachella? No. It’s your upcoming sales kickoff.Some of my fondest moments from across my career have taken place at SKOs. This is the time to think big and go all out. Do it right, and you won’t just set yourself up for a successful year of sales. You’ll also create the kinds of memories to take with you long after the SKO is over.
Frustrated by Personalisation Challenges? 4 Ways to Improve Your Customer Experience
Let’s face it: If you’re not offering personalised experiences, you’re probably losing valuable customers. However, even withcountless resources availableto improve personalisation, marketers still face many hurdles when executing their strategy. If you’re just starting this journey (or tired of hitting roadblocks), we’ve outlined some personalisation challenges to watch out for — and how you can overcome them.
In ourTrends in Personalisation survey, we found that 94% of marketers say customers expect a personalised experience. Still, only 26% of marketers are confident that their organisation has a successful strategy for personalisation. So what stands in the way of personalised marketing?
Obstacle 1: Lack of organisational alignment
Often, the biggest factor that leads to personalisation strategies failing is a breakdown of coordination across departments and teams. Our survey found that 42% of marketers say a lack of organisational alignment is one of the biggest personalisation challenges. Customers can tell when different departments at your company aren’t sharing the same data.
“If you’re not aligned, the result is that customers get a very siloed experience,” said Leigh Price, senior director of product marketing at LIKE.TG.
Our State of the Connected Consumer report reveals that 56% of customers often have to repeat or re-explain information to different representatives, and 55% say it generally feels like they’re communicating with separate departments, not one company.
But when that customer journey is uniform across departments, people take notice. In our report, 79% of customers say they’re more loyal to companies that provide consistency across departments.
So how can you build a cohesive personalisation strategy from the start, so your customers don’t end up frustrated? Identify stakeholders for the three main functional areas of personalisation: strategy, channel execution, and product management. Then build your strategy and collaborate.
Not sure where to start? Here are the stakeholders you need working in harmony and how they align with the three functional areas:
You’ll need an executive sponsor to help you strategise, own the overall program and provide support. This may be your vice president of marketing, CMO, or even chief customer officer.
After you develop a strategy and appoint an executive sponsor, you’ll need several stakeholders to help you implement and manage your overall personalisation program. Some of these roles include:
Program manager: This person will oversee the personalisation program by managing and maintaining schedules, coordinating groups across departments, and providing resources.
Product manager: Working in alignment with the program manager, the product manager will oversee the day-to-day management of the program and will act as an expert for your personalisation product.
Tech lead: Although marketers can run many aspects of personalisation campaigns independently, it’s still essential to appoint a tech lead or establish a relationship with IT. They will set up the initial integration and be available as a resource when technical issues arise.
Analytics lead: An analytics lead can synthesise data and owns all program insights. From the beginning, you will need this key stakeholder to stay on target, meet your goals, and innovate new approaches to personalisation.
You’ll also need a channel execution team to help you coordinate and execute campaigns. They may start with one channel and then extend your personalisation efforts across channels little by little.
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Obstacle 2: Not being able to access the right data
Once you’ve got the departments aligned, you have to make sure they’re working with relevant data. Our report shows that 61% marketers believe the lack of data stands in the way of adopting generative AI to improve personalisation. Different teams working off different data is one of the major personalisation challenges that companies face.
Organizations often have a wealth of data available to them, but marketers don’t always have access to that data.
“In order to drive connected experiences, it’s important to consider all of the data we have on that individual,” said Victoria Calkins, product marketing manager at LIKE.TG. “For example, we want to know when they’ve browsed on our website or contacted customer service. As marketers, we often don’t have access to all of this data because it may live in other parts of an organisation.”
Siloed data — when departments don’t have the same information — leads to disconnected customer experiences. Here are two ways you can overcome this:
Break down your data’s barriers: Invest in technology that will house your customer data in one place, such as a customer data platform. This allows departments to work from the same set of data, giving them a 360-degree view of the customer journey.
Start small: You may not know where to start when you have a lot of data at your fingertips. Rather than looking at all your data, focus on simple use cases to get started.
“People think, ‘I can do one hundred things with personalisation,’” said Price. “But just focus on your website and simple use cases, focus on your email program, and you can iterate and grow from there.”
Obstacle 3: Lack of knowledge and skills
With coordination and access to proper data in place, now it’s time to ensure your department has the proper technical skills to build a personalisation strategy. Personalisation requires a team of people with both technical and creative skills. Some marketers don’t have the technical skills to deliver end-to-end personalisation, while others lack the creativity to provide relevant and engaging content.
Our Trends in Personalisation survey found 43% of marketers say a lack of knowledge and skills is their most significant personalisation obstacle. Embracing technology like AI can help take some of the more routine tasks off your department’s plate, letting them tackle big issues.
“We are coming out of the age of managing marketing campaigns manually, and you no longer have to do it all yourself because of artificial intelligence,” said Calkins. “Using AI will allow your marketing efforts to go further without adding extra work to your teams.”
Learning about AI can help marketers move customers toward a purchase, sending messages that are relevant and timely to them. For example, you can use triggered messages, emails that are automatically sent when a customer takes a certain action — like placing an item in the cart, but not making a purchase.
There is only one solution when it comes to this obstacle: investing in the education of technologies that can do the heavy lifting. Companies should empower their talent by expanding their understanding about what customers want to see, giving them the knowledge they need to overcome personalisation challenges.
Obstacle 4: Finding the right mix of messaging
Once you’ve got your organisational alignment, data, and knowledge bases all in order, you still need to figure out how to best connect with your customers across a multitude of channels. You don’t just want to blast them with a firehose of branded content or redundant messaging, either. The key is to speak to them on a personal level. But how do you use your customer data to scale your efforts, yet still tailor your messaging?
This is where AI can help with one of the biggest personalisation challenges. It isn’t realistic for a single marketer in most businesses to keep track of every piece of outreach, content, and engagement on a per-customer basis, but it’s a breeze for a properly trained AI. With a well-trained generative AI drawing off good data, your customers will receive ongoing engagement tailored to their personal preferences, not only in terms of which content they see, but when they see it, and how often.
For example, take a customer who’s mostly responsive to email outreach but also tends to jump on special offers on social media. They would see a regular content drip in their inbox, but might only encounter your messaging on social when there’s a special offer that echoes items in their purchase history.
When you do it right, every interaction will feel like part of the same pleasant, ongoing conversation with a brand that recognises them as an individual, rather than just a faceless customer. It makes sure everyone gets what they actually want out of your brand, and it makes sure your brand gets the most out of your customers.
Time to start overcoming personalisation challenges
Personalisation is a work in progress. Tech tools are evolving, and so are our processes and skills (not to mention customer expectations). Now that you’ve identified the four top personalisation challenges, take stock of your own organisation and build a path to success – both for yourself and for your customers.
Editor’s note: Brandi Holness contributed to this blog post.
The Ultimate Guide to Business Development
Picture a scenario where your company needs more dedicated employees focused on business development. There’s no one to push you to improve, inform you about new business opportunities, monitor market changes, keep an eye on your competitors, or help you engage your target audience more effectively. Such a situation would undoubtedly hinder your success, wouldn’t it?
This is why businesses establish robust business development practices and hire professionals to spearhead these efforts, among other responsibilities, to achieve growth. Business development encompasses strategically deploying opportunities across your organisation to promote expansion and increase revenue. It involves pursuing opportunities to grow your business, identify new prospects, and convert more leads into customers. Business development closely aligns with sales, as business development teams and representatives are often integral to the larger sales organisation.
Despite the close association between business development and sales, it’s important to understand their distinct roles.
Business Development vs. Sales
While business development operates within the broader sales team, its function differs from traditional sales activities. Business development is a multifaceted process aimed at establishing and nurturing relationships with prospects, understanding buyer personas, enhancing brand recognition, and uncovering new growth opportunities.
In contrast, sales teams focus on selling your products or services to customers and converting leads into clients. Business development simplifies the work of salespersons and sales managers, making their roles more effective.
Business Development Managers vs. Business Development Specialists
In business development, two distinct roles play complementary yet different functions: business development managers and business development specialists. Understanding the distinctions between these roles is essential for building an effective business development team:
Business Development Managers
Business development managers oversee the overall strategy and direction of business development efforts within an organisation. They are responsible for setting targets, creating strategic plans, and managing a team of specialists or representatives. Business development managers focus on aligning business development goals with broader company objectives, ensuring that the team works towards the company’s growth vision. They also play a key role in building relationships with high-level clients and partners. These professionals often have a combination of leadership, strategic thinking, and relationship-building skills. They are responsible for analysing market trends, evaluating the competition, and making informed decisions to steer the company’s growth.
Business Development Specialists
Business development specialists, on the other hand, are the front-line professionals responsible for executing the tactics outlined in the strategy. They focus on identifying and qualifying leads, nurturing relationships with prospects, and converting them into customers. Specialists are typically more hands-on and deal with the day-to-day tasks that drive growth. Their skills are geared towards communication, lead qualification, and relationship-building. They play a vital role in researching potential clients, reaching out to them, and guiding them through the sales process. Specialists are often highly trained in the products or services offered by their organisation and are adept at matching these offerings to the specific needs of potential customers.
Business Development Manager and Specialist Responsibilities
Although specific responsibilities may evolve as your business expands, the following list provides a solid overview of typical business development representative (BDR) tasks:
Qualify leads: BDRs must identify and assess leads to pinpoint ideal prospects for your products or services. Leads are typically qualified through calls, emails, web forms, and social media. The key to lead qualification is understanding their needs and determining whether your product or software can address them.
Identify and communicate with prospects: By qualifying leads and identifying individuals who match your buyer personas, BDRs locate ideal prospects and engage with them directly to gain insights into their needs and pain points. This enables BDRs to determine whether the prospect can benefit from your product or service, ultimately increasing the potential for enhanced customer loyalty and retention. Once ideal prospects are identified, they can be handed over to a sales representative (or sales manager, as needed) for further nurturing.
Proactively seek new business opportunities: Proactively exploring new opportunities, whether related to your product line, target markets, potential prospects, or brand awareness, is a crucial aspect of business success. BDRs seek new business opportunities through networking, competitive research, and conversations with prospects and current customers. When a new business opportunity is identified, BDRs should schedule marketing assessments and discovery meetings with sales reps to evaluate the potential for closing deals.
Stay up-to-date on competition and market trends: Staying informed about your competitors’ strategies, products, target audiences, and emerging market and industry trends is essential. This knowledge enables you to effectively identify ideal prospects and prepare your business to adapt to market shifts that may necessitate new approaches to lead qualification and audience engagement.
Report to salespeople and development managers: As previously discussed, BDRs typically report to sales reps and sales managers. They communicate with these senior team members to discuss lead qualification strategies and ways to connect prospects with sales reps for nurturing customers. BDRs are also responsible for sharing their findings, including business opportunities and market trends, with sales reps and managers. This collaborative approach ensures that strategies align with business and audience needs, contributing to organisational success.
Promote satisfaction and loyalty: A BDR’s interaction with a prospect may be the very first interaction the prospect has with your business. Therefore, it’s crucial to make a strong first impression to pique early interest. Whether a BDR is qualifying leads, understanding prospects and their needs, or selecting the right sales rep for deal negotiations, all interactions with prospects matter. When a BDR conducts research or engages with a prospect, personalised communication demonstrates attentiveness and care, leaving a lasting, positive impression.
In addition to understanding how BDRs contribute to your growth, there are other effective business development strategies to engage prospects and discover new business opportunities. Let’s explore these ideas in detail.
Business Development Ideas
Innovate your networking approach: Traditional cold calls are less effective nowadays. Innovate your networking by building strong relationships with prospects. This can be achieved through face-to-face meetings at conferences, trade shows, and industry events. Leverage online networks like LinkedIn and other social platforms to connect with potential customers who sign up for your email subscriptions or complete forms on your website.
Offer consultations: Providing consultations and assessments for prospects allows you to discuss how your product or service addresses their needs, helping prospects decide on conversion. Additionally, consultations and assessments may reveal if a prospect is not an ideal fit for your product, saving time and resources spent on unsuitable leads.
Provide sales demos: Offer prospects and leads tailored sales demonstrations showcasing how your product or service solves their challenges. These demos can be shared in person, via email, on your website, or through video calls.
Nurture prospects: Nurturing prospects through phone calls, emails, meetings, or other forms of communication is crucial. It involves providing information about your product or service, helping prospects make informed decisions, and ensuring they feel valued and understood by your company.
Offer various types of content: Supply prospects with diverse content formats, such as blogs, videos, and social media posts, enabling them to learn more about your brand and offerings. Customise the content to cater to their preferences and make it easily shareable to facilitate sharing with their team members.
Collaborate with marketing: While business development resides within the sales department, it should maintain open communication and regular meetings with other departments, including marketing and product development. Sharing insights, content, and information between departments ensures a cohesive strategy to engage prospects and deliver tailored solutions.
Invest in your website: Your website often serves as the initial point of contact for prospects. Make it visually appealing, optimise it for search engines, link to sales content, and maintain an active blog to create a positive first impression and facilitate effective business development.
Empower employees to enhance skills and knowledge: Business development is an ever-evolving field influenced by changing strategies, technology, and market conditions. Encourage employees to stay updated on industry trends, refine their skills, and adapt to new technologies. Ensure that your team receives appropriate training and education, allowing them to adapt to shifts in the market and emerging opportunities.
Business Development Process
A business development process combines steps your business takes to grow effectively, boost revenue, enhance relationships with leads, and excel at every stage of the buyer’s journey. By navigating your business development process, your team gains a deep understanding of your organisation’s overarching goals, sales targets, current business landscape, target audience demographics, and more.
Here’s how to effectively conduct business development:
Conduct extensive market research
A critical business development component involves in-depth market research. Understand your market, target personas, and the current state of the market to implement other aspects of business development successfully.
Increase visibility and awareness
Beyond sales, your marketing department plays a pivotal role in business development. Boost your brand’s visibility by building an effective website, investing in paid advertising, leveraging social media, engaging in co-marketing partnerships with industry peers, and maintaining an active blog.
