I hope that the New Year will give you a larger spirit of sacrifice, greater steadiness of purpose, and a more vivid appreciation of self-restraint - Mahatma Gandhi
Wishing everyone A Happy And Prosperous New Year 2023. Let us commit ourselves to bringing innovations that help us Grow Revenues, Enhance Efficiencies and Improve experience!
Rinoo Rajesh & Family
Linkedin: https://www.linkedin.com/in/rinoorajesh
blog: https://rinoorajesh.blogspot.com/
The technological advancements that have occurred over the previous decade have completely transformed the way in which consumers shop for the items that they desire. It was only a little more than a decade ago that a friendly salesman and a toll-free number were sufficient to keep consumers satisfied and to meet all of their buying demands.
Today, however, there are a variety of outlets via which a
prospective buyer might purchase things. The same reason has led many merchants to embrace several channels or pursue what is known as an
"omnichannel" strategy, in the past few years. They deliver a
fantastic experience to all of their consumers, including those who shop on
their mobile devices, laptops, tablets, and in-store transactions.
In layman's words, omnichannel marketing refers to the practice
of selling items and services over a variety of channels while also providing
customers with a seamless shopping experience.
All omnichannel experiences utilize many channels; however, it is
crucial to highlight that not all multiple channel experiences are necessarily
omnichannel in nature. Merchants can run social media campaigns, maintain a
user-friendly website, and promote their products via mobile devices, but if
none of these efforts are coordinated with one another, they are not considered
omnichannel marketing.
Rising demand for Omni-channel
strategy in E-commerce business
The results of studies have shown that customers benefit most from
an omnichannel environment because it provides them with transparency,
competitive price, a greater product selection, and a little amount of
customization.
In order to profit from this, Shopify site owners should ensure
that their sites contain a price and product comparison with another site,
real-time inventory data, and extra goods that consumers may be interested in
based on their buy history and preferences.
A live chat option, various shipping choices, and a speedy
delivery option are all possible additions. This will dramatically boost
customer satisfaction, regardless of the channel the consumer uses to complete
the final purchase transaction through.
Despite the fact that so much commerce is conducted online, brick-and-mortar establishments are still in existence and are not on the verge of
being extinct. Over the previous two years, the number of mobile searches for
"near me" has increased by more than 300 percent. In addition, around
80% of consumers will travel to the shop if they require something quickly
after they have received it.
Finally, mobile searches for "where to shop" and
"where to purchase" have surged by 85 percent in the previous two
years, according to Google.
This is good news for retailers since it provides them with an
excellent chance to employ real retail sites to meet the demands of today's
anxious buyers. Customers with high intent to purchase can only be served in
this manner if merchants are constantly on target with their support, ensuring
that these customers with high intent to purchase discover exactly what they
need when they need it when they are in the area of the store and ready to
shop.
Assistance and advice for consumers delivered across a smooth and
integrated network of devices and touchpoints is referred to as omnichannel
customer care.
Businesses that provide powerful omnichannel customer service can
ensure that their consumers have consistently positive experiences, regardless
of the communication medium they use.
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All businesses regardless of size and type need to acquire customers. Lead Generation is an important and initial step toward the ultimate acquisition of a customer. Whether you’re a B2B company, or whether you sell your products or services to B2C markets, lead generation is of utmost importance to almost any business. A technique for attracting and converting target audiences who have expressed an interest in your product or service. The funnel can be considered a lead generation machine that converts your prospects to your customer. As a result, lead generation is a process that increases the visibility, credibility, trust, and interest of potential consumers at the top of your sales funnel who are ready to become your high-value clients. Lead generation is a crucial procedure that aids in the expansion of your business
Why? Because without leads, a company will not have the
opportunity to convert prospects into customers.
It’s true that lead generation can be time-consuming and
difficult, but it doesn’t need to be. There are many ways to generate leads,
and there are plenty of tools that can be used to speed up the process.
If you want your business to grow, it’s essential that you
have a good strategy for lead generation.
You must be willing to optimize the use of every instrument
you have, the most significant of which is your website, in order to boost your
potential to produce quality leads. Lead generation strategies include
optimizing your website for conversions by using the right copy and message to
resonate with target groups, implementing interactive content to engage
business leads on your website, and tracking website performance and analytics
to determine the source of traffic and leads. While producing leads, this
technique helps you learn about your prospects, their behaviors, and associated
trends. It also helps you expand your market following through customer
reviews.
The structure and functionality of your website determine
your capacity to generate leads. As a result, it is vital to make your website
more appealing to potential customers. It's critical to understand who you're
targeting as possible prospects, which may be established by looking at your
website's inbound traffic statistics. You may create a profile of your possible
typical prospects by examining data such as search phrases used to locate your
website, the average time that visitors spend on your website, and common entry and
exit pages on your website to determine the most popular pages.
Using the data from your website traffic analytics, you can
decide on creating meaningful and relevant content that gives your potential
customers a better understanding of how your product or service may help them.
Some of this content can be made available to your prospects as free
information in exchange for their contact information, putting you in a
position to convert more visits into interested leads and, eventually, sales.
If this isn't enough, you may take it a step further by offering a free sample
of your services for a set period of time, which can pay huge rewards in terms
of exposing potential leads to your product or service offers.
Your website should have an easy-to-use interface for navigating through various information.
The most important section, where you share information with a prospect, should be kept easy and hassle-free, with only the information you definitely need and kept short. This is the time at which a large number of customers abandon the page and you lose your prospects.
A robust follow-up mechanism is the most critical aspect of lead creation via a website. When a visitor gives their information through content exchange or accepting any offers, it is vital to understand their requirements and follow up with them on the stage they have reached into your funnel.
As a result, your website is crucial in your sales funnel
for lead generation. It is critical to regularly assess your website's
effectiveness in terms of lead generation and to maintain altering the content
in order to attract more prospects who will convert to possible high-value
clients.
In A Nutshell:
- Create a website that renders perfectly on any screen size
- ensure that load times are as small as possible to reduce abandonment rates due to slow load time
- ensure that information relevant to prospects and customers is easily available and visually appealing
- ensure that SEO aspects are taken care of... your prospects and customers should be able to find you first and easily!
- Provide an easy way to capture requests or information - chatbots - both embedded or pop-up is a good way - although my preference is always for embedded ones as they are most unobtrusive
- provide lead magnets such as articles, blogs, e-books, and relevant information behind a way to capture information as to who is asking for the information aka chat bots or web forms, etc
- create an easy way for prospects to share the information that they need to give to you - nobody likes long and complicated web forms
- provide as a frictionless journey on your website as possible. If your strategy is to get your customer "talk" to you as fast as possible, then provide a single hope, single click interaction management system, e.g. click to chat or click to call.
