In today’s digital environment, customers have come to expect superior and hassle-free online experiences requiring organizations to focus on creating exceptional cross-channel experiences to meet growing demands. The ability to better understand how and why customers interact across all digital properties is an essential component in delivering compelling and enriched customer experiences. Businesses that have adopted customer experience (CX) analytic solutions recognize the benefits of understanding customer behavior to assist in transforming digital channels to produce outstanding digital experiences. Although a detailed understanding of customers is important, being able to quantify and qualify both the financial costs and potential return on investment (ROI) of investing in and deploying a CX analytics solution involves a thorough analysis of the business benefits.
Boost business opportunities with data-driven insights
CX analytic solutions, such Tealeaf Customer Experience (CX), provide organizations with visibility and valuable data-driven insight into multi-channel customer interactions that can be used to quickly identify, diagnose and remove obstacles in the customer journey. Yet, being armed with rich insight goes beyond just resolving potential issues. With an enhanced view into your customers’ journeys, you are better able to discover areas of opportunity, reduce customer support costs, increase conversions and capture lost revenue. This results in incremental returns that are realized from improved customer retention and conversion rates as well as enriched customer relationships that help boost business opportunities.
Examining the business value of CX analytics
Determining the right CX analytic solution that will help optimize customer experiences, increase ROI and reduce costs requires a detailed review of the business benefits and the associated financial costs. A recent Forrester Total Economic Impact (TEI) study examined the potential ROI that organizations may achieve by implementing Tealeaf and its robust analytic capabilities that include anomaly detection, struggle analytics, session replay, usability analytics, eventing and real-time alerting.
Forrester conducted 4 interviews and 37 online surveys with Tealeaf users that had several years of experience using the platform within their respective organizations. Some of the key benefits revealed as a result of the TEI study include:
- Increased revenue as a result of improved customer conversion, retention and upsell rates
- Reduced time in reproducing online and mobile issues
- Cost savings from development prioritization
- Improved productivity of users, thus enabling them to make better and smarter decisions
The Forrester TEI study also concluded that Tealeaf provided a significant financial impact over the course of 3 years resulting in:
- 243% Return on Investment (ROI)
- $10.1 million Net Present Value (NPV) – Total Benefit of $14.3 million vs. Total Cost of $4.2 million
- Less than a 6 month payback
Tealeaf Customer Experience can provide a significant value to businesses by providing quantitative and qualitative information necessary to understand customer experience across time, devices and channels. To learn more about the business benefits and cost savings identified using Forrester’s TEI framework and methodology, click here or the tile below to download Forrester’s The Total Economic Impact™ Of IBM Tealeaf, Cost Savings and Business Benefits Of IBM Customer Behavioral Analytics Solutions.