Promote thought leadership
Establishing credibility is vital for business development. Publishing industry-specific, insightful blog content demonstrates your expertise and fosters trust. Webinars, white papers, and video content further enhance your reputation and build trust with potential customers.
Conduct outreach
Actively reaching out to prospects is a cornerstone of business development. Engage with leads, actively reaching out to warm and cold leads through research. BDRs typically oversee this step, making it a crucial aspect of business development.
Qualify leads
Once BDRs have connected with leads, they must qualify them to gauge their suitability and decide if they are worth the sales team’s time and effort. Effective lead qualification is a pivotal moment in the business development process, indicating the overall success of the process.
Provide exceptional customer service
Customer service is an integral part of business development, ensuring that current customers remain satisfied and contribute to your business’s reputation and growth. Positive word of mouth and referrals simplify business development and make it more effective.
Develop sales content from success stories
Translate customer satisfaction into promotable sales content, including case studies and testimonials that highlight the value your product or service provides. This content is tailored to attract potential buyers by showcasing real-world success stories.
By incorporating these elements into your business development approach and sharing them with your team, you can create a strategic business development plan that encourages success and growth. Let’s explore the steps involved in crafting a comprehensive business development plan.
Business Development Strategy
A business development plan is a strategy devised by sales managers to guide BDRs in achieving growth-related objectives. This plan aims to set realistic goals, align team members, identify prospects, and convert leads into customers.
Key steps in creating a business development plan include:
Step 1. Craft an elevator pitch: Create a concise, engaging elevator pitch that conveys your company’s mission and how your product or service addresses the needs of your target audience. Document the most effective elevator pitches for reference.
Step 2. Set SMART goals: Establish Specific, Measurable, Attainable, Relevant, and Timely (SMART) goals for your business development strategy. Ensure these goals align with your company objectives and are specific to your business. For instance, set goals to increase the number of qualified leads by a certain percentage over a quarter, specifying the type of prospects and measuring success through conversations with sales reps.
Step 3. Conduct a SWOT analysis: Conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) to gain insights into your business’s strengths, weaknesses, and opportunities. Analyse your competition and potential threats. Use this analysis to identify ways to grow and adapt your business to market changes.
Step 4. Determine how you’ll measure success: Define key performance indicators (KPIs) to evaluate the success of your business development efforts. Common KPIs include company growth, revenue changes, lead conversion rate, leads generated, customer satisfaction, pipeline value, and reach.
Step 5. Set a budget: Determine the budget required for your business development goals, considering resources, previous strategies, and operational expenses. Collaborate with your team to establish a budget that aligns with your business development initiatives.
Step 6. Keep your target audience in mind: Always focus on your target audience and their specific needs. Tailor your plan to address these needs and increase the likelihood of converting them into customers.
Step 7. Choose an outreach strategy: Select an outreach strategy that aligns with your business development goals, such as networking, referrals, upselling, cross-selling, and sponsorships. Clearly define expectations and guidelines for outreach to maintain professionalism and brand consistency.
Following these steps, you’ll create a comprehensive business development plan that empowers your team to drive growth effectively and efficiently.
Business Development Drives Better Growth
Business development is an indispensable component of any successful organisation. It facilitates revenue growth, aids in identifying ideal prospects, generates more leads, and closes more deals. To reap the benefits of business development, focus on creating a robust business development plan and ensure that your team is equipped to set your business on the growth path.
3 Steps for a Winning Digital Engagement Strategy
How can you increase digital engagement? Anticipate your customers’ needs — and tailor your messaging to fit those needs. We found that currently 73% of customers expect companies to understand their unique needs and expectations. This demand for personalisation will only continue to grow. So understanding and using customer data effectively, and using AI to make the most of that data, will help you create lasting connections.
But how you collect customer data will need to change, too. Third-party cookies, once a cornerstone of data collection for marketers, are slowly being phased out to improve consumer privacy protection. The good news is, there’s a blueprint for how to tackle these changes and build a digital engagement strategy that puts your customer’s needs at the centre of every interaction.
Let’s break down exactly what digital engagement is, what makes it challenging, and how you can overcome those challenges with the help of AI and a strong strategy.
What is digital engagement and why is it important?
Digital engagement is how your company interacts with potential and current customers across digital channels. Each interaction a customer has with your company’s social media, email, and website adds up to create a unique digital engagement experience, and that experience is essential. With a robust digital engagement strategy, you can build customer relationships that last.
Digital engagement examples
Using self-service options for questions, such as chatbots on a website or app
Watching product tutorials on a website or via YouTube
Interacting with posts on social media
Searching for a service online and clicking on a website in the results
Reading a weekly email newsletter or blog post
Clicking a call to action button to learn more about a product from an email marketing campaign
Interacting with a targeted ad on another site
Responding to a customer survey, leaving a review, or otherwise volunteering their own opinion on how you’re doing
Creating brand loyalty with digital engagement
How do you win (and keep) the hearts of customers in a competitive market? In 2022, nearly two-thirds of customers switched brands at least once for different reasons. With so many online options, it’s easy for people to discover new brands that meet their ever-changing needs. So what’s the key to making sure they choose yours?
You may think an award-winning product or an innovative service with raving online reviews is enough. It certainly helps, but over 85% of customers say a company’s digital experience is just as necessary as its product or services — the highest it’s ever been. Marketers who acknowledge and address this demand will be able to build relationships with customers that keep them coming back for more.
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What are the marketing challenges — and solutions — for digital engagement?
These days, businesses across every industry have made their online presence a priority. Not only has our digital shopping increased, but much of our day-to-day life — from working to attending doctor appointments — also happens online. As a result, the digital space is becoming a bit crowded, which makes digital engagement challenging in a few key ways. Businesses must:
Compete against an abundance of online content and ads
Create a seamless experience across various new digital channels
Reach the right target audience to improve ROI
Stay on top of ever-changing consumer data protection laws
It’s also important to remember that laws around how companies collect personal consumer data are changing. Third-party data collection, which has traditionally been an important data source for marketers, is becoming stricter and even prohibited in some states. To stay compliant and still deliver the personalised experiences customers crave, you need to ensure your data capture methods are current.To address these challenges, you can harness the power of first-party data — information that comes directly from the customer. This includes past purchase history, phone calls, website visits, click-through rates on emails, and more. First-party data is usually captured by a customer relationship management (CRM) system that helps collect, structure, and analyse data easily. Generative AI is a powerful tool, too — helping you decipher first-party data and deliver personalised content at scale.
Best practices when using AI for digital engagement
While many marketers have begun experimenting with generative AI and see its game-changing potential, nearly 45% told us they need to learn how to get the most out of the technology. Let’s look closer at how you can use AI for effective digital engagement.
Chatbots
AI-powered chatbots are not only a cost-effective way to solve customer issues quickly, but they can also help you tailor future marketing efforts. Take a clothing retailer, for example. If a customer uses the retailer’s website chatbot to complete a return and tells the chatbot the fit is too large and the colour is darker than they prefer, now the retailer has more information about this customer’s preferences. The marketing team can now send personalised and automated product recommendations via email or through ads on social platforms.
Email
With AI, you can take email to the next level. One well-known food retailer uses a rich database from its online recipe sites and education funding program, where users scan receipts and view recipes online or through an app. All of that data goes into the company’s CRM and is analysed. AI then makes one-to-one product and recipe recommendations for customers. AI also helps the company segment its audience to find the best time to send an email based on previous engagement history. This approach is working for the food company, helping to triple customer engagement.
Content creation
With an abundance of online ads, it can be tough to grab the attention of your audience. Through content marketing, brands can offer educational information through blog posts, webinars, videos, reports, and e-books to keep customers engaged in different campaigns across various digital channels.
But what topics should you cover? What will lead to conversions? More than 70% of marketers are currently using AI to inspire them and assist with writing copy. A CRM with AI capabilities can also analyse content performance to determine what resonates most with your audience, enabling you to make a big impact.
Targeting
Of course, none of that high-quality content matters unless it reaches the right audience, and AI can help with that too. By analysing all your customer data, AI can identify preferences, habits, and interests in your customer base that would take hundreds of man hours to parse, and make sure that the right context reaches the right audience. It can also help make sure that it reaches them at the right time and place by identifying their preferred channels and what times of day they’re most responsive to marketing.
Three steps for building a digital engagement strategy
You’ve got the data. You’ve incorporated AI. You’ve personalised experiences. Now it’s time to set your digital engagement strategy up for success.
1. Map the customer journey
Customer journey mapping is a visual representation of a customer’s experience across your brand’s platforms.
Typically, marketers create a customer journey map for each of their buyer personas.Millennial personas, for example, tend to find products through social media, research about them on company websites, then make a purchase on a laptop. With this information, you can better predict and plan for prospects’ next steps across different digital channels, aligning your customer service, marketing, and sales efforts with it.
2. Lean into account-based marketing (ABM)
Let’s put those customer journey maps to good use. Account-based marketing — particularly for B2B brands — helps improve the customer journey by unifying marketing, sales, and customer service around accounts. Teams work side-by-side to nurture leads to deliver personalised content at the right time.
One major ride-sharing company has used this approach to send retargeting messages to different subsets of their audience, particularly those who have stopped engaging. The marketing team pushes CRM data into third-party advertising platforms to send relevant content to keep leads moving down the sales funnel.
3. Personalise the experience across every channel
More than 70% of customers expect brands to understand their unique needs. Harnessing first-party data is critical to ensure personalisation for each interaction across every channel.
It’s how one automotive racing giant creates a consistent and personalised brand experience across in-person events and digital channels. When fans attend an event on race day, brand representatives know the fan’s name, driver preferences, and past purchase history thanks to CRM first-party data. Post-race, the marketing team can follow up with communications on their favourite driver or by recommending merchandise from the event.
It can be challenging for marketers to analyse the sheer amount of first-party data required to implement these three steps. But the right CRM can help centralise all customer data and organise it in an accessible way, so marketing teams can build campaigns based on facts, not assumptions.
A strong digital engagement strategy requires understanding our customers’ preferences, behaviours, and needs. By implementing these best practices, you can show your customers that you understand them as individuals. That intimate level of personalisation is what builds the kind of trust and loyalty that keeps them coming back.
What’s Next for ASEAN Businesses in 2024?
This year marked a watershed moment for the tech industry. The introduction of generative AI brought AI use to the fore, and it is now dominating the business agenda.
While 2023 has been a year of AI innovation, 2024 will be a year in which AI transforms the enterprise. By 2025, AI won’t be an auxiliary technology but the core around which successful businesses revolve, ushering in a new era of unparalleled transformation.Amid this, how businesses operationalise AI will be critical next year. Businesses that fail to adapt will risk being left behind. In the year ahead, what else can businesses in ASEAN expect, and how can they get ready to leverage the opportunities in this new era of work?
In my view, here are some trends that will shape the dynamic business landscape in ASEAN:
#1 AI delivering a golden opportunity for ASEAN businesses to leapfrog
AI has the potential to contribute nearly S$1.36 trillion to the ASEAN economy by 2030. Capitalising on the AI opportunity and new use cases across sales, marketing, commerce, and IT interactions will allow businesses to leapfrog and supercharge growth on a global stage.
The time is now, especially with ASEAN being seen as a favourable business destination, amid geopolitical tensions elsewhere. Global enterprises such as Hyundai and Procter Gamble are already investing in the region with new factories and RD centres, and more are expected to follow.
ASEAN countries are also making steady progress toward AI adoption, with Indonesia and Thailand recording one of the biggest improvements in overall AI readiness across the region. Much of the growth is attributed to government AI readiness, with the introduction of new national AI strategies and policies. However, business AI readiness has stagnated. The missing piece? A lack of trusted and secure tools that enable businesses to harness AI’s potential.
Businesses in the region will need a trusted digital advisor, with access to trusted technology and a thriving ecosystem, to set themselves up for success.
#2 Companies Need to Lay the Right Data Foundation to Leverage AI
AI’s full power relies on accurate, comprehensive data, making a company’s AI strategy only as strong as its data strategy. The AI revolution has turned the spotlight on data, highlighting the need for companies to develop a robust data strategy to harness its benefits.
With over 71% of a company’s applications disconnected, enterprises will need to unify data across disparate sources for AI to deliver the right predictions and recommendations. As ASEAN organisations still have untapped data, it is projected that more companies will lay the groundwork for AI by 2024. To build a strong data foundation, corporate leaders will need to prioritise data harmonisation, eliminate silos to extract value from data sources, democratise data for personalised insights, and ensure data privacy and compliance. This requires businesses to put in place strong data governance frameworks, well-defined policies for data collection, storage, and use, and constant monitoring and auditing of training data.
#3 Trusted data sharing will supercharge ASEAN economies
Cross-border data flows are also an essential part of building this data foundation, as they allow ASEAN businesses to tap data in a trusted manner. To set things in motion, negotiations for a new ASEAN Digital Economy Framework Agreement (DEFA) began in September. This will encourage more seamless and secure data flows across ASEAN member states. With negotiations set to conclude by 2025, the next two years will be an opportune time for ASEAN to realise its ambitions for digital integration and write its own rules for data governance. A framework that makes trusted data sharing the default, without jeopardising data sovereignty, can help enhance competitiveness in the region and unlock ASEAN’s next phase of growth.
#4 A new era for customer engagement: everything, everywhere, all at once
Customer expectations are increasing, and competition is fiercer than ever. In this new era of customer engagement, businesses need to connect with customers through new channels and pathways and provide personalised experiences at every touchpoint. Innovations across AI, data, and CRM help businesses achieve this by providing a better understanding of their customers, and enabling personalisation at scale.
In the new year, industry-specific solutions will rise in demand, as businesses seek tailored solutions to deepen their engagement with customers and build stronger relationships. For example, banks are introducing digital solutions to cater to tech-savvy customers, and innovative financial products to meet the needs of different customer segments. Banking-specific solutions can give banks a better idea of who their customers are, what financial products they have, and what more they might desire.