In the next article, I will talk about other digital properties and how to convert them into a lead magnet !
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Customer Conversations are no longer restricted to traditional voice calls due to the broad innovation and use of technology and continual connectivity. Contact centres have evolved from using Private Business Automated Exchanges (PABX) to Automated Call Distributor (ACD). However, challenges have also evolved along with technologies such as increasing call volumes, Agent Attrition, High Customer Churn, changing Customer preferences and tougher regulations and compliance. Manual call monitoring and analytics are woefully inadequate for today's demands.
As a result, innovative voice technologies, predictive analytics, and Speech analytics have emerged. Speech analytics is a natural language processing technology that extracts and analyses voice data containing speech patterns and specific keyword mentions to provide in-depth insights for your company. This data is used to promote cross-sell and upsell opportunities, as well as a better customer experience, which leads to increased loyalty and happiness, which leads to increased profitability.
Speech analytics collects data that may be used to improve a variety of business operations, including sentiment scoring, keyword monitoring, and call resolution. It analyses vocal interactions using linguistic and semantic analysis to determine the subjects covered, their context, and the attitude of the speakers during the contact.
Speech analytics is a piece of software that turns unstructured spoken interactions into structured data. Speech analytics, also known as audio mining, employs a range of methods to convert recorded conversations or real-time audio streams into information and transcripts. An enterprise may categorise, search, analyse, and use this output in a variety of ways.
Phonetic indexing and search, as well as transcription, are two popular methods for analysing speech. They begin by recognising phonemes, which are the basic elements of speech. The automatic recognition of known words is the foundation of transcription, also known as Large-Vocabulary Continuous Speech Recognition (LVCSR) or speech-to-text. It enables data mining and natural language processing to uncover the fundamental causes of unknown difficulties automatically. Phonetic indexing and search, on the other hand, allows users to search for any word or phrase, regardless of whether it occurs in a dictionary (which is very useful for product names), and instantly monitor trends in call categories.
Detecting an emotion, in addition to words, expands the capabilities of classic speech analytics tools. Analyzing speech patterns for certain audio elements such as tempo, rhythm, stress, pitch, and tone to determine the speaker's emotional state, which gives your company with an accurate estimate of a customer's present emotional condition.
The approaches described above may be used for both real-time and post-call speech analytics. Metadata obtained as a major output from post-call speech analytics is available in two formats: phonetic representations of conversations (phonetic engines) and a transcript of a discussion (LVCSR engines). It adds value by determining the cause of a customer's call and is extremely successful at spotting new and emerging patterns. On the contrary Real-time speech, analytics analyse live interactions and provide managers, supervisors, and/or agents with actionable warnings or recommendations in real-time. Real-time speech analytics is being utilised to spot instances where agents are failing to meet regulatory rules, stick to the script, or follow standard operating procedures.
As a result, speech analytics has the power to change the outcome of a customer conversation, which may have a favourable impact on contact centre indices and CSAT scores while also lowering the churn rate. It may also be used to assess agent performance and limit the risk of customer migration, as well as provide 100 per cent call coverage for compliance. Hearing the customer's speech has always been a vital KPI, which is made simpler with Speech analytics, which can be used as a cost-cutting and revenue-enhancing tool in your company operations.
When it comes to Speech Analytics, one should take a consulting approach. We should investigate the business environment in-depth and do a fitment analysis before recommending the best method to meet the business demand. In terms of deployment methodologies and OEM partners/ engines to use, we should be adaptable. Keyword Spotting, Sentiment Analysis, Voice of Customer, Cross-sell/Upsell, Agent Productivity, Call Compliance, Fraud Detection, and Real-Time Analytics are just a few of the Speech Analytics services are among the various techniques available to improve customer experience, agent efficiency and general improvement of interactions and quality
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In response to these trends and shifts, organizations with the financial wherewithal are considering hybrid work arrangements and even planning for a wholly remote workforce in the not-too-distant future. It is at this point that virtual collaboration platforms such as the metaverse become very valuable.
Companies such as
Microsoft have already experienced the advantages of the metaverse for their
staff. For example, online meetings have made it possible for timid workers who
might otherwise refrain from speaking at in-person meetings to feel more
comfortable expressing themselves. Additionally, each participant in the
meeting will be able to examine the profiles of the employees. Managers and
other workers will be able to learn more about them and maybe reach out to them
as a result of this. For a firm to be successful, it is critical that its
employees feel seen and heard by not just the company, but also by their coworkers
and supervisors. Bill Gates - Microsoft co-founder (https://www.usatoday.com/story/tech/2021/12/10/bill-gates-metaverse-work-meetings-predictions/6459911001/
) - predicts most workers will take their virtual meetings within the metaverse
in the next two or three years. He did this prediction on his website, stating –
“I predict most virtual meetings will
move from 2D camera image grids – which I call the "Hollywood Squares
model," although I know that probably dates me – to the metaverse, a 3D
space with digital avatars”.
I personally remember how effectively Nortel was using Web.Alive technology for similar use cases. Disclaimer - I used to work for Nortel - There were reviews such as this one by zdnet (https://www.zdnet.com/pictures/a-tour-of-nortels-webalive-virtual-world-for-business/) – “Nortel's new WebAlive world combines a virtual world with fantastic audio to make a business collaboration platform. Here's a preview of that world.” Remember, this was 2008 ! It was also covered by TechRepublic.om - https://www.techrepublic.com/pictures/a-tour-of-nortels-webalive-virtual-world-for-business/
We did bag a few
customers – (https://techmonitor.ai/technology/data-centre/nortel_bags_first_webalive_customer_120109)
– “Communications vendor Nortel has
announced that PC maker Lenovo has become the first company to take advantage
of its web.alive virtual world technology in a new online virtual store. Web.alive
is a collaborative, browser-based virtual world application aimed at
enterprises and according to the company, can provide an immersive, interactive, and web integrated world with 3D voice and graphics.”
However, as usual, Nortel was way ahead of its time by almost a decade and a half. The Market wasn't ready.
Avaya also tried to keep this alive (pun intended)… https://www.eweek.com/enterprise-apps/avaya-web.alive-creates-avatar-based-collaboration-environment/ although it had to be kind of shutdown by 2016… and now Meta (formerly Facebook) and other tech giants have woken up to the potential of the same technology.
