5 Key Trends in Business Process Outsourcing Industry

New technologies and innovations are the key drivers of the immense growth and development of the business process outsourcing (BPO) businesses across the globe. With companies rapidly adopting newer technologies, there is no doubt that the BPO domain is all set to observe major changes. In fact, the sector is also expected to show an overall increase in its market share and reduced control imposed by some unnecessary rules and regulations.

Global contact center outsourcing services providers are expected to deploy some latest and advanced technological innovations that would help them address the upcoming market challenges as well as enhance the delivery of products and services. All this is to be ensured while keeping all the associated costs low.

A number of other trends are creating their own space in the BPO industry. Some of the most relevant ones that you must keep a note of are as mentioned below:

1. Imparting Regular Training to Keep Them Updated

The BPO sector faces a major shortage in terms of skilled and efficient employees. This is because a majority of them are not imparted proper training at the right time, which, in turn, pushes them, back in this highly competitive market.

To deal with this shortage, the BPO’s have now started to impart requisite training to their employees. This is important as doing so will not only help in maximum utilization of the human resources but also make them ready and up-to-date with the latest technological advancements and development.

 

2. Mutual Dependence Between BPOs and Startups

With the emergence of a large number of BPOs in the market, startups have now developed an increased level of dependence on them for their operations. Since startups face a lot of tough competition and pressure in the market to succeed even with limited resources, these small businesses soon start looking for some cost-effective ways that can help them gather a pool of talent. And, this is where the need of seeking help from one of the best contact center outsourcing services providers.

Seeking help from an external source is a smart choice as you can, then, focus more on improving your work quality and producing more revenue even with limited resources.

 

3. The Emergence of Latest Technologies

With the emergence of advanced technologies, a large number of business process outsourcing companies are taking a step ahead to make their best use. Technologies like cloud computing, social media, and automation are assisting many companies to create an edge over their competitors while keeping their costs low.

Tools that enable process automation while providing cost efficiency, social media management tools for a wealth of consumer data and cloud computing for improved business collaboration and data security are the latest on the list.

 

4. Improved Transparency

Gone are the days when the employees working at a BPO center or its clients used to live in dark about its technological advancements, challenge areas, and future plans. Companies as well as people these days prefer to stay well-informed about things that are affecting their lives.

An open channel of communication now exists between the different verticals of a business. This, in turn, helps in ensuring that the companies are able to adjust their existing policies within the stipulated timeframe as well as help the clients in finding the better investment opportunities.

There is no hidden policy which is signed between the client and the supplier, which, in turn, helps in ensuring that any deal/agreement signed between the two remains open to all.

 

5. Focus on Improving The Customer Experience

Delivering excellent customer experience is the key to attain success in this competitive market. Since customers are the breath and soul of any business, it is crucial to keep them happy so that they continue to avail of your services for a long term. Understanding this trend, an increasing number of BPOs have started focusing on delivering services at par to the customer requirements. With some standardized processes that are supported by some latest technology, it is possible for the companies to deliver an improved customer experience and win their customers’ loyalty for a longer period of time.

 

Conclusion

It is important to understand that technology is overpowering each and every part of our daily lives. Therefore, do not limit your focus on improving customer experience. Instead, give an equal priority to things that may help bring a smile to many faces. So, if you are planning to outsource your BPO operations to a contact center outsourcing services company, start your search today and make a choice.

Different Types of Customers Your Support Team Comes Across

When your support team interacts with so many customers, they need to remember that they will not be able to keep them all happy and satisfied. Whether it’s a customer who had a bad day, which is causing them to be rude to you or a customer with very high expectations, your agent can not help them all. The key point is for your support team to learn to empathize with them no matter how they talk to you and try helping them as much as possible, ending the matter with everyone being satisfied.

In order for you to prepare your agents for these type of difficult customers, we will be taking a look at a few examples. The most common type is the aggressive customer, if your agent does something wrong or the product is defective, instead of telling or talking to your agent about it first, the customer will threaten to file a complaint, spread it on social media and take out all their anger on your support agent, who may not be at fault. They would be least interested in hearing the other side of the story from your agent. If such a case arises, your agent should know that they need to stay calm and positive, not show any signs of aggression which can lead to worsening the matter at hand. They should try understanding the customer’s frustration by being empathetic and wait until they have cooled down. Then take that opportunity to apologize and find out a reasonable solution which will satisfy them. Your agent should be strong enough to not be affected by hurtful words, which can hinder their decision making. This is the best way to deal with such a complicated and overwhelming situation.