Wrapping up the year for LIKE.TG ASEAN
It has been an incredible year for LIKE.TG in ASEAN, filled with exciting milestones. As a company, we have driven incredible innovation, and led customers into the future with our combination of CRM + AI + Data + Trust.
We expanded our presence in the region, with a new permanent office in Thailand and the launch of our new entity in Indonesia. This has allowed us to get closer to customers and partners in the region, and hire local talent to build our operations and deliver customer success.
At the same time, we also put into action our commitment to address the skills gap in ASEAN. Our initiatives across Indonesia, Thailand and the Philippines have contributed to exceeding our commitment of training 500,000 women and girls in IPEF emerging economies by 2032. We’re the first out of 14 companies under the initiative to do so, and nine years ahead of schedule. And we’re not stopping either. We continue to help countries across ASEAN upskill their workforce and open pathways to jobs through our LIKE.TG ecosystem.
All of this would not be possible without our amazing team at LIKE.TG, who put customers at the heart of everything we do. Our LIKE.TG team is dedicated to bringing the power of our #1 AI CRM to more businesses in the region, and I couldn’t be prouder to work alongside them to fulfill this important mission.
In the new year, I look forward to working more closely with our customers, partners, and ecosystem, to support more ASEAN businesses as they embark on their digital journeys.
Machine Learning in Marketing: LIKE.TG’s Complete Guide
Machine learning and artificial intelligence (AI) technologies have advanced significantly in recent years, impacting various industries, from self-driving cars to robo-advisors. These technologies can also enhance digital marketing strategies by swiftly analysing relevant data sets and automating repetitive tasks. For businesses seeking a competitive edge, integrating machine learning in marketing can lead to stronger campaigns, personalised marketing materials, and increased efficiency.
Despite the perception of machine learning as a complex concept, it is a valuable tool for automating aspects of campaigns and harnessing valuable data. In digital marketing, machine learning is poised to revolutionise processes, simplifying tasks such as digital ad campaigns, content creation, and personalised recommendations.
This article provides a comprehensive guide to machine learning in marketing, exploring its definition and practical applications. The goal is to help business owners and marketers understand how machine learning can be leveraged to create data-driven campaigns effectively.
What is machine learning?
Machine learning, falling under the umbrella of AI, refers to systems and software applications designed to “learn” through the analysis of data sets. Machine learning involves technology that processes input, identifies patterns, and independently adapts to new data to form solutions and solve problems. This versatile concept finds applications across various industries, including healthcare, retail, shipping logistics, and marketing.
In marketing, machine learning often involves software programs that enable quick analysis and extraction of insights from large data sets. Additionally, these programs automate tasks such as analytics, report analysis, content optimisation, and audience segmentation, increasing marketers’ efficiency.
Impact of machine learning on businesses
Despite being a relatively new technology, machine learning is rapidly evolving and transforming how businesses operate. As businesses increasingly rely on large and complex data sets for decision-making, machine learning models help organise, manage, and interpret data, providing valuable insights. In the digital marketing industry, which continuously adopts new technologies, machine learning significantly optimises campaigns and increases automation, ultimately boosting the bottom line.
Applications of machine learning in marketing
Machine learning has diverse applications in marketing, spanning customer segmentation, analytics, campaign optimisation, customer service, and forecasting. Here’s a closer look at how machine learning can be utilised in these key areas:
Customer Segmentation
Machine learning facilitates automated and accurate customer segmentation, allowing marketers to target specific groups based on various characteristics. This automation streamlines the process, making it more efficient and less prone to errors.
Analytics
As digital marketing software becomes more sophisticated, machine learning assists in processing and organising large data sets quickly. This technology identifies complex patterns and performs predictive analytics, providing marketers valuable insights for informed decision-making.
Optimising Marketing Campaigns
Machine learning helps marketers make data-driven decisions for campaign optimisation. By leveraging existing data, machine learning models guide marketers on the most effective channels to reach their target audience, maximising return on investment (ROI).
Customer Service
Automation through machine learning is prevalent in creating chatbots and digital assistants for customer service interactions. These tools enhance customer satisfaction by addressing needs promptly and efficiently.
Forecasting
Machine learning aids in accurate forecasting by identifying patterns in data, enabling businesses to predict future events and make informed decisions regarding demand, customer lifetime value, retention rates, and other crucial metrics.
Benefits of using machine learning in marketing
Incorporating machine learning into marketing strategies offers various benefits for businesses:
Lower Costs
Contrary to assumptions, machine learning tools are often integrated into existing marketing software, making them affordable. These tools automate processes, saving time and lowering costs associated with manual tasks.
Higher-Quality Data Analysis
Machine learning excels in quickly and accurately analysing large data sets, providing high-quality insights. This capability enables the creation of specialised customer segments and informed campaign performance tracking.
Automation of Processes
Machine learning facilitates automation in various business and marketing processes, saving teams time, money, and energy. Automation can be applied to customer inquiries, marketing campaigns, and other tasks.
Customer Satisfaction
By incorporating machine learning tools, businesses can enhance customer satisfaction by creating chatbots and digital assistants that promptly address customer issues. Automation and data optimisation also contribute to positive interactions with the brand.
Implementing machine learning models
To harness the benefits of machine learning, businesses can integrate these models into their operations. Platforms like LIKE.TG’s Marketing Cloud offer marketing solutions incorporating machine learning and automation to streamline campaign management and efficiently engage prospects and customers across channels. It enables businesses to segment audiences, track engagement, align marketing and sales teams to nurture leads, and automate workflows, resulting in improved efficiency, personalised customer experiences, and increased ROI.
3 Trends That Will Shape Customer Service in 2024 and Beyond
The future of customer service starts with learning what your customers expect today — a personalised and connected experience.
The catch? You need to focus on productivity and cost savings without compromising on quality.
The right technology can help. As we look ahead to the future of customer service, generative AI will play an essential role in finding cost-effective ways to meet customers’ changing expectations. Here are three emerging trends you should keep on your radar as you build your customer service strategy for 2024.
1. AI is an opportunity — not a threat
According to our research, 45% of service decision-makers are using AI, up from 24% in 2020. That means AI is increasingly a part of customer service toolkits. It also means that over half of decision-makers have yet to adopt AI in customer service.
So what’s holding them back? Some service organisations may be afraid that their people lack the skills to handle AI. Others may have reservations about trust and reliability. There’s also the concern that implementing AI would require a major investment in infrastructure.
These fears are understandable, and all companies should practice caution and care when deploying any technology as powerful as AI. But one thing is clear: AI is already connecting, informing, and enriching every aspect of customer service.
Companies that remain rooted in doubt and uncertainty are almost certain to be left behind — and forward-thinking organisations are getting more done using AI in a secure, trustworthy way.
Wondering how you can start using AI to improve your service organisation? An all-in-one platform like Service Cloud Unlimited+ can help you quickly make the most of your service tech investment.
Here are just a few examples of how AI will continue to transform the future of customer service, starting today:
Human-AI collaboration: Customer service agents are working alongside AI technology and systems to provide faster and more accurate information for a more satisfying customer experience. This will create a new role in your contact centre — the high-value agent. High-value agents, with the assistance of AI, will shift their focus from resolving simple issues to engaging in more complex interactions that generate revenue.
Employee onboarding: AI will play an increasingly central role in onboarding new employees — especially in field service, where recruitment has been a particular challenge in recent years.
Knowledge creation: Forward-thinking companies will preserve and share knowledge across the business by connecting generative AI tools to their service consoles, automatically drafting knowledge base articles based on customer interactions and customer relationship management (CRM) data. These articles can be used in self-service portals, turning search engines into answer engines as customers answer their own questions faster.
Tactical tip: The latest customer service training strategies will be key to turning your service professionals into high-value agents. Help your employees understand the powerful potential of AI to serve as a valued partner and close collaborator in delivering exceptional customer service.
2. Advances in field service will help attract and retain frontline workers
We found that 65% of mobile workers feel the weight of customer expectations, more than any other type of service worker. And 82% struggle to balance speed with quality when providing field service. That can have a major impact on job satisfaction — and it’s part of the reason why attracting and retaining frontline workers is more challenging than ever.
The right tools can help. Our data shows that 93% of service professionals in high-performing organisations cite job satisfaction as a major or moderate benefit of field service management software.
As we move into 2024, successful field service organisations will continue to improve productivity, cut costs, and generate revenue with AI while creating a better experience for workers in the field. Here’s how AI can help the future of customer service:
Predictive maintenance: It’s always better to maintain devices instead of waiting for a major problem to occur. That’s why AI will add value in 2024 by proactively monitoring machine health, then automatically scheduling service appointments as necessary. AI will even be able to specify the required tools, appropriate technician, and length of time required to complete the job.
Work summaries: AI will help minimise errors and improve productivity by automatically generating work summaries both pre- and post-visit — no matter how complex the engagement. This enables mobile workers to resolve issues quickly and move on to the next job in less time.
More options for self-service: We discovered that 61% of customers would rather use self-service tools for simple issues. With help from AI, they can book appointments and track the progress of service visits on the messaging channel of their choice. That’s a win for mobile workers, too, because it will allow them to spend less time performing administrative tasks and more time delivering great customer service in the field.
Tactical tip: Don’t leave your frontline workers behind. Help them become more proactive and productive with a complete view of each customer, including purchase details, service history, and the status of connected devices. You can integrate AI into their everyday tools with generative responses and work summaries.
How can you use AI in customer service?
AI can help you deliver more efficient and personalised customer service. Explore Trailhead, LIKE.TG’s free online learning platform, to discover how AI-driven chatbots and analytics are transforming the customer experience.
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3. The future of customer service puts revenue generation front and centre
In the months ahead, the lines between sales, service, and commerce will continue to blur as AI-driven cross-selling transforms customer service into a profit centre. Forward-thinking organisations will pursue an end-to-end view of the entire customer journey, creating a continuous feedback loop between sales, service, and other departments within your organisation.
Here’s what that means for service leaders in 2024:
Expanded access: Customer service agents and field service workers will gain even greater access to a complete view of the customer. They can then offer tailored solutions and recommendations that align with each customer’s preferences and buying history. AI-driven recommendations based on customers’ preferences will be increasingly at agents’ fingertips, enabling them to strengthen their relationships and be more valuable for customers.
Shared goals: Metrics traditionally associated with sales (such as conversion rates) and customer service (like resolution time) will continue to converge. All functions will focus more attention on metrics that reflect customer satisfaction, loyalty, and overall lifetime value.
AI-powered insights: AI is already playing a significant role in analysing customer behaviour, predicting trends, and making informed decisions based on trusted customer data. With this information readily available, agents’ focus can shift from reactive problem-solving to predictive assistance and proactive relationship-building. Teams can work together to anticipate customer needs, address issues before they arise, and offer value-added services that foster loyalty and generate revenue.
Tactical tip: Consolidating tech investments will be the key to resilience in 2024. Consider adopting a unified platform that connects your sales, service, and marketing teams for seamless communication and data sharing among these departments. The result? More effective engagement, better issue resolution, and a more holistic view of each customer’s journey.
Building your customer service strategy for 2024
A great strategy starts with the right questions. How can you bring your data together? How can you unify the customer experience? And how can you equip your service teams to meet customers’ changing expectations while also serving the needs of the business?
No matter how you answer those questions, your mission remains the same: to embrace the future of customer service so you can deliver what your customers demand. That’s why your organisation must combine people, technology, and processes to deliver faster, more effective service at scale — with AI assisting you every step of the way.
9 Sales KPIs Every Sales Team Should Be Tracking
Ever been overwhelmed by the sheer volume of sales data you’re tracking — and confused by the metrics that matter? You’re not the only one. Research firmMcKinseyhighlighted this as a troubling trend: Too much data and no focus has made it difficult for sales leaders to reach clear “aha” moments that drive confident decisions and sustainable growth.
Fortunately, there’s a clear path forward. To ensure you’re maximising the ROI of tools, teams, and customer relationships, zero in on sales key performance indicators (KPIs) that make the most of what you have while delivering recurring revenue: a combination of tried-and-true targets, like lead conversion rate, and those that measure long-term value, like customer and employee retention.
Below, we give you everything you need to know about sales KPIs that ensure a healthy, productive, and growing business.
What you’ll learn:
What are KPIs in sales?
Why are sales KPIs so important?
What are sales metrics vs. sales KPIs?
What are the most important sales KPIs?
How do you track sales KPIs?
What sales KPI dashboards should you use?
What are KPIs in sales?
Key performance indicators (KPIs) in sales are the metrics used to measure how closely the performance of a sales team tracks to predetermined goals and how this performance impacts the business as a whole. This includes metrics like average leads generated per quarter and deal conversion rate.
Why are sales KPIs so important?
Instead of different reps focusing on different metrics — or leaders eyeing a definition of success that sales reps aren’t thinking about — KPIs keep everyone aligned on the metrics that contribute to company growth. It’s important to note that KPIs themselves are not sales targets, but metrics that gauge activity with significant business impact. Sales leaders define target KPIs to ensure teams are tracking to specific revenue goals.
Here’s an example: Joy’s Toys, a toy manufacturer, is focused on growth but doesn’t have a clear target KPI for lead generation that incentivises reps to keep theirpipelines full. Fast-forward a quarter or two and its revenue is “stop-and-go” with reps scrambling to find new opportunities after periods of focusing only on closing deals already in the pipeline. As a result, company growth stalls.
Competitor Saul’s Dolls, on the other hand, has mapped out a clear path to revenue growth that includes target KPIs forlead generation, quota attainment, and customer retention. These are shared with every rep so they can prioritise their time and efforts on prospecting, nurturing, and closing deals with new customers whileupselling existing customers — and no critical sales effort is ignored. With this focus, Saul’s Dolls is more likely to hit or surpass its revenue goals.
What are sales metrics vs. sales KPIs?
