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Martech Ecosystem > Lecture 8 > Flashcards

Lecture 8 Flashcards

1
Q

What is Experience Optimization?

A

• Ongoing process of understanding
the customer and providing the best
possible experience across all
touchpoints

• Leveraged to improve CX through
controlled experimentation

• Allows to vet and quantify the
impact of new ideas with real-time
customer data

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2
Q

Best experience varies depending upon the

A

audience, as people have unique interests, needs, and motivations

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3
Q

Firms should create a data-informed view of their customers (what motivates, delights, and engages them) to

A

define tailored, highly relevant, and engaging experiences that are connected across touchpoints

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4
Q

“Best experience” is

A

an aspirational but essential goal to ensure that businesses are continuously updating their understanding of the customers and improving CX

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5
Q

The understanding of the customer comes

naturally, but slowly. Customer’s preferences are

A

learned over repeat visits

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6
Q

Customers are “anonymous” at the beginning. Optimizers capitalize on

A

the opportunity to deliver relevant, targeted experience based on who the customers are and what they do.

This ensures the best possible experience for individual customers, and enables delivery of a targeted and personalized experience at scale.

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7
Q

EXO

A

Experience Optimization

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8
Q

Why is EXO Important?

A
  • Studies have shown that customers are 5X more likely to make a purchase if they’ve had a great customer experience
  • 78% of customers have abandoned a purchase due to bad customer experience
  • 86% of customers will walk away from a company permanently after a bad experience

• A recent Walker study found that by 2020, customer experience, more than price or even product, will stand out as the key brand
differentiator

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9
Q

EXO Benefits

A

Expertise: deep theoretical and practical knowledge of your customers, partners, and prospects

Confidence: ability to make decisions based on real user data, relevant statistics, individual user insight, and behavioral analytics

Speed: capability to quickly implement those decisions based on real-time testing and live results

Ease of use: having the competitive advantage of providing your customers with better experiences utilizing intuitive design and functionality

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10
Q

EXO Process

A

Monitor analytics platforms for alerts into
UX or technical issues, and investigate
trends in user behavior (almost fully
automated)

Leverage session replays and customer feedback to gain a fuller understanding of
the problem. Use indepth quantitative analysis to investigate scale

Identify a straight fix, a hypothesis for a test, or an opportunity for personalization

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11
Q

EXO Elements

A

AB Testing

Multivariate

User Research

Analytics

Personalization

Process can be augmented by synchronously incorporating other
sources of data, and by delivering a wide array of experiences

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12
Q

EXO Core Capabilities

A

Online testing

Behavioral targeting

Recs

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13
Q

Online testing:

A

comparing how variations of customer interactions perform against a control group to determine the best treatment. It provides objective, data-informed guidance to help optimize the digital experience

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14
Q

Behavioral targeting:

A

delivering of personalized experiences to particular customer segments using rules or predictive algorithms based on events, business rules, interactions, etc…

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15
Q

Recs:

A

serving recommended experiences to digital visitors through analytical engines. It can include suggestions for related content based on business rules, machine learning
algorithms, or a combination of both.

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16
Q

Technology evolution forces businesses to
__ __ how to engage
customers

A

constantly re-evaluate

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17
Q

Devices expansion, customer expectations
evolution and changes in business practices
created a need to

A

innovate to capture audience’s attention and engagement.

18
Q

Regardless of how the customer engages

with a brand, firms must consider

A

one cohesive view of customer interactions

19
Q

Commitment to finding the best experience

for every touchpoint also requires

A

persistence in creativity and discovery

20
Q

EXO Requirements

A

Multi-Channel Experience

Chief Customer Officer

Focus on Mobile

Don’t Forget to Analyze

21
Q

Multi-Channel Experience:

A

multi channel brand presence with consistent customer experience

22
Q

Chief Customer Officer:

A

CX relies on many departments, but your brand must have one person who is ultimately responsible for it

23
Q

Focus on Mobile:

A

If your mobile customer experience isn’t excellent, then your CX needs some optimization

24
Q

Don’t Forget to Analyze:

A

Big data is nothing without insight. Analyze your metrics to figure out where your CX is solid, and where it can improve

25
Q

EXO Is Impacting Multiple Industries

A

Digital Advertising: Increase ad impressions, time spent on site, and engagement

Ecommerce: Increase RPV, AOV, and display relevant products to different types of visitors

B2B: Higher visitors to leads conversion, better nurture programs performance, and rapidly iterate through product development and enhancements

26
Q

How Amazon’s Brand and Customer

Experience Became Synonymous

A
  • Amazon is betting that Alexa and Echo will be the catalysts that drive consumers to interact with and ultimately purchase more with Amazon than ever before
  • The smarter Alexa becomes at knowing your needs, preferences and behaviors, the better she is at delivering a seamless experience
  • The better experience she delivers, the more indispensable she will become to consumers’ lives
27
Q

Vodafone UK

A

Developed an interactive representation of its network performance with the objective of reducing related queries into call center and create a communication system. Before implementing, carried out extensive usability
studies to validate graphic design and EX

Results:
• 40% ↑ in visitor traffic
• 25% ↓ in network-related
topics posted on the forum
• 66% ↓ views of network-related
forum topics
• 54% ↓ in escalated queries
requiring a customer call back
• 13% ↑ in network related T-NPS
28
Q

What is A/B Testing?

A

An experiment where 2 variants of a page are randomly shown to users, and statistical analysis is used to determine the better performer for a given KPI

29
Q

How A/B Testing Works

A
  • Identify a page to improve and create a modified version of it(ex: new headline or full redesign)
  • Route 50% of your traffic to the original page (“control”) and 50% to the modified version (“test”)
30
Q

A/B Testing Process

It can be divided in 5 steps:

A
  1. Determine Conversion to Improve
  2. Hypothesize Change
  3. Identify the Variables and Create Variations
  4. Run Experiment
  5. Measure Results
31
Q

The Importance of A/B Testing

A
  • Data-driven companies don’t just passively store and analyze data, they generate actionable insights through experiments
  • Implementing well-executed and consistent A/B testing is fundamental to grow your online business
32
Q

Companies have moved away from project-based approaches to

A

online testing and personalization

33
Q

Centers of excellence have been created to

A

synchronize different approaches and optimize CX across the entire life cycle

34
Q

68% of martech users value tools for

A

their integration and ability to work together as much as for the specific functionality they deliver

35
Q

Digital Intelligence Architecture

A
  • Merging of testing, behavioral targeting, and recs within advanced enterprise practices and vendor offerings
  • Collects and manages customer interaction data and analyzes it holistically to inform processes and systems that optimize decisions and actions as well as digital customer experiences
36
Q

Experience Optimization Platforms

A

Market Presence

Strategy

Current Offering

37
Q

Market Presence:

A

enterprise customers and avg size deal

38
Q

Strategy:

A

strength of vendor’s strategies, including product vision, execution roadmap, performance, support services and ecosystem

39
Q

Current Offering:

A

strength of current offering across testing, targeting, recs and platform experience

40
Q

Experience Optimization Platforms

A

Leaders: Adobe Target

Strong Performers: Optimizely, Evergage

Martech Ecosystem (12 decks)

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