There is a popular construct known as creative destruction that explains how innovation helps forward-thinking companies replace organizations that fail to adapt to technological advances. Think of all the companies that went out of business because they couldn’t adapt to the digital age. Add the disruption of a global pandemic, and you get an economy where only those that modify their practices can survive.
Companies can learn how to navigate these disruptions from the tech industry, where businesses must constantly reinvent themselves to keep up with and surpass the competition and the network that most tech companies are looking to utilize for the future is the metaverse.
People's well-being is dependent on their ability to form and maintain human relationships. The metaverse may aid in the development of interpersonal ties, which are important for those who work from home. Instead of participating in a Zoom conference, picture donning a virtual reality headset and participating in an immersive virtual meeting as an incarnation of yourself. As an avatar, you will be able to engage with other people who are present in the conference via visual and spatial-audio links. A similar sensation would be experienced while dealing with a coworker in a real office.
Consider the
possibility that your next meeting may be with customers from Company B. The
gathering is taking place on their virtual reality platform. Company B's
platform will be interoperable with yours, which will enable you to smoothly
transition to their platform for the meeting and interact with their staff.
Companies will benefit from the metaverse because it will enable them to save
time, reduce travel expenses, and foster relationships that were previously
impossible.
As amazing and futuristic as these new technologies are, they can also be incredibly intimidating. Building components for the metaverse include the capacity to host hundreds of individuals in one server (perhaps, future metaverses will be able to accommodate thousands or even millions of people at once), motion-tracking systems that can identify where a person's eyes are, and more
According to Forbes (https://www.forbes.com/sites/forbesbusinesscouncil/2022/03/18/the-metaverse-the-future-of-work/?sh=525396b4267e ) – “Business leaders have realized that we now live in a new era of work and that the standard business practices of old no longer apply. Many understand that to succeed, they need to leverage the benefits of the metaverse.”
Not only have
people's views of the virtual world evolved, but so have the possibilities that
may arise as a result of it. Growing and developing possibilities will arise as
the metaverse area evolves and develops. In response to technology
improvements, new career opportunities will be developed. The need for
individuals who are informed about the area will grow in the future.
The metaverse type technology began by emerging into everyday life as entertainment, but it took a global pandemic to reset a few things and then speed up its embrace by work culture. The once-in-a-generation event forced most companies to re-evaluate their operations, with many deciding to reduce the in-person office and attempt to transition to a more digital future. This is going hand in hand with the world's gradual transition to a post-pandemic period, technological advancements are having a considerable, life-changing, impact on the human experience in both the physical and digital realms.
Sooner or later,
the metaverse will begin to have a greater effect on not just our workplace but
also on our general everyday lives, eventually becoming the new normal. The
metaverse is the workplace of the future, as well as the future of the whole
globe.
Let me know your thoughts.... and as usual - click here to follow this blog!
Chief executive
officers and executives from related industries believe that the concept of the
workplace is changing. Along with the technologies that influence the
development of these concepts, there are new ideas about business culture,
manager-employee dynamics, the convergence of real and virtual places, as well
as the evolution of these ideas.
People think that the metaverse is about living in a virtual existence, when, in my opinion, it is actually an adaptive and functional way for the fictional worlds to join our reality.
According to an article in The Hindu (https://www.thehindubusinessline.com/info-tech/virtual-banks-digital-humans-social-chat-spacesinsides-tcs-metaverse-gameplan/article65267748.ece) – “Metaverse is the new buzzword in the technology world globally, and IT companies seem to be leading the way. IT services major Tata Consultancy Services (TCS) has already started working on several metaverse projects including a “virtual bank” for retail transaction and a non-fungible token (NFT) marketplace using its own blockchain solution, a senior company executive told BusinessLine.”
According to an article in the Business Standard (https://www.business-standard.com/article/companies/ltts-forays-into-meta-world-to-carve-out-business-unit-for-metaverse-122032900666_1.html) – “Amit Chadha, CEO & MD, LTTS shared that while the Coronavirus (Covid-19) pandemic accelerated digital transformation of the business across the globe, the confluence of 5G, digital products, AI and digital manufacturing is finally merging the physical and digital to create a plausible phygital universe.”
According to Yourstory (https://yourstory.com/the-decrypting-story/biggest-trends-metaverse-space/amp) – “One of the biggest trends that is already taking over the metaverse space is Cryptocurrencies and NFTs (Non-fungible tokens). Already more than a $10 billion market, digital items like NFTs can be created, sold, and purchased in an open market, owned by an individual user without interference from a centralised entity”
In spite of the fact that some changes had already taken place in the workplace before the outbreak, COVID-19 has demonstrated the necessity of a functional world separate from the real world, has accelerated the consideration of unorthodox practices, and has opened doors for the implementation of new practices. While the pandemic is in progress, businesses that wish to survive and keep personnel are adjusting to these changes. In the post-pandemic age, these changes will almost certainly become permanent.
Over the course of COVID, there has been a growth in the popularity of two significant themes in the metaverse and the future of work: hybrid work and the so-called "Great Reshuffle."
Creator economy is already there in Metaverse! “Internet 3.0” is entirely decentralized. Almost all virtual games or environments that are being built in the metaverse are already selling their assets, avatars, and all usable equipment as NFTs. The value of digital goods is increasing compared to their physical counterparts, for example, NFTs of tweets and avatars are valued higher than some high-priced paintings!
The idea of DAOs
which represents Decentralized Autonomous Organizations is another pattern that
is assuming control over the metaverse. The metaverse is actually an
independent reality that isn't constrained by a brought-together substance.
DAOs are advancing step by step and with time, will give clients more command
over concluding what they look for from each computerized stage, great or
administration
Building components for the metaverse include the capacity to host hundreds of individuals in one server (perhaps, future metaverses will be able to accommodate thousands or even millions of people at once), and motion-tracking systems that can identify where a person's eyes are, and more.
Companies,
brands, and individuals who are aware of these trends and the online culture
that exists in the metaverse can develop and expand their digital identities,
content, and products to outperform their competitors. The greatest way to
expand your brand is to adapt to the ever-changing metaverse and embrace their
digital development.
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The pandemic COVID-19, which is still ongoing, at least in some parts of the world, has had a significant impact on the dynamics of our society. Many individuals lost their employment, but they also had to adjust to fundamental changes in the workplace, which affected millions of people. However, the pandemic also accelerated the adoption of digital both by businesses and by the masses. it’s only a matter of time before the digital verse or the metaverse becomes a reality, given the speed with which technologies and businesses are developing creative ideas surrounding this immersive reality.