Your sales KPIs have a close relationship with your sales and business goals. For example, if the overarching business goal is 1,200 sales in a year, the KPI might be 100 sales each month. (100 sales per month x 12 months = 1,200 sales)
Sales metrics are any quantifiable measure of sales performance. This could look like the number of activities completed by sales reps, the number of leads in the sales pipeline, or anything else sales-related that can be measured. The key difference is that your sales metrics don’t necessarily have to connect with these broader goals.
What are the most important sales KPIs?
Historically, sales KPIs have focused on things like new leads in the pipeline, number ofclosed dealsper quarter, and individual quotas. These are still important, but they often hinge on unpredictable one-off sales. To ensure your company is generating long-term, predictable revenue and maximising ROI, it’s important to track both foundational sales KPIs and those that gauge the lifetime value of customer and employee relationships.
Here’s a closer look at the most critical sales KPIs:
1. Annual contract value (ACV)
What it measures: The average sales amount of a customer contract over the course of a year.
Why it’s important:ACVhelps sales reps and managers identify opportunities for upselling andcross-sellingthat increase customer contract value and, ultimately, company revenue. If upselling or cross-selling are not possible (due to product portfolio, pricing structures, etc.), a low ACV may indicate a need for new customers that can drive revenue growth.
How to calculate: (Total sales value of contracts in a year) / (number of contracts) = Average ACV
2. Customer lifetime value (CLV)
What it measures: The value of all purchases, including upsells, cross-sells, and renewals, that a customer makes over the course of their relationship with your company.
Why it’s important:CLVis a clear indicator of how successfully your team is building the kind of trusting, value-first, and loyal customer relationships that lead to upsells, cross-sells, and renewals, and, as a result, predictable revenue.If your CLV is on the lower end, then try going over the call transcripts from your best customers. Use AI to generate call summaries that identify what moved the deal forward, then use these same tactics in future deals.
How to calculate: (Average purchase value per year) x (average number of purchases per year for each customer) x (average customer lifespan in years) = Customer lifetime value
3. New leads in pipeline
What it measures: The number of new leads added to each rep’s pipeline during a single quarter.
Why it’s important: Based on your conversion rates (four deals closed for every seven leads, for example), you will likely need a specific number of leads to hit sales targets. If reps’ lead count falls below your target KPI, it can be a sign that you need to spend more time on prospecting.A popular way to engage with more prospects is to upyour presence on LinkedIn. Follow potentialprospects, interact with them by liking and commenting on their posts, and then send a connection request.
4. Average age of leads in pipeline
Whatit measures: How long leads remain in the pipeline without becoming a closed deal. Usually calculated per rep.
Why it’s important: Reps knowa full pipelineis a healthy one — but only if leads are actively moving toward a sale. Stalled deals are a drain on rep time that could be spent moving more viable deals down the pipeline. If you see a trend in stale leads for a particular rep, consider examining their pipeline and remove leads unlikely to close.AI insights help to quickly identify the stallers in real time so you’re not spending hours scanning through your pipeline and analysing the data.
How to calculate: (Total age of all active leads per reps) / (Number of active leads) = Average age of leads in pipeline
5. Conversion rate
What it measures: Also known as win rate, this is the percentage of each rep’s leads that are converted to closed deals. Usually tracked by quarter, per rep.
Why it’s important: If a single rep’s conversion rate is higher than the target conversion rate, that rep may be using sales strategies or processes that are particularly effective and can be operationalised for the entire sales team. If lower, you might need to fine-tune or streamline sales tactics to increase conversions.Call recording and analysistools, alongside regular one-on-onecoaching, can help.
How to calculate: (Number of deals closed during a quarter) / (number of leads in the pipeline) x 100 = Conversion rate
6. Rep retention
What it measures: Percentage of reps who remain in your organisation a set period of time after hire. Typically measured yearly.
Why it’s important: A low rep retention rate can disrupt carefully nurtured customer relationships, which can result in lost upsells/cross-sells — or just lost customers. It can also mean more money spent onboarding reps hired to replace those who leave. When rep retention is high, customer relationships remain intact and team stability is maintained.
How to calculate: (Number of total reps at the end of the year – new reps hired during the year)/(total number of reps at the start of the year) x 100 = Rep retention
7. Average rep ramp time
What it measures: The amount of time it takes a rep to get from the first day on the job to first prospect outreach.
Why it’s important: A quicker ramp time indicates yoursales enablement platformand training are effective, your tools and processes are intuitive, and you’re hiring qualified candidates.This results in faster sales and more engaged reps. If you find ramp time is slow, consider revisiting onboarding programs and sharing AI transcripts of winning sales calls with new reps, changing your tools, or streamlining yourprocesses.
How to calculate: (Total time in days it takes all new reps to get from day one to first prospect outreach) / (total number of new reps) = Average rep ramp time
8. Referrals
What it measures: The number of referrals for new customers from existing customers secured by each rep during a given quarter.
Why it’s important: When your customers are over-the-moon happy with your products or services, they can serve as advocates, promoting you to prospects who otherwise may not be familiar with your brand. This makes it easier for reps to sell, leading to fastersales cyclesand more closed deals.
9. Customer retention
What it measures: The percentage of customers who continue to buy and use your products/services. The inverse is churn rate — the percentage of customers who decide to stop buying or using your products/services.
Why it’s important: While new customers add to revenue, they also takesignificant resources to secure. By watching customer retention and focusing on opportunities to upsell and cross-sell, you’re generating predictable revenue with a loyal customer base — and maximising ROI. If you see customer retention slip, you may need to revisit rep engagement strategies to ensure your team is prioritising existing customer relationships.
How to calculate: (Overall number of customers at the end of the year – net new customers acquired during the year) / (number of customers at the start of the year) x 100 = Customer retention
How do you track sales KPIs?
A CRM uses customer and sales performance data to gauge progress toward sales KPIs. To help with interpretation, most CRMs offer visualisation tools or dashboards that can be customised with the KPIs most relevant to your business. The dashboard provides a clear picture of sales and company health so everyone from sales reps to leaders can make decisions that keep revenue flowing.
What sales KPI dashboards should you use?
To make sure everyone is in the loop, you need dashboards that provide high-level status updates to C-suite executives and more granular, deal-based dashboards for your reps. You don’t have to worry about updating dashboards manually — automation andAI-powered CRMscan pull data directly into customised dashboards to help you see progress toward KPIs without manual lift.Use these insights to improve performance, liketracking the fastest rep ramp times and checking in with those reps to see what worked that you could replicate.
Here are the dashboards we recommend for how to track sales KPIs:
For chief revenue officers (CROs) and sales leaders:
Home “State of the Union” Dashboard: This provides an overview of top-level, year-to-date performance by target KPIs. It gives you the most important metrics for your business on one screen, including notable open and closed deals (usually the biggest accounts by value), top sales reps by quota attainment, and overall sales performance vs.forecast.
For sales managers:
Pipeline Dashboard: Get a snapshot of each rep’s pipeline with this dashboard, including average sales cycles, average deal amounts, and conversion rates. You’ll get clarity on the progression of deals in each pipeline and identify problem areas you need to address quickly.
Team Activities Dashboard: See what your team’s doing to stay on top of active deals. Look at their total, completed, and overdue tasks and review each rep’s call and email logs.Dive deeper into conversations by looking at AI-generatedcall summaries. Use these summaries to identify customer sentiment and help move deals forward. Overall, this dashboard is key for monitoring rep engagement andsales processefficiency.
For sales operations (sales ops) teams:
Performance Dashboard: Drill into closed deals by region, account, or product so you can see what’s contributing to high deal win rates or slowing conversions. Once you know the “why,” you can recommend strategy shifts for your team.
Stage Analysis Dashboard: This dashboard shows how deals across all reps are moving through the stages of thesales process, revealing bottlenecks and at-risk opportunities.Trends and patterns identified with AI can reveal opportunities for process improvements.
For sales reps:
Rep and Team Leaderboard Dashboards: This is an overview of individual rep and team performance data, includingsales quotasattainment, leads in pipe, pipe generation, closed/won deals, average sales cycle time, and sales activities.
For more guidance, check out our article on key salesKPI dashboardsthat can help you hit or exceed your revenue targets.
Home in on the sales KPIs that matter to you
There’s no shortage of sales KPIs to track — but zeroing in on the right ones depends on what’s important to your business right now. First, identify overarching goals. For example, are you focused on driving growth or maximising revenue with existing resources and investments?
Once you’re aligned on larger goals, you can select relevant sales KPIs to track and target metrics that will ensure you hit your broader business goals. Be sure to set up dashboards in aCRMaccessible to all teams so you can see a clear view of progress toward the goals you’ve defined.
What Generative AI Leaders Know That You (Probably) Don’t
Would you believe there are some companies that attribute at least 20% of their earnings (before interest and taxes) to their use of artificial intelligence?What do these leading AI companies know that you don’t?
It’s a question worth exploring. Many companies are meandering through the strategy phase of AI, especially gen AI, and are focused on defining a vision that aligns with their business. High performers, on the other hand, are past that phase. They invest more and use AI more broadly.
We’ll highlight some of these high performers, including Schneider Electric, Rossignol, and General Mills. But first…
The big trend
In a report on the state of AI, McKinsey identified the following traits of leading AI companies, high performers that distinguish themselves from the rest:
Their AI efforts are geared less towards cost reduction and more towards creating new businesses and sources of revenue.
They’re more than 5x as likely to say they spend more than 20% of their digital budgets on AI.
They use AI more broadly, implementing AI in at least four business functions.
They’re more likely to use AI in product and service development, risk modelling, performance management, and more.
What you need to do now
Learn from, and adopt when appropriate, best practices from AI high performers. They don’t always get it right but they’re first-movers who can offer invaluable insight.
Follow an AI strategy playbook that helps you build a trustworthy foundation: for example, deciding on an approach, readying your technology, and enabling your people.
Schneider Electric, Rossignol, and General Mills are three companies (although not cited by McKinsey) that are AI high performers. Here are their stories.
Leading AI companies: Schneider Electric
Schneider had already been using AI in a decentralised fashion for years when, in 2021, it began its AI at Scale initiative and appointed its first Chief AI Officer, Philippe Rambach, to formalise its AI strategy.
It has since implemented a global hub and spoke AI operating model. Each business function “spoke” (marketing, sales, service, etc.) has an AI product owner and change agent who works with the tech competency centre “hub” to find new uses for AI, deliver the technology, and ensure employee adoption.
For example, supply chain leaders wanted to use AI for, among other things, balancing inventory based on projected demand, and its ability to deliver based on those projections. With 200 factories and tens of thousands of suppliers, it’s impossible for humans to ensure optimal inventory levels.
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AI analytics and predictive modeling helped Schneider reduce inventory levels to avoid a glut while balancing its ability to efficiently deliver products like transformers, switches, and prefabricated substations. That improvement alone has resulted in about $15 million in savings, measured by how much excess inventory it reduced, and capital allocated to other projects.
“We targeted $5 million to $10 million in value, so that was a pleasant surprise,” said Madhu Hosadurga, global vice president of enterprise AI, adding that it plans to use new AI capabilities – it invests tens of millions each year in AI –to pare an additional five percent of inventory.Read the full Schneider Electric story
Leading AI companies: Rossignol
Rossignol, a century-old French pioneer of ski equipment, expanded into summer sports in 2016 with the introduction of mountain bikes. The goal – inspire people to spend more time in the mountains year-round, while leveraging its customer data and AI to do so.
“This is a unique turning point,” said CMO Gabriel Authier. “With AI, we are able to engage with our consumers seamlessly across seasons, getting them the right product that inspires them. We can frame the AI, and give it guidance. CRM, our data, together with AI, is going to create a virtuous circle that will elevate the customer experience.”
Creating that virtuous circle is a work in progress, but Rossignol is getting ahead of the curve by partnering with LIKE.TG to connect its myriad data touch points, and eventually infuse gen AI into marketing, commerce, and service for better efficiency, personalisation and customer experience.
What might that look like in the future? Consider this example of Rossignol’s new Super Heretic bike, from a recent demo: When adding the bike description to its ecommerce site, merchandising teams could use Einstein’s gen AI capabilities to generate that content, based on past product descriptions and public information. Humans would vet, edit, and publish. Gen AI can instantly translate the content for its global audience, adhering to Rossignol’s brand voice and cultural phrasing so nothing is lost in translation.
In marketing, teams may instantly access customer engagement data from within messaging app Slack, and create email campaigns. Using AI prompts, marketers look forward to generating suggested emails and subject lines based on historical data. For example, they could use a prompt like “Which three subject lines have had the biggest open rates?” to create a future high performing email.
In service, gen AI will eventually answer its customer questions, after human vetting for accuracy, completeness, and brand voice. Because it has access to public data, gen AI could also provide information on local events and activities.
Watch the full Rossignol story (including that cool demo)
Leading AI companies: General Mills
General Mills already had rich purchase and behavioural data from its online recipe sites and Box Tops for Education donation program. Capturing millions of recipe views and receipt scans, it connected and acted on data to recommend relevant content based on food preferences, diet, geography, and household composition.
All that data gets dropped into a central repository. AI and automation analyse the data, make personalised recipe recommendations, and predict an appropriate email send cadence. The other upshot? It can more accurately segment audiences and send relevant content like quizzes or free samples based on past purchases and favourite recipes.
This has helped the company triple consumer engagement, increase known site users 170% year over year, and even save millions in paid media. Its Pillsbury and Betty Crocker brands have also experienced a 40% increase in “buy now” clicks in its user content.
Read the full General Mills story
It’s never too late
In less than one year (thanks to generative capabilities), AI has risen from a topic discussed mainly among the IT set to a top priority for company leaders. Given the constant stream of news stories, new tech tools, and emerging use cases for gen AI, you’d be forgiven for thinking every company is running their entire business with it. But they’re not.
As McKinsey reports, “we’re in the early innings of gen AI,” and the share of organisations that have adopted AI overall has remained steady over the last few years. In fact, less than a third of respondents say their companies have adopted AI in more than one business function, suggesting that its use remains “limited in scope.”