The second type of customer your support team will come across is; the impatient one. This customer will not wait at all after messaging your agent, if they do not respond quickly, the will put up bad reviews and ruin your company’s reputation. This customer will not care about the fact that you have more customers to deal with as well. All customers do deserve a quick response, but they still have to wait for at least a few minutes, but giving top priority to an impatient customer is not the right thing to do either. To deal with such a customer, your agent should explain to them why it is taking so long to reply and if possible, refer him to a colleague who is free.

Then comes the vague customer, this type of consumer is not sure what they want, so it makes it difficult for your support team to understand what they want. They give a vague answer or description and sometimes they know what they are looking for, but are not good at telling the agent. For this type of situation, your agent needs to know how to help them out, without wasting precious time. Such customers often are not aware of the fact that they are extremely vague and unclear. To get the right answer out, your service agent can ask them questions leading to specific answers, this will speed up the process of determining what they want.

The last consumer you face is the complaining customer, who is not satisfied either with your service or your product. For this, your agent should immediately apologize, even if there is no fault from your side or if your agent is still unaware of where the problem started from. Then try resolving the matter within a single interaction, so that they are calmed down quickly.

With this information you will be able to train your agents better, resulting in an improved customer service experience for everyone. However, only knowing about these types of customers is not enough to turn your customer support system into the best one. You need to provide your agents with the right tools, through which they can gradually show progress, helping your bottom line. Kayako’s help desk software is excellent for helping your agents reduce their workload and increase productivity.

Role of Demand Forecasting to Predict Future Demand of Products

As we know, we are living in a satellite era and everything is based on technology these days. In an organization, most of the concepts are based on technology. An organization faces many internal and external risks, such as high competition, failure of technology, inflation, recession, and change in government laws. Risk and Uncertainty are the two factors on which business decisions are made. By determining the demand and sale of the products in future, effects of risk can be lower down. Thus, Demand forecasting is a logical process that includes the future demand for the product and facilities of a group in future under a set of uncontrollable and competitive forces.

A Prediction or forecasting system is a statement about the uncertain event, based on the knowledge or experience. The term “prediction” is used to refer an “opinion or guess” which is informed by person’s Inductive, Adductive, Deductive reasoning and previous experience that may be useful. Demand forecasting helps an organization to take business decisions such as production process planning, raw material purchasing, funds management and decide product price.

Demand plays a crucial role in managing any business. Its main aim is to lower down the risk factors and make profitable business decisions. Apart from this, demand forecasting provides an insight into the organization’s capital investment and expansion decisions. There are various machine learning algorithms which are used for demand forecasting.

A forecast is becoming the sign of survival and the language of business. All necessities of the business segment want the technique of accurate and practical readings into the future. Management needs predicting information when making a wide range of decisions.

Following areas are notified where demand forecasting is used:

  • Scheduling and planning the production and obtaining the efforts accordingly.
  • Making the provisions for finances.
  • Expressing a pricing approach.
  • Preparation of advertisement and implementing.

Mainly demand forecast is used in the large-scale production and holds significance in business. Since the large-scale production needs a long gestation period, a good deal of onward planning should be done. Also, the possible future demand should be projected to evade the conditions of overproduction and underproduction. Most often, the firms face a question of what would be the future demand for their product as they have to acquire the input. It is possible with the help of machine learning techniques only.

It is also true, that objective of the demand forecasting can be obtained only when forecasting is done systematically and scientifically. Thus, the following steps in demand forecasting are followed to enable a systematic estimation of future demand for product:

  • Requiring the Objective
  • Defining the Time Perspective
  • Method selection for Demand Forecasting
  • Data collection and Data Adjustment
  • Estimation and Interpretation of Results

It is becoming progressively significant and essential for the business to forecast their future scenarios in terms of sales, cost, and profit. The value of future sales is vital as it affects cost revenues, so the prediction of upcoming sales is the normal starting point for all business development. A forecast is a prediction or approximation of future situation. It is an objective assessment of upcoming course of action. Since future is undefined, no estimation can be percent correct. Forecasts can be both physical as well as financial in nature. More accurate the predictions, more real decisions can be made. Prediction is based upon time-series methods with time-series data. Various statically methods used for forecasts comprises linear regression, logistic regression, and vector auto-regression. These models are comprised in Machine learning which can be used for commercial usage.