The Technology itself is not THAT new, however. We have had these kinds of “virtual worlds” available for more than a decade in the gaming world. There was a second life which way back in 2008 created so much hype that one article claimed that one-day second life would buy google itself. Of course, it didn’t’ pan out quite that way. Google went on to become the juggernaut that it is today and facebook emerged for the masses. However, the idea of an immersive virtual reality refused to die down. The most important mainstream depiction of the same was the “holodeck” of Star trek.
Nortel had its web.alive platform – which was a very immersive engine. We had a variety of games, too many to name them here. These transformations have resulted in the demise of rigid enterprises and the emergence of new economies, such as the metaverse economy. What will the future of employment look like if we go ahead in the context of a metaverse economy is an open question?
The phrase "metaverse" has always generated a lot of excitement in the technology community. The specific meaning of the term and how it will show to be an outstanding instrument in the future are not well understood by the majority of people.
In order to help you comprehend the metaverse's basics and functioning, we'll go over all you need to know about it in this post. So let's get this party started.
Imagine being
able to build your ideal alter-ego in a virtual environment where you have
complete control over every element of your persona. You have the freedom to do
anything you want, to possess whatever you want, and pursue practically any
opportunity that comes your way.
A scene like this was often portrayed in science fiction films and television programs. However, it is possible that it may become a reality in the near future since there is a lot of excitement in the business world about getting every layer, technology, and protocol ready to build "The Metaverse."
The conceptual breadth of the metaverse seems to be endless. It will vary from your house, street, business, and town or city, down to the solar system itself, and everything in between. It will also be a realm of fantasy worlds as well as social, economic, and cultural experimentation.
Those of us of a certain age may be hesitant about spending our waking hours in the metaverse where everything will be gamified, but it is the digital natives among us who inhabit today’s metaverse of Fortnite, Roblox, and Minecraft who will likely adapt the fastest and prosper.
In parallel with the world's gradual transition to a post-pandemic period, technological advancements are having a tremendous impact on the human experience in both the physical and digital realms.
Sooner or later, the metaverse will begin to have a greater effect on not just our workplace but also on our general everyday lives, eventually becoming the new normal. The metaverse is the workplace of the future, as well as the future of the whole globe.
Building components for the metaverse include the capacity to host hundreds of individuals in one server (perhaps, future metaverses will be able to accommodate thousands or even millions of people at once), and motion-tracking systems that can identify where a person's eyes are, and more.
Let me know your thoughts.... and as usual - click here to follow this blog!
Artificial intelligence is transforming the nature of marketing at an unprecedented rate. AI as a technology is helping to optimize and speed up many different marketing tasks, improving customer experiences and driving conversions. The use of data and artificial intelligence is key to various activities in marketing and advertising such as hyper-personalizing the customer experience by analyzing their profiles or speeding up production of certain types and formats of content or helping with the decision relating to what content to create and when to distribute it or considerably speeding up the processing of vast quantities of data and make accurate predictions based on patterns that emerge from it or the most important predicting customer behavior and identifying and nurturing the most valuable leads.
Here are some AI facts that will literally astound you from trueNorth (https://www.ventureharbour.com/marketing-ai-machine-learning-statistics/)
· 61% of marketers say artificial intelligence is the most important aspect of their data strategy.
·
80% of business and tech leaders say AI already boosts
productivity.
·
Current AI technology can boost business productivity by up to
40%.
·
97% of mobile users are using AI-powered voice assistants
·
83% of early AI adopters have already achieved substantial (30%)
or moderate (53%) economic benefits
What precisely is artificial intelligence-powered advertising?
When it comes to
advertising, artificial intelligence (AI) refers to the emulation of human
intellect in computers that have been taught to think and behave like people
depending on the information that is provided to them.
They make use of historical data in order to learn from their previous mistakes and to make better judgments in the future, respectively.
Artificial intelligence (AI) can assist advertisers in creating more tailored experiences, targeting the correct audience, selecting the right thought leaders and influencers, and making choices more quickly.
What are the various components of artificial intelligence in advertising?
Cognition-driven
advertising is fuelled by artificial intelligence and consists of computer
algorithms that evaluate information, hence automatically upgrading
experiences.
A fresh piece of information may be analyzed by devices that use machine learning to draw on relevant prior data. This then guides judgments based on what has happened in the past or has not happened in the past.
Using Big data and analytics
As a result of
the proliferation of digital media, big data has risen to prominence. It has
also created chances for marketers to better evaluate how their efforts are
proving valuable across a variety of various platforms.
As a result, many marketers are having difficulty determining which data sets are worthwhile to acquire. Many marketers also have difficulty with data quality and keeping information up to current, which is understandable.
Effective
artificial intelligence systems may give marketers a centralized platform for
handling enormous volumes of data, which can be quite useful.
These platforms can provide actionable marketing information about your target demographic, making it simpler to make data-driven choices regarding your marketing strategy. For example, Acquisio Turing – PPC bid and budget management software or Bramework – keyword analysis, blog builder and AI content generator or Cortex – optimizes social media content or OriServe for chatbot and customer engagement AI… the list is quite long and exhaustive.
What is the impact of artificial intelligence on advertising?
Because of its plethora
of advantages and potential to get smarter over time, artificial intelligence
is fast altering the advertising environment. Here are just a few examples of
how businesses might use artificial intelligence in their advertising
campaigns.
Artificial intelligence serves as a catch-all for a wide variety of computers that learn, either with the assistance of humans or fully on their own. As a result, artificial intelligence technology can execute some cognitive tasks as well as or better than humans in specific situations.
AI is the "science of making machines smart." With that said, we can say that machines that can read and interpret text, perceive and recognize pictures, physically navigate around barriers, hear and understand noises, and sense their external environment are considered intelligent.
Let me know your thoughts on how you feel AI is changing the course of digital marketing. I’d love to hear from you!
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CRM, also known as Customer Relationship Management plays an important role in the increment of your business sales. Although CRM is defined as the process of maintaining good relationships with your clients, there are still various factors that are essential to keep in mind. If you want to get the most out of Customer Relationship Management, you must first define your CRM objectives and goals clearly. Good customer relationship management can provide various benefits to both your company and your customers.
Introduction to CRM
CRM (customer relationship management) is a collection of
methods, strategies, and technology that businesses employ to manage and
analyze customer interactions, data, and interactions with other clients over
their entire customer lifecycle. The goal is to strengthen customer service
connections while also assisting in customer retention and driving sales
growth, among other things.
