Exchange Solutions Datasheet_Customer Engagement Roadmap

Exchange Solutions Datasheet_Customer Engagement Roadmap

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  Want to increaseyour subscription site’s profitability? The Customer Engagement Roadmap will show you how! The Key to Increasing the Value of Your Membership Base Intelligent customer engagement is an innovative technology-based marketing approach that helps companies drive higher acquisition, retention and profitability from their customers. Regardless of how valuable any one member is to your site today, they have “behavior gaps” which, if closed, can increase the profitability of your business. Exchange Solutions’ intelligent customer engagement programs identify and value key customer behavior gaps, then lever targeted incentives to close those gaps. Intelligent Rules ensure that this is done in an economically-rational way to drive profitability and positive ROI. Customers are offered choices of incentives to create true one-to-one engagement. There are a number of behaviors that can impact the bottom line for membership or subscription-based companies: • Join: Convert more of your site’s visitors to members/subscribers • Upgrade: Move users from free to premium paid memberships/subscriptions • Refer: Influence users to introduce friends and family to your site and reduce member acquisition costs • Renew: Reduce churn by motivating users to renew their memberships or subscriptions for a longer period, in order to increase average customer lifetime value • Contribute: Encourage users to write reviews and provide feedback about products and services, complete profiles or upload photos and contribute to other community-relevant content • Experience: Incent users to visit your site more often and/or engage with previously unvisited content on your site © 2014 Exchange Solutions Inc. Valuable Customer Behaviors that Drive Profitability 1 Data Sheet TARGET Create Intelligent Rules to close those behavior gaps with targeted, economically rational incentives IDENTIFY Uncover existing customer behavior gaps and value the profitability potential ENGAGE Engage one-to-one with customers, offering them a choice of incentives, in order to drive incremental behavior change How it Works
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  Understanding Your CustomerBehavior Gaps and Potential — The Customer Engagement Roadmap Understanding the potential value of your members’ behaviors is the first step in developing an intelligent customer engagement program. The Customer Engagement Roadmap (CER) helps companies not only identify and quantify their members’ behavior gaps, but provides a roadmap showing how to capitalize on these incremental opportunities. The CER provides detailed analysis and metrics in three key areas: 1. How your members are currently interacting with your site and what the dollar value is of each of those behaviors 2. What your members’ behavior gaps are and how much profit these behavior gaps represent for the company (i.e. incremental profitability potential) 3. Which key customer behaviors can quickly and effectively drive an increase in profitability, and a roadmap of how you can tap into these opportunities, by leveraging member-specific incentives Quick and Easy to Implement • An online web beacon (i.e. a simple piece of Javascript) is placed on your website and/or mobile app, securely capturing data on the full range of your members’ behaviors. • This data is gathered and analyzed against best-in-class benchmarks in order to identify current and potential performance for each core behavior. • A summary of the opportunity for each behavior is produced, along with segmentation and correlation analyses. • Finally, pilot program design recommendations are provided to identify those behaviors that represent the greatest opportunity for your company. An interactive dashboard allows you to experiment with different variables to visualize how incremental changes in member behaviors can impact your bottom line. The result is a detailed and quantified report on where your members’ behavior gaps lie, how much incremental profit is available by closing those behavior gaps, and a roadmap to get you there. And once the web beacon is in place, we can swiftly shift from analytics to execution in Phase 2, to help you not only identify where opportunities lie, but also pursue them through in-market executions. In-Market Example Exchange Solutions produced a Customer Engagement Roadmap as the first phase of developing an intelligent customer engagement program for a leading online services review site. The process allowed us to identify four key behaviors (review, refer, buy and join) and understand the best opportunities for prioritizing and developing member-specific incentives to drive those behaviors. © 2014 Exchange Solutions Inc. 2
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  $35M $30M $25M $20M $15M $10M $5M $ - Buy Opportunity Analysis Buy Behavior (Convert Visitors to Buyers AND Higher Value for Buyers) Behavior Performed (Profit) Behavior Gap (Profit) $25M $20M $15M $10M $5M $ - Renew Opportunity Analysis Review Behavior (Convert Paper Bill to Auto Renew AND Auto Renew One Level Higher) Behavior Performed (Profit) Behavior Gap (Profit) Pilot results were a 10% increase in the membership behaviors, leading to a full roll-out of the program to its 2MM+ members. Today Exchange Solutions' intelligent customer engagement program is driving 10%+ more activities at a 25% lower cost per activity than the client's business-as-usual marketing. On an annualized fully-scaled basis, the solution is creating $25MM+ more enterprise value per year. Continuous learning and improvement have enhanced the results for each behavior and have opened the door for additional customer behaviors to be added to the program over time. Is the Customer Engagement Roadmap for you? The process to produce a CER takes only 4-6 weeks and requires minimal time and effort on your part. It is a low-cost, low-risk engagement that delivers real, quantifiable results and is a critical first step in building stronger customer engagement and driving more profitability from your member base. And once the web beacon is in place, it is easy to switch from analytics to execution, to help you not just identify where opportunities lie, but pursue them through in-market execution. Whether used to help enhance and improve an existing customer engagement or loyalty program, or as a basis for a new program, the CER provides an in-depth level of analysis that is invaluable to any organization. If you are interested in identifying the gaps in your customers’ behaviors today and discovering specific ways to increase your acquisition, retention and profitability, contact us for further information or to book a 30 minute conversation. About Exchange Solutions Exchange Solutions designs, builds and operates intelligent customer engagement programs that improve customer acquisition, retention and profitability by identifying and closing high-value “behavior gaps”. Intelligent Rules target each customer with a choice of economically rational incentives to drive that incremental behavior change. Exchange Solutions’ cloud-based platform permits rapid implementation in all channels, customized to each client’s needs. Its proprietary approach and in-market experience deliver quicker results, better ROI, and deeper customer engagement than traditional engagement or loyalty programs. From their offices in Boston and Toronto, Exchange Solutions has been helping leading retailers, financial institutions and online businesses create sustainable and profitable communities of engaged customers for 18 years. Contact us to learn more www.exchangesolutions.com http://www.linkedin.com/company/exchange-solutions Twitter https://twitter.com/ExchangeSolns Josh Marder Managing Director U.S. Sales 781.693.0326 [email protected]