That said, those just jumping on the gen AI train have plenty of time to experiment, test, and learn from trails blazed by early-adopting high performers.
How Customer Loyalty Turns SMEs Into Brands That Last
When it comes to long-term business success, customer loyalty is key. In today’s global marketplace, customers have become digital-first shoppers with thousands of suppliers at their fingertip. They can purchase any product imaginable in a heartbeat and being top of the shortlist when customers consider a purchase has never been more impactful, especially for SMEs. The key to making it there? Customer loyalty.
What is customer loyalty and why is it important?
Customer loyalty epitomises how customers feel about your brand, how willing they are to make a repeat purchase and whether they would recommend you to others. In today’s hyper-connected world, customer loyalty is much more important – and harder to earn. Customer expectation is at an all-time high and customers are more willing to switch brands if they have a bad experience. They also share their experiences, good and bad, more frequently. In the trust-based economy what buyers tell their friends has become key, and business success balances on customer satisfaction more than ever before.
Loyal customers are also the biggest spenders. In fact, a 5% increase in customer retention has the power to increase profit by five times that amount. Just as significant, existing customers are 50% more likely to try new products and spend more on average than first-time buyers. Customer loyalty drives the bottom line and the digital economy has unlocked its impact.
Quantifying loyalty
The way customers shop online today has also opened up new lines of communication. More customers interact with brands directly rather than buying via third-party channels and personalising these interactions is an opportunity to make customer relationships more meaningful and appealing. With the right tools, your SME can leverage this connection and gain valuable insight into existing customer loyalty. As a result, you’ll also be able to develop tailored strategies to boost loyalty based on what your customers value most.
The Net Promoter Score (NPS)
Actionable data – and lots of it, is key to understanding your customers and increasing loyalty. Many successful businesses use the Customer Retention Rate (CRR) as a tool to gauge whether customers are choosing to stay with them. However, the CRR omits the human factor – how customers feel about your brand and your products. But a more complete picture can be obtained by using the Net Promoter Score (NPS), a simple, two-minute survey that transforms customer sentiment into an actionable metric.
By asking customers how likely they are to recommend your brand to a friend on a scale of 0 to 10, the NPS subtracts the percentage of “Detractors” (scores of 6 and under) from the percentage of ‘Promoters’ (scores of 9 and above) to calculate a comparable loyalty benchmark.
Simple, right? But the NPS is deceptively powerful, and high NPS scores are proven to correlate directly with growth. In fact, Harvard Business Review called the NPS the single best predictor of growth and the one number you need to grow as a business.
While it provides a strong benchmark, the NPS alone is not complex enough to understand where loyalty originates and how to improve it. To overcome this, consider adding an open-ended question to your survey like “how can we improve your experience?”, or “what do you like most/least about our product?” By asking customers what matters most, you can develop a loyalty strategy that targets real needs, rather than blowing the budget on perks that don’t rate.
Something to keep in mind is that the NPS varies greatly across industries. For example, if you’re in the car rental business, a score of 15 may be stellar – but in the streaming industry, the same score could be abysmal.
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Understanding customer needs
Perhaps your SME already has solid NPS scores. Great! But now what? While the NPS is a starting point to benchmark future initiatives, the real prize is understanding what matters most to customers. Some are loyal to specific products and their price, quality or ease-of-use. For others, these perks play no role whatsoever; they are loyal to your brand, its reputation or image. Your customers are from all walks of life and won’t fit smoothly into one category or another. However, to develop a stellar strategy for boosting loyalty, it’s important you understand what drives your customers. A few basic categories your customers may fall into include:
Satisfied customers: feel they receive high quality products
Price-loyal customers: feel they receive the best value for their money
Loyalty-programme customers: enjoy receiving freebies through loyalty memberships
Convenience customers: enjoy the ease of a product or service
Brand-loyal customers: love the company and its products
By using the NPS to understand customer composition, you can set up a strategy and solutions that meet their specific expectations. Do your customers favour quick and easy fulfilment? Offer overnight shipping for the convenience crowd. Is price important? Consider special promotions and discounts for bargain-hunters. A sound loyalty strategy identifies key issues with tools like the NPS to make sure perks and promotions gel with what customers really want and are meaningful.
Key loyalty builders
Today, building customer loyalty goes beyond price and individual perks alone. To feel a connection, customers also want personalised experiences and new ways to engage. They want to feel heard across all the channels they use. In short, they want to feel seen as a real human, rather than a random entry in a spreadsheet. Our LIKE.TG State of the Connected Customer report reveals key insights on how to build loyalty by focusing on customer interaction. To boost loyalty:
Offer Loyalty Programmes
More than 50% of customers see companies as too impersonal today. Loyalty programmes build a more personalised connection by rewarding customers with exclusive events, early access and members-only benefits.
Provide Multi-Channel Support
Lack of support is a notorious loyalty killer. Customers want to be helped in ways they’re most comfortable with, especially when they have an issue. Research shows that customers place the most value on quick and easy points of contact and documentation, like well-maintained FAQs and real-time messaging support.
Offer Different Ways to Engage
Customers often welcome opportunities to connect outside formal channels. In fact, 72% of customers expect vendors to personalise engagement to their own needs. Online communities, a social media presence or a well-maintained blog offer customers more choice to engage with you.
Build Trust by Being Generous Showing Gratitude
54% of customers don’t believe companies have their best interests in mind – 94% say trust is essential to become a loyal buyer. Sometimes, that means being generous, and incurring additional costs now for better engagement later. Forgiving return policies and warranty programmes build trust and create more loyal customers in the future.
Evolve Your Business Over Time
More than 50% of customers actively seek out the most innovative brands – and continuous evolution is key to keeping customers engaged and buying. By piloting new approaches, like user-generated content or gamification, businesses can innovate beyond the scope of their product and keep interacting interesting.
The universal approach: customer experience
While each of these strategies address some customers more than others, they all feed into a loyalty builder that appeals to almost everyone. Customer Experience – aka, the customer journey, encompasses everything including first contact, choosing a product to after-sales. In fact, 80% of customers say that they consider customer experience just as important as the product itself. What’s more, 70% say they would pay extra for a great experience.
A great customer experience enables customers to engage with the brand and product at eye-level, at every stage with seamless handoffs along the way. Providing reliable support and letting the customer know their feedback matters – by way of the NPS for example – builds a two-way connection that invests customers in your brand in ways simply using the product cannot. The stark reality is that 67% of customers have recently switched vendors for a better experience. And the heyday of customer experience is only beginning: the younger the audience, the more likely they are to switch.
Creating experiences that last
Entrepreneur Tony Hsieh said: “Customer service shouldn’t just be a department; it should be the entire company.” Building enduring customer loyalty boils down to a simple but powerful truth: the customer comes first.
By gauging loyalty with the NPS, using a data-driven approach to identify customer needs, and addressing them in a tailored and value-focused way, you can build lasting relationships, cut costs, drive sales and supercharge your brand. The reality is that it’s not the customer’s job to remember your business. But it is your job to ensure the customer has an outstanding experience that inspires them to become a loyal buyer and champion your brand.
The Perfect Cold Call: How To Turn Prospects Into Customers
We may live in the time of TikTok, where an unknown number calling your phone strikes fear, but in my 13 years of training sales teams, I’ve found nothing is more impactful than the cold call. In fact, cold calling accounts for up to50% of new deals, according toDale Carnegie Training.
The hard truth, though, is that cold calling can be painful. Many sellers avoid it whenever possible, fearingconfrontation and rejection. But with the right cold calling tips, it’s actually easier than you think. With a few simple strategies — most rooted in solid research and planning — you can make successful cold calls without getting cold feet.
What is cold calling andwhy are cold calling techniques still important?
Cold calling is a type of sales solicitation from a salesperson to a prospect who has never interacted with the company before. The goal is to develop a business relationship with a new customer and, eventually, close a sale.
While it can feel intimidating, the right cold calling tips can help you feel more confident going into each conversation. And it’s worth it. Using best practices for cold calling — rooted in solid research and planning — can help your reps turn successful cold calls into warm leads.
Cold calls are also an effective prospecting method when you compare it to email or social media. Prospects can simply delete your emails and scroll past your social media posts, but a voice on the phone is immediate. You gain the opportunity to get real-time responses and address any concerns, gathering a lot of information in a short period of time.
10 cold calling tips that will help you land new leads
The perfect cold call starts with preparation and research.Doing your homeworkwill help you tailor your message and communicate effectively. Use the following cold calling advice to break through initial fears and find success.
1. Research ahead of your call
Before calling your prospects, research their biggest pain points and consider how your products or services can help them solve nagging problems. To streamline your research,John Barrows,CEO of JB Sales, recommends segmenting your list by industry and title. Then you can use AI sales tools, like LIKE.TG’sautomated research assistant, to speed up your research. Some can even pull data about your prospect into your CRM.
Once you have a basis of industry knowledge, get to know your target companies. Review their websites (especially their blogs), their social media accounts, and news articles about their companies to see if they’re facing any challenges. Then, check yoursales engagement platformto see if the person you’re about to call has clicked through any emails and engaged with content. That may give you clues as to what they’re most interested in so you can better frame your product features as solutions they need right now.
“For top-tier target accounts, segment about one hour a day to do the research,” said Barrows. “Spend some time on your prospect’s LinkedIn profile and find something specific that you can reference to make a direct connection to the value your service can provide.”
2. Collect case studies that show the success of your product
You can brag about your product or service all you want, but your customers make the most compelling case for you. They’re seen as more relatable and objective. That’s why you need testimonials and case studies that speak to the value of your product and how it solves your prospect’s pain points. Additionally, collecting any available data on ROI or customer performance can help you quantify the benefits of your product or service.Have this information in hand, refer to it, and be ready to share it in real time during and immediately after your call.
3. Draft a call intro, not a whole script (with the help of AI)
Once you’ve completed your research, draft a quick-hit intro script that ties together basic info about your company with an open-ended question. Doing so allows you to collect more information you can use to frame your solution.If you often struggle with wording and you havegenerative AI techbuilt in to yourCRM,use it for a spark of inspiration to get the language right.
Cold call script example
Plan tocreate a new script for each prospect.No two are alike, after all. A personalised approach will help you keep the call feeling genuine and focused on the help you can provide. Keep your intro short – less than 30 seconds.
Barrows suggestedincluding the following core elements:
A quick intro about you and what your company does – 10 secondsHi, Taylor! I’m glad we’ve connected. Jessie here at [company name and description].
A point of connection, like a referral name or something you share in common, to help build rapport – 10 secondsI saw you at the recent sales training conference and wanted to connect in person, but didn’t have the chance. So, I thought I’d give you a call.
A note about why you’re calling, highlighting a key pain point or new valuable information for the prospect (this is where your research really comes in handy), followed by a prompt to gather more information – 10 secondsWe’ve seen lower quota attainment in the XYZ industry, and we’ve been working closely with others in the industry to [do something positive with our product or service]. I’d love to hear about what [company name] has been doing to overcome this challenge. If now isn’t a good time, can we schedule something later this week?
This is really all you need to draft. The rest of the call will depend on how the prospect responds to your open-ended question, like, “What specific pain points or bottlenecks are you looking to address?” Make sureyou listen carefullyand ask more questions. Try to identify three key factors in their decision-making: time (when they need a solution), money (how much they can afford), and impact (what a perfect solution would look like, preferably framed by metrics they’re trying to hit).
4. Call at the best time – often in the middle of the day
Recent layoffsmean smaller teams have to do the same amount of work with less resources. This may make it harder to get in touch with your prospects. To maximise your chance of getting them on the phone, avoid calling during busy parts of the work day — typically first thing in the morning and the end of the day.
Calling in the middle of the day is a good bet. Give yourself even better odds with a little social reconnaissance. Check to see if your contact has obligations, like a major conference to attend, to make sure you’re reaching them when they’re able to pick up the phone. If calling during “best” hours doesn’t work,send an emailand schedule a time to call.
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5. Practice (and breathe) before the call
Armed with the best strategies for cold calling, getting into the right mindset is critical. If you rush in, anxious about the outcome, you’ll likely come across as frenzied. To ensure you’re confident and comfortable, do three important things:
Anticipate common questions, especially negative ones, and plan quick answers that help direct the conversation in a positive direction.
Practice your pitch in front of a mirror or, better yet, with a colleague.
Take several deep breaths to calm your nerves before you pick up the phone.
While that may sound simple, it doesn’t need to be complicated. Reps have used these cold calling tips for years, and nothing beats them.
6. Speak slowly and clearly — then listen
With script in hand, remind yourself to take the first 10 seconds to build rapport. This can be a brief tidbit that sets your prospect at ease and helps you connect on a personal level. Smile when you speak — it comes through in your voice. Then, tell them you’re happy they answered and ask them an open-ended question. Speak clearly and slowly to be sure you’re understood. You want the prospect to know who you are, why you’re a standout, and what you have to offer.
“Ask specific questions that show you know what you’re talking about,” said Barrows. “You can simply ask: ‘We’re working with other executives in your industry to address these three priorities: 1,2,3. How do these align with your priorities and what other ones are you specifically dealing with?'”
After you ask your open-ended question, listen — really listen. Take notes as the prospect talks to help you frame follow-up questions. When there’s a natural pause,ask questions related to your research as well as anything that might help you collect information on time, money, and impact (see tip #3 above).People liketalking about themselves, so give them the opportunity.
The secret to cold calling success? Authenticity
Cold calling isn’t just a numbers game. Being authentic can help you turn cold calls into connections quickly. Learn more on Trailhead, the free online learning platform from LIKE.TG.
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Cold Calling for Sales
7. Don’t mention your product until the end of the call
Collected enough information to fully understand your prospect’s needs? Now, it’s time to plant a seed. As you get ready to close the call (try to keep it to 15 minutes), connect one of the pain points mentioned with something you have to offer — a product feature, a low-cost subscription, or increased ROI. Let them know you have a viable solution that can be tailored to their needs.