Challenges faced by
businesses
Without adequate administration, a customer relationship
management system (CRM) can be reduced to little more than a glorified database
where client information is maintained. Data sets must be linked together,
disseminated, and arranged in a way that allows users to quickly find the
information they want. If a company's data sets are not integrated and
structured in a single dashboard or interface, it may have difficulty achieving
a single view of the customer.
Problems might also develop when systems include duplicate
client data or information that is out of current or inaccurate. Customers'
perceptions of service quality may be negatively impacted because of excessive
wait times on phone calls, incorrect handling of technical support cases, and
other concerns
What does a CRM
system do?
CRM systems collect customer information from a variety of
channels, or points of contact, between the customer and the company. These
channels and points of contact include the company's website, telephone, live
chat, direct mail, marketing materials, and social media platforms, among other
things.
CRM systems also provide precise information to
customer-facing staff employees about their clients' personal information,
purchase history, purchasing preferences, and other concerns.
How CRM helps in
increasing of sales
The usage of customer relationship management (CRM) systems
can help organizations ranging from small businesses to huge corporations in
increasing their sales in the following ways:
·
Through Enhancing customer satisfaction:
Customers who are pleased with their purchases are more likely to return, and they
provide positive word-of-mouth advertising, which can be extremely lucrative. Making
customer experience the primary goal of your CRM strategy is the most effective
method to increase your sales. This can be accomplished by encouraging higher
customer participation with social networking sites and different mobile
platforms. Consider integrating surveys or developing an interactive blog to
get feedback. By actively requesting feedback from your clients, you will be
able to discover which actions and activities will result in them being more
satisfied with the services or products that they have purchased.
·
Expansion of Customer Base: It is
crucial to realize that customer relationship management (CRM) is not limited
to managing existing clients. A customer relationship management system (CRM)
that is integrated with a high-quality knowledge management platform will allow
you to keep in touch with prospects with who you have not yet gotten in touch. It
will also enable you to uncover commonalities and links among the clients that
you already have, allowing you to fine-tune and strengthen your future outreach
efforts. Even in a seasonal sector, a broader client base will allow for more
consistency in profit margins over time.
·
Boost team productivity: Centralize
your multi-channel sales platform, fully automate lead creation, assignment,
and nurturing process. Make it easy for team members to collaborate seamlessly
to ensure quick conversions.
·
Capture leads effortlessly: Capture
leads and sales inquiries from websites, emails, social channels, phone calls,
and trade fairs. Assign leads to the right sales rep, faster. Automatically
assign leads to agents based on location, deal size, availability, language, or
other preferences.
·
Gain actionable insights - Use CRM insights
to get real-time visibility into your team’s performance and make data-driven
decisions. Visualize the most important metrics such as case resolution time,
team workload, customer satisfaction ratings, and more to quickly identify
bottlenecks and respond to them faster. Schedule reports to convert raw data
into actionable insights and find quick solutions to common help desk issues.
·
Go after the best leads: Leverage
Lead Scoring to identify the best leads you can pursue and prioritize follow-ups.
·
Never let a deal slip through the cracks
- Smart alerts ensure that you are notified about tasks and updates associated
with a deal. You can pick up a conversation right from where it was left off,
regardless of the channel, it was started on.
·
Respond instantly to generate more
conversations: Nurture leads with automated email and SMS campaigns.
Analyze campaign performance, open rates, clicks, bounces, and unsubscribes to
tweak your messaging and targeting.
·
Scheduling meetings with ease -
Schedule meetings in a single click without the hassle of back-and-forth
emails. Pre-meeting reminders minimize the chances of a no-show.
·
Visualise your pipeline and discover
insights - Gain deeper insights into your pipeline, open deals, territory
performance, and much more with sales insights and custom reports. Schedule
reports getting them delivered right into your email inbox
Typical Features
of CRMs, which help:
·
Contact Management - Know Your
Contacts Better - With an actionable 360-degree historical view into every
engagement they've ever had with you
·
Get up to speed in seconds: Sales
CRM shows you a complete history of your relationship with leads and customers.
In their contact record, you will find their personal information, notes you
have written, and emails and calls you have exchanged with them. In addition,
if you have attached a file, sent them a quote, or engaged with them in any
other way, you will find it there too, so that you can learn about them faster
and take action sooner.
·
Know when to act with idle contact,
activity, and other notifications: Sales CRM ensures that you are always in the
know with on-screen, SMS, or email alerts that notify you if a contact becomes
active, idle, or meets various other conditions. Do this for contacts assigned
to you or your team or select individual contacts to receive notifications for.
·
Calendar Management - Events,
Meetings, and Calls - Stay on top of your commitments with detailed tasks and
calendar events. Not yet ready to reach out to a contact? Create a task to
follow up with them later. Or if you’ve already scheduled a meeting, create a
calendar event. Tasks and events are linked to the contact’s record so that
their information is just a click away.
·
Lead & Opportunity Management -
Sales CRM helps you focus on the right deals, automate repetitive tasks,
forecast accurately, and crush your sales targets. Stay on top of all deals
with a visual pipeline - Visualize, organize, & manage deals with
customized views & filters. If your CRM provides, then Leverage Kanban to
get a snapshot of your deals and the stages they are in. You can drag and drop
as deals progress. Create your own Views and choose the data you want to see
with advanced filters. Save customized Views and share it with your team. Follow
a deal you are interested in for priority updates.
·
Deep dive into each deal, effortlessly:
Everything you want to know about a deal in a single place - deal size,
decision-makers, touchpoints, expected close date, and more. Gives a unified
view of the Activities done by all the collaborating partners, documents
related to the opportunity, comments posted by team members, etc. required by
the sales personnel as handy information and be effective.
·
Quote, Sale Order & Invoice Management
- Sales CRM allows the creation of quotes, sales
orders, and invoices directly from the opportunity screen. While it provides a seamless
flow of the process of creation of quotes, subsequently a sales order based on the quote, and finally an invoice from the sales order, it is flexible and allows the creation of invoice directly without generation of quote or sales order.
·
Knowledge Base - Fast Answers to
Previously Asked Queries - Provide prospects and employees with fast answers to
common questions by building a private and public knowledge base by converting
common sales queries to FAQs. If a question resolved in a case may come up in
the future, convert the case to a knowledge base solution for quick access by
employees and customers
·
Workflow Automation - Automate your
team's repetitive tasks, enabling them to spend more time helping customers.
