20/05/2021 by Elisabeth Grothe-Møller
Human data as a lever for CX and revenue growth
Customer experience (CX) is an indispensable tool for every digital marketeer. The focus on creating a winning CX in a competitive market means that businesses now care more about making the experience for their customers better using different tactics.
CX management is the ever-evolving discipline of mapping a customer’s entire (digital) journey and responding to it by creating an intuitive and memorable experience. It is a daunting task for anyone having to meet the standards customers are used to today.
It can seem like an exciting challenge at best or an impossible mission at worst.
Luckily Mono Solutions’ seasoned VP of Marketing, Mie Bilberg, is allowing you to steal her CX toolbox. But before you jump headfirst into execution mode, let’s get back to the beginning.
At its core, CX is about being able to predict what your customers want and how to exceed their expectations across every touchpoint. This is why having a data-driven mindset in all areas of CX (like marketing, product development, customer service, etc.) is so important.
Here’s how I like to work with CX the data-driven way.
Data-driven CX on a micro/internal level
Every click-through from your ad A/B test, every bounce away from a landing page, every behavior flow shown in your Google Analytics, is a compelling story of what your customers want from you.
Spotify is a great example of a company that has excelled at using internal data to improve its CX. In 2012, Spotify’s desktop app design was vastly different from how it looks today. The interface was built around what the designers thought the users might like – around tracks, search, and community activation features, such as self-made, sharable playlists.
Today, Spotify actively uses its internal human data to shape the experience for the customers. Their CX is now built on analyzed behaviors, feelings, and moods their customers are exhibiting in their music consumption - which songs they skip, heart, and add to their own playlists.
This is a nearly perfect example of what a company can do when its product, music, becomes its data. The human data that is used to profile users at scale is translated into music recommendations, which improves the overall CX.
And this is not a standalone case. Forrester found that companies who ranked highly on their CX Index, a compiled ranking of companies based on their commitment to quality CX, outgrew companies who scored at the bottom at a rate of 5 to 1 in revenue.
Deep-mining internal, micro-level data is arguably one of the most cost-efficient and effective ways of delivering the right customer experience.
Data-driven CX macro/external level
CX is driven by the need to understand customers better. And CX is made better through a data-driven approach interpreting the digital, human data to help reshape products.
When managing a CX management project, there comes a point where you will need to zoom out and look at our internal, micro-human data as dots in a broader macro landscape. I like to think that if I’ve done a good enough job interpreting our internal human data, then that will be reflected in large-scale market movements.
As an example, a rise in the volume of searches on Google for the keywords relating to ‘resell websites white label’ is reflected in the number of sessions on our internal pages linked to this specific topic in our internal, micro-level data and our click-through-rate and bounce rate on our Google ads.
At Mono Solutions, it goes without saying that we care about the long-term success of our reselling partners. During the last year, we have seen the acceleration of different trends, such as freelancing. For our white-label website builder reselling partners, we wanted to investigate how this will affect them and how they could use this trend as an opportunity to grow their business.
Together with Localogy, Mono Solutions conducted a large-scale study of the freelancer market in the United Kingdom, Germany and Sweden to get representative insights into this emerging industry. What we discovered in the human macro data opened our eyes to the untapped business opportunities for our partners, so this is what we want to share with you.
We all know someone in our network who is working as a freelancer. We all know there are many different reasons why people become freelancers. So maybe you are not surprised that this rapidly growing market has been accelerated by Covid-19, and that it´s here to stay?
Mie Bilberg, Mono’s VP of Marketing, and I, have set up a webinar and we want you to join us.
In this webinar, we are diving into:
- Generational differences in the type of work freelancers do;
- Why freelancers, across age groups and experience, go into freelancing and why this is an emerging trend, that is here to stay;
- Which products would be key for Mono reselling partners, who want to take advantage of this market opportunity.
When: Thursday, May 27th at 3:00 PM CEST
My goal as a marketeer is to generate sales through positive, relevant, repetitive brand experiences, which includes but is not limited to the products themselves. The same way that we love Starbucks not just for its coffee, but even more for the associated pleasure of the experiences it provides.
The same way I subscribe to Spotify for providing me with a great listening experience that is tailored to me, based on the interpretation of the aggregated behavioral data I provide the platform. I believe, together with 90% of business managers, that data analytics can improve sales, through reverse-engineering the CX and building future-proof products, just like we are attempting to do with our white label website builder.
About the author
Elisabeth Grothe-Møller is the new Conversion Rate Optimization and Web Analyst at Mono Solutions. Elisabeth brings Fintech startup experience to the table and has worked with digital marketing and data analytics for small businesses since 2013. Most recently, she worked at Danske Bank within Innovation and Strategy. With startup and corporate experience as well as academic training within humanities and social sciences, Elisabeth is driven by delivering actionable data-driven insights and strategies.