Here’s the catch: Don’t give away the store. Use this connection as an opportunity to ask for a follow-up meeting so you can explain your solution further.After all, this isn’t asales call. It’s a cold call.
8. Be clear about next steps
Many sellers rightfully put energy into gathering information or making a pitch while cold calling.Unfortunately, many also forget to plan how they’ll close out their cold call in a way that moves things forward.
Before your call, plan for the three to four most likely outcomes and next steps for each. This ensures you will keep the deal moving forward. For example, if the prospect seems interested in product features,suggest scheduling a demo to walk them through your product. If they’re wavering on the real impact of your solution, you can send them an email with case studies and ask them for a good time when you can follow up.
Before you hang up, make sure your next step is clear — and ideally on the prospect’s calendar. You can even summarise next steps at the end of the call to make sure there’s no confusion.
9. Have a plan of action if they don’t answer
“Reps always ask me whether they should leave voicemails anymore since they almost never get a callback. My response is yes — as long as they are good ones,” said Barrows.
What makes a good cold call voicemail? One that offers value. Even if you don’t get a callback the first time, you’ve used an opportunity to build name recognition and help your prospect associate it with something helpful. When planning what you’ll say during a voicemail, consider the research you did to inform what you’d say during a live call. Then use these do’s and don’ts to leave an effective cold call voicemail that stands out.
DON’T open with your name. DO start with a greeting that’s immediately followed by why you’re calling, focusing on helpful information you’d like to share.
DON’T ramble. DO keep your voicemail to a 30-second maximum.
DON’T sell. DO try to pique their curiosity.
10. Take time to identify highs and lows after the call
One of my biggest cold calling tips is to take some time after the call for a self-assessment,identifying what went well and what didn’t quite land.The more cold calls you make, the more data you have to learn about what works and what doesn’t — but that’s only possible when you take the time to analyse your calls. Make a note of call highs and lows as soon as you hang up.
The good news: This only needs to take a few minutes following each call, especially if you use AI.AI for salestools, like Sales Cloud Einstein, not only generate short, actionable call summaries, but they also offer suggestions on next steps. As you continue to analyse your calls, you’ll identify patterns that can help you improve your cold calling scripts and make it easier to approach prospects in the future.
Take the plunge into cold calling
Cold calling may not be the newest technique in the sales game, but it’s still an effective way to generate new business — if you do it right. By doing your research, building rapport, and giving your prospect a chance to share their problem in detail, you’ll make it easy to position your product as the ideal solution.
What are you waiting for? Pick up the phone and start turning those calls into customers.
5 Questions About AI Your Business Should Ask Before Diving In
Are you overwhelmed by generative AI yet?
The questions about AI businesses need to ask themselves –about technology, skills, privacy, data, and organisational requirements, to name a few –are endless. It can be hard to know where to begin, and the most pertinent AI questions to ask, before diving in.
“For a lot of our customers, this is about getting going for the very first time with AI,” said Marc Benioff, CEO of LIKE.TG. “They may have been using predictive AI, machine learning or even deep learning. Now they’re exploring this next generation of AI to understand how they’re going to take productivity to the next level.”
Demand and potential are both great. But so are the risks. We’re here to help.
The employee view
56% of workers in a recent survey said they believe generative AI (gen AI) will transform their roles.
65% believe gen AI will allow them to focus on more strategic work.
Workers believe generative AI will save five hours a week.
The exec summary
Gen AI will add up to $4.4 trillion to the global economy annually.
75% of the potential value from gen AI is concentrated in four functions: customer operations, marketing and sales, software engineering, and RD.
Gen AI, with other automation technologies, could add up to 3.3 percentage points annually to productivity growth, but companies will need to support employees along the way.
Your next move
Ensure your AI technology meets company guidelines and industry regulations.
Develop a strategic plan with specific use cases.
Ask the right questions about AI, starting with…
How good is our data?
Generative AI promises to significantly reshape how you manage your customer relationships, but it requires data that is accurate, updated, accessible, and complete. Why is this important? You may do something differently this quarter than you did last quarter, based on the latest data. But if your data is outdated or incorrect, that’s what the AI will use.
When training your models for generative AI, you should first ensure data excellence from top to bottom. To get your data house in order, remove duplicates, outliers, errors, and other things that can negatively affect how you make decisions. Then connect your data sources — marketing, sales, service, commerce – into a single record, updated in real time, so the AI can make the best recommendations.
McKinsey recently wrote, “Companies that have not yet found ways to harmonise and provide ready access to their data will be unable to unlock much of generative AI’s potentially transformative power.”
How do we establish trust?
Trust –that you will protect customer data and use AI ethically –is at the heart of how widely and successfully businesses and customers will embrace generative AI.
Ask yourself, is your technology partner building AI safeguards into the fabric of their systems and apps? Large language models (LLMs), the computer programsupon which AI algorithms are based, contain huge amounts of data but they lack safeguards, controls and privacy features. Companies can leverage AI’s productivity gains without giving away data.
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Trust in AI data privacy requires special safeguards including data masking, toxicity detection, data grounding, zero retention, and more. These guardrails protect data and help ensure ethical use, boosting chances of AI success.
Do we need to reorganise our company around AI?
Research featured in Harvard Business Review found that AI initiatives face formidable cultural and organisational barriers, and that companies need to align their culture, structure, and ways of working to support and scale AI. Ask yourself, do all your stakeholders share that responsibility?
Generative AI is such a game changer that some companies are establishing cross-functional AI task forces to determine how to proceed. Experts suggest establishing an AI governance committee to, among other things, guide development teams and set standards for explainability. That is, determining how and why AI makes the recommendations it does.
Schneider Electric, for one, has formalised an AI program under a chief AI officer and scaled it to every corner of the company. It implemented a global hub-and-spoke AI operating model. Each business function “spoke” (marketing, sales, service, etc.) has an AI product owner and change agent who works with the tech competency centre “hub” to find new uses for AI, deliver the technology, and ensure employee adoption.
“Every use case — and we have AI use cases in almost every function — has people from both the AI Hub and business,” said Madhu Hosadurga, global vice president of enterprise AI at Schneider.
Do we have the right skills?
AI is evolving at such a furious pace, the answer to this question (for most companies) is probably no. A recent survey found 67% of global business leaders are considering using generative AI, but roughly the same number of IT leaders say their employees don’t have the skills to use it.
Being an AI-first company (like being digital-first or mobile-first before) requires a close evaluation of your talent. First, you need to determine your current capabilities relative to what you want to accomplish. Identify the gaps, then prioritise building those AI skills. Of course, these will vary by your company’s industry and specific needs.
You will likely have to develop a hiring plan to acquire talent, and train workers to use generative AI. You can do the latter by providing access to on-demand learning for critical skills, incentivising workers to learn new skills and prioritising upskilling as part of the job.
“Change management starts with people,” said Clara Shih, CEO of AI at LIKE.TG. “It’s going to take all of us to reskill and learn about these new capabilities.”
What gen AI terms do I need to know to carry on a conversation?
You don’t need to be a software engineer or data scientist to understand gen AI or speak with authority about it with technical people. But business leaders should be able to think about AI holistically, including benefits and risks, where it fits into the company’s culture, mission, and what type of governance and infrastructure it requires.
Business leaders can’t help lead AI programs to success if they can’t engage with the tech teams.
We’ve put together a list of the most essential AI terms that will help everyone in your company — no matter their technical background – understand the power of generative AI. Each term is defined based on how it impacts both your customers and your team, a crucial element in understanding the power of AI.
Gen AI technologies (and adoption) are growing extraordinarily fast. As it informs more business decisions and transforms your relationships with customers, leaders at all levels must understand its potential, its use cases, and its risks. How do you do that? Start by asking the right questions about AI.
Predictive Analytics: Shaping the Future with LIKE.TG
Predictive analytics stands at the forefront of data-driven decision-making, striving to answer a pivotal question – “What could happen next?” Within the realm of business data science, predictive analytics has emerged as a key player, evolving hand in hand with the growth of big data systems. This evolution has expanded the horizons of data mining, enabling organisations to unearth invaluable predictive insights. The convergence of big data and advanced machine learning techniques has been pivotal in unlocking the full potential of predictive analytics.
Understanding Predictive Analytics
Predictive analytics is the art of employing data to make well-informed forecasts about future outcomes. This sophisticated process encompasses data analysis, machine learning, artificial intelligence, and statistical models to uncover patterns that can help predict future behaviours and events. Leveraging historical and current data, organisations can anticipate trends and behaviours, ranging from seconds to years into the future, often with remarkable precision.
The Inner Workings of Predictive Analytics
Predictive analytics is not a crystal ball; instead, it’s a structured methodology that data scientists utilise to make predictions based on data patterns. The process can be distilled into five core steps:
Problem Definition
The journey into predictive analytics commences with a crystal-clear definition of the problem at hand. Whether it’s detecting fraudulent activities, optimising holiday season inventory levels, or forecasting potential flood levels during severe weather, a well-defined problem lays the foundation for choosing the appropriate predictive analytics method.
Data Acquisition and Organisation
Organisations typically possess vast data repositories, accrued over time or continuously streaming in through customer interactions. Before predictive analytics models can be constructed, data sources must be identified, and datasets should be meticulously organised, often within a data warehouse.
Data Pre-processing
Raw data seldom arrives in a form ready for predictive analysis. The pre-processing stage involves cleansing the data to eliminate anomalies, missing data points, or extreme outliers, which may result from input or measurement errors.
Predictive Model Development
Data scientists employ a repertoire of tools and techniques to build predictive models, selecting the most suitable approach based on the problem and the nature of the dataset. Common predictive model types include machine learning algorithms, regression models, and decision trees.
Validation and Deployment
Once a predictive model is created, it’s essential to validate its accuracy and fine-tune it if necessary. Once satisfactory results are achieved, the predictions can be disseminated to stakeholders through various means, such as applications, websites, or data dashboards.
Predictive Analytics Techniques
Predictive analytics employs various techniques to extract insights from data and make forecasts. Here are some key techniques often used in this field:
Regression Analysis: Regression is a statistical analysis technique used to estimate relationships between variables. It is beneficial for identifying patterns in large datasets and understanding the correlation between different inputs, such as how a price increase might affect product sales.
Decision Trees: Decision trees are classification models that categorise data into different groups based on specific variables. They are highly valuable when trying to comprehend an individual’s decision-making process. The tree-like structure represents potential choices, with each branch leading to a specific outcome. Decision trees are straightforward and work well when dealing with datasets that contain missing variables.
Neural Networks: Neural networks are machine learning methods that model complex relationships within datasets. They excel at recognising intricate patterns and are most effective in predicting nonlinear relationships when no known mathematical formula exists to analyse the data. They are often employed to validate the results of decision trees and regression models.
Applications of Predictive Analytics
Predictive analytics finds applications across a wide array of industries, offering opportunities to streamline operations, boost revenue, and mitigate risks. Some notable use cases include:
Fraud Detection: Predictive analytics monitors real-time activities to detect anomalies that may signify fraud or vulnerabilities.
Conversion and Purchase Prediction: Businesses can leverage predictive data to retarget online ads and reach visitors with a higher likelihood of converting and making a purchase.
Risk Reduction: Credit scoring, insurance claims assessment and debt collection utilise predictive analytics to assess and predict the likelihood of future defaults.
Operational Improvement: Predictive analytics models help companies forecast inventory needs, manage resources more efficiently, and optimise operations.
Customer Segmentation: Marketers use predictive analytics to divide customer bases into specific groups, enabling more tailored content and forward-looking decisions.
Maintenance Forecasting: Organisations can predict when routine equipment maintenance will be needed, allowing them to schedule it proactively and prevent issues or malfunctions.
In the age of data abundance, predictive analytics has become an indispensable tool for businesses looking to gain a competitive edge and foresee what lies ahead. With the ability to make data-driven predictions, organisations can make informed decisions that propel them towards success.
Enhancing Predictive Analytics with Advanced Modeling
Now that we’ve explored the fundamentals of predictive analytics, let’s turn our attention to how advanced modeling techniques can elevate the capabilities of predictive analytics. Predictive models are the linchpin that enhances data-driven decision-making and unlocks new insights into what the future holds.
The Role of Predictive Models
Predictive models are the backbone of predictive analytics. They are the mathematical or statistical algorithms that crunch through data to identify patterns, relationships, and associations. These models allow predictive analytics to make informed predictions about future outcomes. Here’s how they fit into the predictive analytics workflow:
Data Input: Predictive models require high-quality data as input. This data typically includes historical information relevant to the problem at hand. Whether it’s customer behaviour data, financial metrics, or sensor readings, the data forms the foundation upon which predictive models operate.
Feature Selection: Within the input data, specific features or variables are selected as the building blocks for predictive modelling. These features can range from customer demographics to product attributes, depending on the nature of the problem.
Model Building: The predictive model is the heart of the operation. It’s here that data scientists apply various algorithms and techniques to uncover hidden relationships and make predictions. The model is trained on historical data to learn from patterns and behaviours.
Prediction: Once the model is trained and validated, it can be used to predict future outcomes. By feeding it with new data, the model leverages its learned patterns to make forecasts. These predictions can range from sales forecasts to equipment failure predictions.
Evaluation and Deployment: The performance of predictive models is closely monitored and evaluated to ensure their accuracy. Once validated, the models are deployed to make predictions accessible to stakeholders through various platforms.
Types of Predictive Models
Predictive models come in various forms, each tailored to specific types of problems and data. Here are some common types of predictive models:
Regression Models: These models are ideal for predicting continuous numerical values. Whether it’s forecasting product prices, patient recovery times, or energy consumption, regression models are the go-to choice.
Classification Models: When the outcome of interest is categorical or binary, classification models come into play. They are used for customer churn prediction, sentiment analysis, and quality control.
Time Series Models: Time series models specialise in forecasting future values based on historical time-ordered data. They are essential for predicting stock prices, weather patterns, and seasonal sales trends.
Clustering Models: Clustering models group data points into categories based on similarities. They are instrumental in customer segmentation, anomaly detection, and recommendation systems.