·
Trigger actions based on changes to a Lead
– You close a Lead when you think the lead has matured to be passed on to a sales
representative. Sales CRM can automatically
create contact and organization records for the first-time lead. Rules can be
configured to auto-assign leads and opportunities to specific teams based on
attributes such as domain, territory, etc.
·
Documents & Files - Centralize,
share, collaborate on, track, and optimize marketing and sales documents. Help
sales and marketing get important information to prospects and customers faster
by uploading often-used presentations and whitepapers to CRM. From there,
salespeople can search for them using any document metadata, or share them with
customers in one click at email attachments.
Customer relationship management systems (CRM) perform best
when organizations invest time cleaning up their current customer data to
reduce duplicate and incomplete records before supplementing CRM data with
other sources of information.
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Every company needs to make key decisions to both conduct and grow their business and in this digital era, the need to make decisions faster has never been more important than in all the history of humankind.
A study referenced in the popular magazine Psychology Today
concluded that it takes an average of 66 days for a behavior to become
automatic. The COVID-19 was a full-reboot on business as usual (at least for a
lot of organizations) and a launching pad for them to become virtual,
digital-centric, and agile—and to do it all at a lightning-fast speed.
As business leaders look forward to the coming year and
beyond, they are pondering: How to keep this momentum going? How to take the
best of what has been learned and put that into practice in the coming post-pandemic days and make sure it’s seamless and continues to be embedded into
everything we do going forward?
According to McKinsey Leader Kate (https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/how-six-companies-are-using-technology-and-data-to-transform-themselves)
- “Business leaders are saying that
they’ve accomplished in 10 days what used to take them 10 months. That kind of
speed is what’s unleashing a wave of innovation, unlike anything we’ve ever seen.”
As with the availability of more and more data, we are also
seeing the rise of AI which is now an integral part of an enterprise (already
or strategy in place to get it there) to make it more frequent, more responsive,
and more accurate business decisions. It has become evident, painfully so
during the pandemic, that in a fast-evolving business environment, strategic
objectives need to be paired with the ability to make more frequent, more
responsive, and more accurate business decisions.
The description of services and the pace of evolution have
shifted drastically in recent years and mastering the conventional facets of
service delivery will no longer be enough. New digital upstarts are challenging
the bottom lines, growth opportunities, and the business models of conventional
service providers. It is time for the functionaries to innovate—or be left
behind. Read more about this in my article published here…. https://etinsights.et-edge.com/how-transformative-technologies-can-drive-better-smarter-business-decisions/
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Sales teams, especially the ones spread across and operating in the field are an important link that connects potential customers' needs to the products or services that the organization provides that can meet those needs. It plays an important role in fostering customer loyalty and trust. Failure of the sales team to meet its objectives could indicate that the sales team is not properly set up or that the sales process is inefficient. There is always space for development and growth, even in the most successful sales teams with all of the sales processes in place.
What is sales performance? It’s the measurement of sales
activity and corresponding results compared to the sales expectations and
quota. Good sales performance is highly valued — but it can also be tough to
achieve for many salespeople and organizations. But what happens when your
sales performance has stagnated? A number of factors can affect whether or not
your sales team can close deals. Using the tested tips below, you can assess
your approach to sales — and ensure your team is set up for success
Sales team productivity is critical to revenue generation,
which can be achieved by engaging and empowering them. One man does not hold
all of the keys in today's world of distributed leadership. It is critical to
empower each field sales agent in the team to make better judgments and develop
on-spot decision-making capabilities.
Before you build any new tactics, you should evaluate the
previous ones to see how much time your field agents spend on specific
activities. This will help you see where you can streamline your process. This
will assist you in developing a well-defined standardized procedure that will
provide your field agents with a more consistent and time-effective process to
guide their actions.
With a standardized procedure in place, you may use
technology to automate the monotonous tasks, allowing your field agent to
devote more time to genuine selling. This will enable your field agents to be
tech-savvy and address even difficult situations that require technical
knowledge. Sales performance is affected by your enablement efforts, such as
sales training or content management; your customer experience; your
cross-functional alignment; and your company culture. Together, these elements
determine whether your reps have the training, context, and guidance they need
to successfully engage customers. CRMs are also wonderful solutions for
assisting your field agents in spotting details in the process and utilising
automation.
It's crucial to find and hire the ideal field agents for
your team if you want to be successful. But, equally crucial, you must have
faith in your field agents. Field agents who are empowered by trust are more
likely to freely share ideas and possible solutions, assist others, and trust
you and your firm. This also aids in greater team building among your Field
agents, as they share a sense of trust, transparency, and respect for one
another, and are thus more driven to attain the same goals together.
However, in this age is technology driven productivity,
virtual coaches, with periodic nudges, based on the data ranging in attributes
as diverse as daily activities, time adherence, and neuro-economics algorithms
are increasingly playing a very large contribution towards motivating and
guiding field sales teams. This is achieved by many methods, including, but not
limited to -gamification, or the use of game features to motivate staff to
achieve their objectives. This has been demonstrated to boost field agent
performance significantly. It has been discovered that 80 percent of Field
agents have met their sales targets, and more than half of newly hired Field
agents have met their targets within the first month of employment if such
methods are used.
Successful sales teams result from a company-wide commitment
to ensuring reps have everything they need to do their jobs effectively. This
means empowering reps with content, training, and guidance and here another method
that is being increasingly adopted is the use of Virtual Assistants in helping
the field sales agents. These assistants help the field sales personnel in many
ways – from informing about critical activities to be done to guiding on
technical aspects or giving suggestions based on activities observed. However,
empowering your field agents doesn't always mean allowing them to work more
efficiently; it also means rewarding their efforts. A symbolic recognition such
as a certificate of excellence or an appreciation email, in addition to
financial awards such as bonuses or pay hikes, can assist boost morale of your
field agents, empowering them to consistently high performance and leading
other team members by example.
To flourish in today's selling environment, you need teams
that work together and make educated, profitable decisions. It is feasible to
develop such teams that meet revenue objectives and drive growth plans by
leveraging technology. Salespeople who are empowered and not overwhelmed with
tedious manual work are ready to provide excellent job and to close the most
demanding deals.
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To develop your business, you must first improve the customer experience (CX) that your business delivers to guarantee that your customers are well-served and have transformative interactions with your brand. The pandemic has not only continued to accelerate the shift to digital customer experiences, but also pushed organisations to adopt and implement technologies in hopes of gaining a competitive edge. For a fully connected, effortless CX that adds value to your consumers and business, you need a well-defined CX strategy and clear leadership.