Machine Learning Models: A diverse range of machine learning models, including decision trees, random forests, support vector machines, and neural networks, offers unparalleled flexibility. They are applied across various predictive tasks, from image recognition to natural language processing.
Applications of Advanced Predictive Models
The applications of advanced predictive models are boundless, spanning numerous industries:
Finance: Predicting stock market trends, optimising investment portfolios, and identifying fraudulent transactions.
Healthcare: Forecasting disease outbreaks, patient readmission risks, and personalised treatment plans.
Marketing: Enhancing customer segmentation, predicting market trends, and optimising digital marketing campaigns.
Manufacturing: Preventing equipment breakdowns through predictive maintenance, optimising supply chains, and ensuring product quality.
Retail: Predicting customer demand, optimising inventory, and personalising the shopping experience.
Transportation: Optimising logistics, predicting maintenance requirements, and managing traffic flow efficiently.
By incorporating advanced modelling techniques into predictive analytics, organisations can harness the full potential of their data. Predictive models are the linchpin that elevates data-driven decision-making, enabling businesses to unlock new insights and foresee the future.
Chapter 1: Why Are Businesses Going Through Digital Transformations?
As digital technology advances and plays an ever-bigger part in our daily lives, businesses have to keep up with the times. From a broad perspective, it’s simple: Keep up or fall behind. Understanding what digital transformation means to your business requires a bit more exploration, however.
What are the drivers in digitalisation and digital transformation?
The root of any change in business starts with customers. It has to: Customer happiness is how you win in business.
Modern customer expectations are being driven by largely digital technology and digital innovations. The always-connected customer is always seeing new possibilities. When they see new things elsewhere, they want them from you, too. And if you can’t offer them, they’ll find someone else who can. The digitally connected world makes it easier than ever for customers to comparison shop and move from one brand to another, often with minimal effort required.
Digital innovation shapes business across all industries.
Digital transformation impacts every industry. Whether your business generates revenue through client services, digital media, or physical goods, technological innovations can transform your means of production, distribution, and customer service.
Depending on your business, your customer could be a consumer or a business-to-business (B2B) client. Let’s extend our perspective to also include your employees. As we’ll talk about in a moment, employee expectations are being driven by their own consumer experiences, particularly when it comes to digital innovation in the workplace.
Customers expect digital technology and innovation.
Today’s customers are connected and empowered by the digital era. They’re connected 24/7, and increasingly want and expect that same around-the-clock access to the companies they do business with. The key drivers behind this change in consumer behaviour? Mobile devices and social media.
Over half of customers surveyed for LIKE.TG’s report “State of the Connected Customer” said that technology has significantly changed their expectations of how companies should interact with them. More specifically,73% of customers prefer to do business with brands that personalise their shopping experience, according to the Harvard Business Review.
LIKE.TG’s researchalso reports that 57% of consumers said it’s absolutely critical or very important for companies they purchase from to be innovative. Otherwise, they might just look for new companies to buy from: 70% of respondents said new technologies have made it easier for them to take their business elsewhere.
Employee empowerment drives digital solutions.
The Apple iPhone is often mentioned as a key driver in the adoption of consumer technology in the workplace. The iPhone wasn’t originally marketed to businesses, but it quickly became popular, to the point that corporate IT departments had to accommodate employees wanting to use iPhones in lieu of other devices. Once a few big employers opened their doors, acceptance of iPhones in the enterprise spread quickly.
The iPhone disrupted the status quo for technology adoption in the workplace. Instead of IT leaders telling employees which approved devices to use, enough workers asked for iPhones that IT departments eventually acquiesced. This trend continues today, with more “consumer-grade” technologies making their way into the workplace. Maybe even more noteworthy is the flip side of the trend: Enterprise software has started taking design and functionality cues from the consumer world. Long live ease of use!
Digital-first employees are connected employees.
Millennials — more than any other subset of the workforce — are proponents of the digital-first mentality. Having come of age on PCs, consumer electronics, and phone apps, millennials expect to enjoy the same powerful, easy-to-use digital tools in the workplace as they do in the rest of their lives.
Digital transformations apply this digital-first state of mind to empower all your employees. In the same way that consumers look for businesses ready and willing to connect with them 24/7 via social media and other digital channels, today’s employees thrive in environments that make it easy to collaborate, access information, and work anytime and from anywhere. Digitalisation is a powerful ally of the empowered employee.
For small businesses, the upside to building a digital business can be game-changing. Not only is digitalisation key to meeting customer expectations and empowering employees, but it can also help small businesses do more with less. The efficiencies afforded by going digital — having one comprehensive database shared across your entire business, leveraging customer data to create personalised messaging and service strategies, enabling employee connectivity from mobile devices, for example — can free small teams up to spend more time winning and keeping new customers.
Bonus: When you build digitally from the beginning, it’s much easier to scale systems as your business grows.
Digital innovations are transforming industries.
Employees aren’t the only ones benefiting from easy-to-use, always-on access to information in the workplace. Machines themselves are getting smarter, too. Artificial intelligence (AI), the Internet of Things (IoT), cloud analytics, and sensors of allsizesand capabilities are transforming manufacturing, production, research — virtually all facets of business across all industries.
The examples are never ending. Digital innovations like AI and the IoT are driving all manner of advancements in the production of everything from consumer goods to cars and trucks. Optimised manufacturing processes adapt to changing consumer demand. Cloud-based software affords real-time visibility into supply chain logistics. Customer experience mapping powered by machine learning surfaces key insights to help product planners, marketers, and budget makers alike do their jobs better. Together, these and many more innovations like them are changing the way we do business, from every conceivable angle.
Why do businesses need to transform in the digital era?
Digital transformation is business transformation. It’s a transformation that’s being driven by the basic desire to make work better for everyone, from employees to customers. The drivers we just walked though are some of the biggest reasons behind the massive changes rippling through the business world right now. Add to that the need every business has to compete for — and win — customers. If your competitors are leveraging digital transformation to streamline production, expand distribution, build a better workplace for employees, and improve the overall customer experience, you’d better up your game, too.
But how are these changes taking shape? What does digital transformation look like in practice, across different parts of an organisation? Let’s take a look at some examples.
Overview: What Is Digital Transformation?Chapter 2: Examples of Digital TransformationChapter 3: How to Digitally Transform Your Business
Chapter 3: How to Digitally Transform Your Business
A digital transformation is a complete business transformation. It’s crucial to keep this in mind if you’re seriously considering transforming your business. It’s not just about updating IT systems and apps.It’s a cultural shift, and a reimagining of all of your company’s processes and ways of doing things.
As we said previously, small businesses — even those just getting off the ground — can leverage a digital transformation mindset to build digital first into their company culture. What better way to imagine how digital innovation can benefit customers than by being a digital native yourself in all aspects of growing and running a business?
Before we get into how to build a framework for your digital transformation, let’s first go through some of the signs that your business is, in fact, in need of transforming.
Signs that a business needs a digital transformation.
Signs that your business is in need of a digital transformation can appear across different parts of your organisation. They may not scream “It’s time to go digital!” or “Why aren’t you on Instagram?” Instead, they could manifest as a diverse set of business problems.
If one or more of the items on our checklist rings true, it might be time to think seriously about developing a digital transformation strategy.
You’re not getting the referrals that you used to get.More and more referrals are now shared online, via social media, apps, email, and messaging. If your business doesn’t have a strong, easy-to-share digital presence, you could be missing out on referrals.
Repeat business isn’t repeating like it used to.Customers not coming back to do business with you again isn’t necessarily a sign that your products and services aren’t measuring up. Losing repeat business could be due to competitors’ promotions, lack of follow-up communication on your part, or any number of other reasons. A digital transformation of your messaging strategy could shed light on why your repeats have been dwindling.
Tried-and-true promotions are no longer generating leads.Why aren’t your killer promotions effective any more? Are you measuring their impact? It’s hard to pinpoint the impact of print campaigns, and even last year’s best digital strategies may no longer be effective. If your promotions aren’t bringing in leads, it may be time for a new, bottom-up approach to marketing.
Cross-departmental complaints are mounting about a lack of collaboration and information sharing, teams operating in silos, and so on.The idea that sales and marketing just don’t get along has gone the way of the dinosaurs. Collaboration is the operative word in today’s progressive business cultures, and getting your data out of silos and in front of whoever needs it is key. At the core of every digital foundation is a plan to make business data accessible and useful across departments.
Your technology systems feel old — employees are asking for features they’re used to from consumer apps.Spreadsheets are great, but you shouldn’t be using them for everything. Modern business apps that serve specific needs, integrate with one another for data sharing, and offer user-friendly experiences across desktop and mobile are where it’s at. If your current technology doesn’t offer employees most, if not all, of the above, maybe it’s time to look at atechnology platformthat can.
Digging past the surface to understand the root causes of these problems often leads to the realisation that you don’t have the proper visibility into business data necessary to make good decisions. Many SMBs are built on a patchwork of applications that don’t talk to each other. Fixing your technology infrastructure to facilitate sharing and analysing data across your business is a key step toward better, more informed decision-making.
A digital transformation strategy is a business transformation strategy.
Remember that just as digital transformations are about business first, and digital second, problems with your business data may be signals to look more closely at how your company is doing business generally. Laurie McCabe, Co-Founder and Partner at SMB Group,said it well: “In fact, it’s usually situations like these that make you realise you don’t have great visibility into your own business data or, even worse, have lost touch with what your customers want and need.”
If you’re seeing red flags and realising that your business data isn’t centralised, accessible, and working for you, what’s next? It’s time to craft a digital transformation strategy.
How small business leaders can think about a digital transformation strategy.
Start with an internal assessment to identify gaps, problems, and areas where you may experience difficulties. What’s your biggest problem? What’s the key to your survival? For very small and very new businesses, the answers may be short and sweet: We need customers and sales. We need a few key processes and systems we can run with. It’s important to involve everyone at your company. All will be part of your digital transformation over time, and you may have more stakeholders than you think.
Even if your company is small and new, and the path to digital transformation seems clear now, remember that you’re building for the future. And future you will be bigger. Whether that means more employees, more revenue, or both, your business will grow. Flexibility and the ability to stay nimble as your business evolves should be built right into your digital transformation strategy. Connecting with aLIKE.TG MVPonline or in person can be a great — and free — resource as you start thinking about your small business digital transformation strategy.
Consider outside help in mapping a digital transformation strategy.
Working with consultants, partners, and tech vendors can be great for SMBs because they have the depth of experience and knowledge to help you figure out the best paths to success. Experienced partners have likely helped other companies in similar situations, and so can help you find the most direct paths to meaningful transformation. A great place to look for consulting partners is theconsultants directory on the LIKE.TG AppExchange.
Many small business leaders hear the word “consultant” and instinctively flinch while reaching a hand to guard their wallets. Don’t assume that getting help is always too expensive — that’s simply not true. Many large companies offer free advice or trainings for SMBs, likeLIKE.TG Trailhead. Beyond free offerings, there are all sorts of ways to get advice without spending a lot.
You don’t have to create your digital transformation roadmap alone.
Remember that the point of hiring or partnering with an external group to craft your digital transformation strategy is to draw upon their expertise. They bring something to the table that you don’t have — experience and industry expertise across many different clients — and can provide value and best practices. Your short-term investment in their time is designed to help your business reap bigger benefits over the long haul.
Tapping the right partner to consult on your transformation strategy lets you come up with a better plan than you could on your own, while also letting you stay focused on your core business. It will also help you avoid some of the rookie mistakes that inevitably happen when you go it alone.
Collaborate on technology decisions and investments when leading a digital transformation in your organisation.
If you’re leading a digital transformation in your organisation, keep this rule of thumb in mind as you consider decisions and investments: Be collaborative. If you have 10 employees, all 10 will be affected by the change, so you need to get them on board.
Don’t make decisions in a vacuum. The changes brought by digital transformation will impact everyone’s daily workflow, and are meant to empower employees. Get everyone involved early and solicit ideas. Not only will you get better buy-in, you’ll get a better outcome, too.
Avoid common mistakes in your digital transformation framework.
Technology integration is key. It’s perhaps the number one area SMBs should be investing in.
One of the biggest, easiest-to-make mistakes that businesses make is investing in a bunch of different technologies that don’t integrate. Unfortunately, it’s hard to unwind the resultant snarl of information when your platforms and apps don’t work together.
SMBs need to stay focused on getting thecapabilities they need now in a way that will scale as their businesses grow. Today’s business ecosystems and platforms make it easy for vendors and developers to build apps tailored to helping SMBs grow. Adopting a scalable platform will help ensure that the processes and information in your company can flow as easily as possible. That’s the foundation upon which everything else can be built.
Build bridges to connect your data, employees, and customers.
You don’t need to scrap everything and start over when beginning a digital transformation, even if you’re transitioning from a snarl of apps that don’t talk to each other. In fact, the most effective solution is to bridge data silos, and pull all information into a central space — rather than completely starting over.
The second part of the process is to unify your data, with the aim of creating a single, unified view of the customer. Once you’ve built bridges between fragmented information, you’ll be able to surface useful insights into customer behaviour and maximise the potential ofnew technologies like AI. Looking at your business anew with the benefit of new insights and tools is what digital transformations are all about.
Overview: What Is Digital Transformation?Chapter 1: Why Are Businesses Going Through Digital Transformations?Chapter 2: Examples of Digital Transformation
Chapter 2: Examples of Digital Transformation
What does digital transformation look like in practice, and how has it already changed the way we do business? Let’s take a look at examples of digital innovations in marketing, sales, and service that build closer customer relationships and empower employees across all industries.
Examples of digital transformation in marketing.
At a high level, the goal of digital transformation in marketing is to find more customers while spending less money. More specifically, awesome digital marketing generates more quality leads and helps you get closer to all of your customers, whether they’re new to your brand or longtime loyalists.
The shift from analog to digital marketing materials helps these efforts in two key ways. First, digital materials are generally cheaper to produce and distribute than analog media. Email, in particular, is far less expensive than print-and-mail campaigns. Second, digital marketing opens the door tomarketing automation, analytics tracking, and dialogue with customers in ways that analog never could.