It sounds severe, but the truth is, if
you cannot keep up with their increasing demands, your customers will leave
you. It’s as simple as that.
Link between customer experience and
business performance is directly dependent on breaking down overall experience
into smaller insights based on your company's specific goals and different
stages of the customer journey. Customers today no longer base their loyalty on
price or product. Instead, they are loyal to companies based on the experience
they receive. Customers are willing to spend more money to buy from a firm that
provides good customer service. Thus, to attract, engage, and keep consumers,
organizations are increasingly investing in a customer experience.
Therefore, what are the important
elements of design and delivering superior customer experience.
The state of customer experience (CX) report
presents innovation opportunities, insights and best practices by some of the
top firms in Asia bringing customer journeys to the next level.
It was an enlightening experience being
one of the contributors for this state of the CX 2022 report… watch it on
YouTube
https://www.youtube.com/watch?v=JebqqCWjKzY
or… download the report from here - https://twimbit.com/insights/state-of-customer-experience-2022
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In this era of hyper-automation, customer experience is becoming the biggest differentiator for organizations. Product companies used to design products to deliver a better experience and more value for money as compared to their competitors. That used to be, and largely, still is – the differentiating factor. However, in the age of the internet and omnipresent connectivity, a large proportion of focus has shifted to how customer experiences the brand prior, during, and after the acquisition stage of the journey.
In a market where product differentiation based merely on available features is becoming very narrow and pricing is becoming commoditized, brands both product and service-oriented have realized that ultimately, what experience they deliver to their customers and prospects may be the ultimate key to high sales and market share. The role of digitalized Omni-channel, with speed, efficiency, and accuracy becoming the core traits that must be offered to customers. Companies are seeking well-balanced offline to online strategies as the consumer journey shifts from offline to online. Companies that use these methods are winning the digitization race, gaining more customers, and increasing sales.
There is a wide range of conversational AI applications
currently being experimented with or actually being deployed at scale across all
industries. From customer service to marketing to security, these algorithm-powered intelligent programs are helping organizations connect with customers
and employees in a wide variety of formats and ways. In fact, conversational AI
has become a centerpiece for many organizations’ digital transformation in the
wake of the global pandemic.
Conversational AI, as one of the most promising methods, is a technology that enables humans and computers to communicate clearly and
effectively through speech or text. Conversational AI, while being complex in
the background (evidenced by the time it has taken to reach this stage of maturity),
works by recognizing a user’s speech or text patterns, predicting their intent, and responding with an adaptive, automated script. While, there are many
platforms, the best conversational AI platforms today can create truly natural,
human-like interactions. Conversational AI’s rise in popularity is based on its
“friendliness” factor – being flexible to work with (and enhance) other
technologies, and also by enabling a frictionless, human-like, end-user
experience.
Chatbots were brought into CX as part of this digital
approach, and they are one of the most advanced and promising forms of
human-machine connection. Conversational AI has been transformed by a
combination of diverse AI types such as natural language processing, machine
learning, and semantic understanding.
Unstructured data in the form of guided dialogues guide
conversational AI, although it may also be passed off to a human worker if
necessary. Conversational AI enables the delivery of a tailored customer
dialogue at scale across many channels, resulting in a seamless customer
journey.
Simultaneously, RPA appears to be emerging as a potential
option that employs robots to automate repetitive operations and manual
processes with the goal of speeding up CX processes while lowering operational
costs. RPA (Robotic Process Automation) Robots are guided by structured data
inputs in a bottom-up, process-centric way. Even if customer contacts are
routine, they are never the same in each transition. It also lacks the ability
to respond swiftly to changes or handle exceptions.
Combining Conversional AI with RPA, which mimics user
actions and conducts task-based activities, might be termed a self-serving
engagement model. In such a case, RPA may effortlessly interact with chatbots
and assist the chatbot in completing a CX task, accessing, or storing
information. The requirement of prompting RPA “bots” to further commence and
complete the process can be satisfied by the bidirectional data flow between
chatbots and RPA.
As a result, RPA and conversational AI can be regarded ideal
partners, as each picks up where the other leaves off in the process. When both
are used together, CX can provide speedy, tailored encounters and customer
assistance at scale. This integration's super-intelligent design will not only
help consumers get their questions answered faster, but it will also provide
the company an edge over its competitors by providing great digital branding.
While dealing with sophisticated requests and queries in
real-time, an RPA-enabled chatbot can interface with not one, but numerous
back-end enterprise systems. Chatbots combined with RPA and AI will provide
your customer service a competitive edge by streamlining processes, increasing
productivity, and lowering operational expenses.
The convergence of conversational AI and intelligent
automation is part of an extended omnichannel experience meant to facilitate
faster, more personalized, and responsive customer service
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The world has changed, and it has changed very rapidly indeed in the last 2 years. We all agree that the COVID-19 outbreak is a world-changing event that will have long-lasting implications for the global economy. It has been a once-in-a-generation global impact event. While there is no doubt that the pandemic is amplifying the adoption of new technologies, technological advancements were already changing the world over the past two decades, from living standards to the very nature of our work. It takes a world-changing event like the COVID-19 pandemic to accelerate certain trends so dramatically and workforce-related changes have been, perhaps, the most profound.
“Adaptability is about the powerful difference between adapting to cope and adapting to win” – Max McKeown
See, even before the pandemic struck, some features of the state of technological progress aka digital transformation were especially salient.
First, technology was already disrupting production processes, especially through the rapid scale-up of digital platforms.
Second, technology created seismic shifts in the mix of skills required to succeed in the labor market. these include cognitive skills such as critical thinking, as well as socio-behavioral skills such as managing and recognizing emotions that enhance teamwork or selling better. Earnings are higher for those who have a combination of these skills.
Third, digital technology changed the terms of work. Rather than “standard” long-term contracts, digital technologies have given rise to more short-term work, often via online work platforms. These “gigs” make certain kinds of work more accessible and flexible.
A hybrid virtual approach in which some workers work on-site while others work from home promises greater access to talent, enhanced productivity for individuals and small teams, cheaper costs, increased individual freedom, and better employee experiences. There are three major obstacles in implementing remote working:
1.
Securing the infrastructure for remote working
2.
Implementing new work policies in a structural way
3.