Instead of planning aone-size-fits-alltrip down the funnel, marketers can build 1-to-1 journeys that observe customer behaviours and shape the experience along the way to best suit each individual buyer. And instead of going on instinct and gut feelings alone, marketers now have data-driven insights at hand to help craft those journeys.
Digital transformation helps marketers connect with individual customers.
Let’s look at some examples that detail how digitally transforming your messaging strategy can increase customer engagement and reduce your costs.
Examples of digital transformation in sales.
There’s a good reason that the traditional roles of marketing and sales are being redefined in the digital age. It’s all about the data.
The ability to collect large amounts of precise data on consumer behaviour lets marketing and sales teams, in particular, approach their work in ways never before possible. Looking at consumers as individuals, and studying their behaviour from the first touchpoint all the way through the buying journey, brings to light the natural bond between marketing and sales. Nurture that bond, and magic happens when these historically separate groups work together.
Data makes every sales rep productive.
Salespeople particularly benefit from access to more and better data. When marketing and sales teams share information across aCRM, and individual sales reps enter sales activity and keep their pipelines up to date on the platform, information flows freely throughout an entire organisation.
From there, two big things happen. First, more eyes on the same information means more opportunities to share intelligence across your entire business. Maybe someone from marketing ops sees a sales rep’s note about a prospect in the CRM, and shares marketing campaign activities related to the prospect that helps move the deal along.
Second, as information flows and gathers within your company, you set yourself up to leverage cutting-edge digital innovations like artificial intelligence.
Digital transformation creates AI-driven sales techniques.
Artificial intelligence systems can be incredibly helpful in their ability to comb through vast amounts of data in search of useful patterns and other insights. As AI services evolve, they’re studying sales and marketing data not only from the end-consumer standpoint, but also to determine the effectiveness of sales techniques and strategies themselves. In addition to surfacing insights around, say, which demographics are more likely to buy at what times of the year, AI can shed light on which sales strategies have proven most effective over time, or what promotions and product bundles bucked long-term trends to move the revenue needle.
With more and more datasets available from external sources, AI systems can mine marketplace information as well as your own sales history. From there, the systems look for correlations, patterns, and even anomalies to give your teams a competitive edge when going after accounts. Combining AI-driven insights with the tribal knowledge of your teams is perhaps the ultimate realisation of digital transformation for sales.
Social selling strategies are a key component of digital transformations.
Social media is everywhere, mashing up news, entertainment, and brand interactions alongside interpersonal connections. PricewaterhouseCoopers recently found that 78% of consumers were in some way influenced by social media during their buying process. And nearly half of consumers said their buying behaviour was directly affected by reviews and comments they came across on social.
Consumer participation in social media has changed the buying process, so any successful digital transformation needs to incorporate a social selling strategy. This uniquely digital medium is full of opportunity for the savvy salesperson to connect and build relationships with prospects and longtime customers. As theDigital Marketing Instituteaptly said, “Successful social sellers can be regarded as thought leaders, or even trusted consultants, by prospective customers as they provide value through industry insights, sharing expertise and offering solutions to common consumer questions through creating or sharing insightful content.”
Examples of digital transformation in service.
Customer service, and ourideas around where service begins and ends, are being upended by the digital era as much as any other part of business. Maybe more so.
The “on-demand economy” has quickly grown from a few upstart apps that hire errand runners and hail cars for busy urbanites to a global movement to, asForbesput it,“Uberisethe entire economy.” A combination of smartphone ubiquity, electronic payment systems, and apps designed to match demand (consumers) to supply (gig workers) in real time has created a world in which nearly anything you might want is just a swipe and tap away, around the clock.
Talk about digital transformation! With everything from pizza delivery to child care now available at their fingertips, customers are expecting more and more companies and industries to embrace digital as their primary means of doing business. For service departments, that means greater expectations for 24/7 problem-solving on the customer’s channel of choice. But it also means greater opportunities to delight buyers and win more business.
Social media is the new customer service desk.
Listening and responding to customers across all social media channels sounds pretty daunting if you’re just getting started with the Twitter and LinkedIn apps on your own phone. But a host of tools designed for social service makes it easy to highlight customer needs, integrate social channels into your service workflows, and start measuring brand sentiment and activity across social media.
Meeting your customers where they already are is a big part of winning business in our digital world. Approaching social service with a digital transformation mindset can really spell the difference between struggling to keep up with customer needs and turning service calls into opportunities to grow your brand.
Collaboration across the different parts of your business is key. The LIKE.TG “State of the Connected Customer” report made that clear: 84% of high-performing marketing leaders say that service collaborates with marketing to manage and respond to social inquiries and issues, while just 37% of underperformers say the same. When information is freed from silos, teams collaborate more, and businesses perform better.
Self-service is a service agent’s best friend.
Remember the days when everything from canned goods to kitchen appliances came with a toll-free customer service number, and that 800 number was your only avenue for everything from product questions to warranty claims? Callcentersaren’t quite a thing of the past, but the digital age brings so much more flexibility when it comes to finding the right medium for serving customers in different ways.
Theself-service portalis a great example. These user-facing tools offer features like password reset, self-logging of incidents, service requests, and knowledge base searches. They can also include more interactive services like collaborative spaces, chat services, and embedded social media feeds that are relevant to service issues.
User-friendly design, including search fields that offer suggestions, and user profiles that leverage customers’ purchase and service histories, can go a long way toward personalising self-service for your customers. A good self-service portal can reduce the demands on your service agents. Andcustomers like self-service: 59% of consumers and 71% of business buyers say self-service availability impacts their loyalty,according to our research.
AI plays a key role in the digital transformation of service.
Bringing artificial intelligence into your service organisation is a prime example of the power of digital transformation. AI-powered chatbots that answer simple customer inquiries serve as a welcoming presence on your website, reducing the time customers have to wait to reach an agent.
Deploying chatbots to handle level one inquiries also frees up service personnel to spend time on more sensitive cases. AI-powered bots can serve as the entry point into intelligent case routing systems. When a customer’s query is too complex for the chatbot to handle, natural language processing helps map the question to the best available expert to resolve the situation.
Examples of digital transformation across industries.
We’ve talked a lot in this chapter about specific examples of digital transformation in marketing, sales, and service. All digital transformations start with the move from analog to digital — that is, taking information off of paper and putting it into the digital realm. From there, these basic ideas apply to all businesses and industries:
Meet customers in the digital channels they already frequent
Leverage data to better understand your customers and the marketplace as a whole
Free your data and share intelligence across your entire business
Encourage once-separate groups like marketing, sales, and service to collaborate
Digital transformation is helping many industries. Let’s look at how these ideas are being applied in a few specific ones.
Examples of digital transformation in banking.
Banking has been radically transformed by digital technologies in ways that have greatly benefited many consumers. Not so long ago, the majority of transactions were handled in person by bank tellers. Automated teller machines (ATMs) came along and streamlined the basic transaction process, extending business hours and reducing wait times and dependencies on human employees for cash withdrawals and other popular transactions. Over time, ATM technology has evolved to accommodate cash and check deposits, more secure transactions, and support for multiple accounts, including credit cards and mortgages.
More recently, PCs and mobile devices have given way to online and mobile banking, and cashless payment systems. Consumers now conduct more and more bank business via the web, including paying bills and sending funds directly to friends and family. Mobile banking apps let users take snapshots of paper checks to make remote deposits, and a new wave of payment systems, including PayPal and Apple Pay, let consumers pay for everyday purchases with accounts linked directly to their phones, no cash or plastic card required.
Examples of digital transformation in retail.
Retail has also been radically transformed in the digital era. Digital transformation has both impacted the in-store retail experience and ushered in the age of ecommerce.
Digital technologies have improved the retail experience for consumers and proprietors alike, enabling everything from loyalty cards and e-coupons to automated inventory and retail analytics systems. Shoppers who used to clip coupons from newspapers and magazines now just show their phones at checkout to access in-store discounts and deals. When they do this, their purchases are tallied by digital systems that track consumer behaviour trends, tie into inventory and purchasing systems, and trigger individualised customer journey events like email and SMS messaging. Additional personalisation of the in-store experience can be enabled by digital beacons that link to mobile apps to sense when particular shoppers enter the store. From there, anything from a phone alert to a personal concierge can be deployed to enhance the retail experience.
Retailers are now even experimenting with subscription-style sales using Internet of Things technology. Amazon, for example, has Dash Buttons: IoT-enabled devices with buttons that trigger automated reordering of an item. Branded Dash Buttons are available for a growing number of household goods and other items regularly in need of replenishment. Just click the button when you’re running low and a refill — billed to your Amazon Prime account, naturally — will be dispatched right away, just like that.
Examples of digital transformation in insurance.
The impact of digital transformation in the insurance industry is similar to our other examples in that consumer expectations are driving change. Web- and app-based self-service portals make it easy for consumers to comparison shop, enroll in coverage, use multiple agents and carriers for different types of insurance (home, car, life, and so on), and file claims. In fact, much of this is now possible without the need to actually speak to an agent, which saves time for consumers and money for the insurance companies.
What’s notable about digital transformation in insurance is the role the Internet of Things is playing in revamping the industry. Inexpensive, IoT-enabled sensors are giving insurers access to a wealth of data that’s informing industry forecasting and claim reviews alike. Take auto insurance as an example: In-vehicle sensors monitor actual driving habits, rewarding consumers who routinely drive safely under the speed limit or log fewer-than-average miles. Sensors connected to phones could also be used to deter texting while driving by disabling a driver’s messaging apps while their car is in motion. Connecting vehicles to wearable devices with blood alcohol measurement capabilities could help prevent drunk driving by temporarily disabling the engine, cutting risk for insurance carriers while also making roads safer for everyone.
Overview: What Is Digital Transformation?Chapter 1: Why Are Businesses Going Through Digital Transformations?Chapter 3: How to Digitally Transform Your Business
What is Live Chat, and How is It Important to Your Customers?
In today’s fast-paced world, customers seek immediate engagement and swift support. This is precisely why numerous businesses are embracing live chat support. However, more than merely implementing live chat on your website is required. To ensure the success of your live chat service, you must align your support representatives and tools effectively.
In this article, we’ll explore the concept of live chat, its functionality, and how to implement it to meet your customers’ needs seamlessly.
Live chat is a tool that connects customers with real human support representatives, enabling them to resolve issues in real-time. With live chat, customers can swiftly obtain answers, reducing their time waiting for solutions or searching through your website’s knowledge base.
While live chat shares real-time support characteristics with chatbots, it differs significantly. Live chat connects customers with human support representatives, whereas a chatbot is an automated program. However, chatbots can serve as customers’ initial point of contact, potentially leading to a transfer to live chat when necessary
How Live Chat Works
Live chat operates by connecting website visitors with company representatives through instant messaging within a private browser window. After clicking a link or button, customers can initiate a conversation with a live support agent who is ready to assist. The convenience and immediacy of live chat make it an attractive communication channel for both customers and businesses.
Typically, live chat software is embedded as a widget within your website’s code. This widget loads an icon or link on your web pages, allowing visitors to click and open a chat window. You can customise the appearance and location of the chat widget to suit your preferences.
Benefits of Live Chat
Let’s delve into some of the advantages of incorporating live chat into your business:
Omnichannel Experience: Live chat provides a seamless integration, allowing customers to connect directly with support or sales teams without leaving your site. This reduces bounce rates, enhances the customer support experience, and creates opportunities for upselling and cross-selling.
Reduced Average Handling Time: Live chat minimises the frustration of long holds and wait times for customers. They can ask follow-up questions and clarify responses in real-time without filing additional cases.
Automation Opportunities: Live chat easily integrates with other customer service tools, including chatbots. Chatbots can automatically respond to common inquiries, freeing up human representatives to handle more complex issues.
Case Distribution: Live chat support can lead to a decrease in case volume for phone and email channels. Customers can choose the most suitable communication medium based on the urgency and complexity of their inquiry.
Now that you’re familiar with the benefits of live chat, let’s discuss the proper ways to utilise it.
How Live Chat Doesn’t Work
Effective business decisions should revolve around improving customer service. The value of communication channels lies in their ability to connect with customers and gather valuable context on customer inquiries. The goal is to engage customers across various channels, creating a comprehensive view of their needs and preferences.
Incorporating multiple communication systems provides a more comprehensive understanding of your customers. This approach, rather than a single self-contained system, allows for a richer customer profile.
Live Chat Best Practices
To optimise live chat, consider the following best practices:
Optimise Support Systems for Speed: Ensure that your support team is equipped with up-to-date tools and systems to respond swiftly to customer inquiries.
Develop an Offline Strategy: Implement chatbot support to assist customers outside of business hours, offering immediate responses and directing them to self-service resources.
Respond Quickly and Clearly: Enhance your support team’s response times and clarity of communication by using tools to expedite typing and provide concise, informative responses.
Make It a Teaching Moment: Use live chat as an opportunity to educate customers, share relevant knowledge and anticipate future needs.
Provide Closure: Conclude live chat interactions positively, confirming that the customer’s question has been addressed, and offering further assistance if necessary.
Live chat with LIKE.TG
LIKE.TG’s web chat functionality comprises four essential components, each designed to streamline and enhance the customer support experience:
Chat Console: Our Chat Console empowers support agents to seamlessly send and receive messages, facilitating efficient customer communication.
Omnichannel: Omnichannel intelligently routes chat requests to the most suitable agent, considering availability and qualifications, and ensuring customers receive assistance from the right expert.
Embedded Service: With Embedded Service, you can create a personalised chat window for customers to access the help they need. These chat windows are mobile-optimised, offering a frustration-free chat experience across all devices.
Einstein Bots: These intelligent computer programs are your support agents’ allies, not their replacements. Einstein Bots can handle routine requests and gather pre-chat information, saving your agents and customers valuable time.
When these four components come together, they create a seamless web chat experience for your customers and support team.