Balancing the work and private lives of Employees
With 40% of companies encouraging increased flexibility in terms of the country or office to work from over the next three years, and over 36% increasing the number of international remote workers not necessarily affiliated with a local office, the workforce of the future appears to be far more fluid and globalized.
“The greatest danger in times of turbulence is not the turbulence -it is to act with yesterday’s logic”- Peter Drucker
With such conditions, businesses' appetites will be piqued for one thing: A borderless Workforce.
Why?
1. Is it More Effective? - Employees working remotely in various regions of the world save operating costs like salary, administrative expenditures, and business travel expenses. With a global workforce, you can provide round-the-clock support and significantly reduce your turnaround time.
2. Does it create new market opportunities? - Local skills may be unlocked and new possibilities can be created by a more globalized workforce. Striking for a borderless global workforce allows your organization to access high-quality personnel from all around the world, increasing your chances of being recognized in any market.
3. Is it more sustainable? - Remote working decreases commute time and business travel, improving a company's environmental, social, and governance credentials. It aids in the prevention of brain drain from developing markets on a global level, and it aids in the creation of stronger social cohesion in smaller towns and rural regions on a local level.
As organizations start to reopen, they are finding that their workforce is not keen to give up remote work. Companies can no longer say that they cannot operate remotely (a common reason to avoid remote work pre-2020), but with an ongoing global pandemic, they also cannot ask employees to come back to the office full-time. The most popular solution is the thing that every organization seems to be grappling with now — the hybrid model.
People refer to the hybrid model a lot; it involves
some combination of working remotely and from an office. So far, the hybrid
model looks different for every organization, but there are a few clear themes.
Whatever the specifics, however, companies that choose to incorporate a hybrid
model will all face some challenges ranging from culture-specific to seamless collaboration to the kind of talent that is available. Borderless workforces break down
geographical barriers and develop a culture of cooperation and complete
adaptability, allowing businesses to grow at an unprecedented rate while
leveraging global talent to solve business problems.
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The world has changed, and it has changed very rapidly indeed in the last 2 years. It takes a world-changing event like the COVID-19 pandemic to accelerate certain trends so dramatically and B2B sales are no exception. Let us take a moment and remember what it used to be like when B2B buyers actually picked up the phone and called you. Now, let’s skip ahead to the real world of today where a vast majority of decision-makers skip the sales team altogether when making a purchase decision. By the time they are ready to make a decision to purchase and if you have not been engaging with them, you’ve lost the sale. That’s why B2B inbound marketing is so essential in lead generation. Inbound marketing strategies generate far more sales leads than other marketing efforts. Customer journeys and mapping them are an essential part of this effort.
A Customer Journey model for visualizing every stage of the journey a customer goes through while making any purchases. Optimizing Sales Funnel accurately is a critical task to achieve the goal of taking your target audience to the finish line in the way they need to be served. If you already have one, you need to understand the holes in your funnel that leak and never convert.
According to Envision Creative’s Founder and CEO, David Smith (https://www.envision-creative.com/blog/attract-engage-convert-retain-customers-economic-change/) – “In times of economic crisis, many brand’s first instinct is to pull back on marketing and advertising, which is a natural reaction. While everyone is doing their best to be cautious, it’s important to remember that maintaining a presence through thoughtful, (and sensitive) marketing communication is even more crucial during these times. While taking a broad approach to reduce or even eliminate your marketing initiatives might save funds in the short term, these actions may be at the cost of damaging your brand’s awareness with your ideal target audience during a time where top-of-mind awareness is critical. ”
Understanding a sales funnel before creating it is important to create one that best suits your business model and focuses on your target audience. With a clear business vision and marketing strategy, you can increase the awareness of your brand that attracts customers. At this point, onwards a business is required to have different stages in their funnel that engages and convert their prospects to sales. According to Wikipedia (https://en.wikipedia.org/wiki/Purchase_funnel) – “The purchase funnel, or purchasing funnel, is a consumer-focused marketing model that illustrates the theoretical customer journey toward the purchase of a good or service. In 1898, E. St. Elmo Lewis developed a model that mapped a theoretical customer journey from the moment a brand or product attracted consumer attention to the point of action or purchase. St. Elmo Lewis' idea is often referred to as the AIDA-model, an acronym that stands for Awareness, Interest, Desire, and Action”. It has not changed too much in the last 120 years although the methods, which support the process, have largely been affected by the digitization of our culture.
The first common stage of any Sales funnel is creating awareness about your brand in the market that catches the attention of customers. At this stage, your prospective customers are arriving on your websites, social media pages, word of mouth, or any other traffic source with requirements in their mind that they expect to be solved. This is the widest stage of the funnel where customers observe what you are offering or just in simple terms “Just Looking”. An ideal right place and right time scenario would be customers directly deciding to buy what you are offering, but practically it never happens!
Depending on your business model, there can be multiple stages post attracting your customers. However, all of them contribute towards engaging your prospective customers into your brand. If the customer has reached this stage of your funnel, it is a sign that they are interested in what you are offering and are probably evaluating and comparing it. At this stage, your product should be pushed to the customer to woo them. With established expertise, you can help your consumer to make an informed decision and proceed towards the final stage of your Sales Funnel.
At the final stage of your sales funnel where your prospects are about to get converted to actual sales, your customer is fully aware of your brand and the solutions you are offering for their requirements. While the customer is ready to select the best brand from their comparison, making the best attractive offers can be a good final step that will convert your prospects into your customers and become part of your business ecosystem. However, there is more to this stage that you need to do! Since your customer has chosen your brand over a lot of other available options, it becomes critical and necessary to earn their trust and commitment towards your brand. A post-purchase survey or a follow-up email can help you understand the feedback of your customers that will help you to attract more customers in the first stage of your sales funnel.
Once your build your sales funnel, it’s also necessary to measure the success and effectiveness of your funnel. The key funnel metrics that can help you collect quantitative and qualitative data such as Cost per acquisition – cost on marketing to acquire new customers, Customer lifetime value, conversion rates, and conversion rate per channel can be utilized.
Creating and optimizing a sales funnel is hard time-consuming work but a necessary step to ensure your survival in a competitive marketplace. Building a Sales funnel is not a one-time activity. Sales funnel cultivates over time by adjusting every stage approach with the feedback you receive from your metrics. A satisfied customer will give your repeat business as well as refer you and there are high chances, they might get into the funnel again due to the competitive nature of the market. Thus, it becomes necessary to keep your funnel stages updated at regular intervals of time. A good flow of customers right from the top all the way to the action stage will ensure you have a healthy business.
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