In the nutshell, we can say that our technology allows building fully automated predictive behavior modeling system which acquires data, make decisions, and execute transactions based on those decisions. Data Science helps us to build customer behavior predictive models of markets and behavior of financial instruments traded in markets. It is helpful to predict future profit in the business.

10 Things That Virtual Assistant Can Do For You

Virtual Assistants are the saviors of small business owners and many business people. They save your money, time and resources. VA helps you to earn more by working less by managing your work efficiently. But apart from this do, we know much about them or what they can offer to us? Well, let’s not how they can benefit us before looking for a virtual assistant.

1. You will receive what you are paying

Are you concerned about the staff members not available during weekends? Well, full-time Virtual Assistants can solve all your problems. They are incredibly flexible in their work, and when you recruit a VA, you can get him in your flexible timing hours, or you can also work with them and discuss which time is the best for work. And the best thing is that you have to pay only for the hours you worked. The immensely talented ones can help you to maximize returns on the seasonal sales.

2. Many VA’s can do much more than you think

You might be thinking that Virtual assistants can do just clerical or admin work, but they can do much more than you think. Moreover, you can also outsource any task to them.

a) Consulting and Strategy

b) Financial Statements

c) Customer Service

d) Social Media Management

e) Content Creation

f) Web Design and lot more

3. Wide knowledge

Full-time Virtual Assistants has an extensive range of skill and expertise as they have worked on numerous projects. Hence, they will give you expert tips and tricks to get the work done quickly. And in fact, you don’t have to depend on a manager who is asking them to search answers on their own.

4. Available at Low Cost

Virtual assistants are much affordable than the office-based and full-time employees as they minimize the office related expenses by paying only for the work completed. They charge you much lower than the daily work done.

5. Highly Disciplined

Virtual Assistants have gained immense discipline from their work, and they know if they don’t offer best quality work to their clients, they’ll get fired from their job.

6. Amazing CV’s

The VA profile is just incredible as they are the persons who have already worked in the office field and now they are settling for the work-life balance. They are talented persons who just prefer to not going physically to the office.

7. Fast Searchers

VA’s are like hustlers means that you don’t need to tell them what to do rather than they will search the net and find highly effective and innovative methods to complete your work speedily. They are highly passionate and feel pride in their work done.

8. VA use software offered by their employer

A full-time virtual assistant completes your project with the help of software given to them by the company that has recruited him. You don’t need to spend extra on the computer programs and tools required for the completion of your projects.

9. Your every personal detail is 100% secured

Worried about losing your company’s information in the weekend parties? Well as a client, Virtual assistants assure that all your sensitive information related to your business is wholly secured. And you will always be kept hidden when never you recruit a VA.

10. Completes all tiny tedious tasks

Being a small business owner, you have a shortage of time to complete all those tedious everyday tasks, and the full-time virtual assistants will help in achieving that to keep your business well flourishing. Because as a business owner you have to wear numerous hats and VA help you to do all your administrative work in time.

How Passengers Are Getting Benefits of Fierce Competition Between Ride-Sharing Giants Uber & Lyft?

Founded in 2009, Uber started its journey as a transportation network company that utilized licensed taxi drivers for its ride-sharing services.

The main idea behind the business was to integrate a mobile app to connect the passengers with drivers to hire a taxi. This Android, iOS, and Windows Phone app connects riders with drivers using their phone’s GPS capabilities, allowing both the parties to know one another’s location.

Moreover, Uber also provides several other levels of services. The service’s lowest-cost option, UberX, runs in everyday cars such as Toyota Prius. However, Uber Black is the company’s real service, costing a little high, but it runs in high-end town cars with professional and experienced drivers.

The company keeps adding many new services and features for its frequent and top riders so that they get a rich riding experience without any interruption. Some of the most common Uber services that you can see in your city are UberX, XL, Select, Pool, and Black.

 

Let’s have a look at the list of Uber’s New Services for its Passengers:

 

1.  Express Pool

Recently, Uber has introduced a new way to save another 25% or so off the price of a ride. Uber Express POOL asks you to walk up to a few blocks to your pickup and destination before and after the ride in exchange for the cheapest fare out of all of Uber’s options.

The all-new feature generates smart spots, which are easy to drive to and close to the origin or destination of several people, seeking an Express POOL. It will tell you where to walk, join other users with similar routes on the same trip and share the cost of the trip.

By using these smart spots, Uber can save money by staying on the main roadways as the company is thinking about different ways to put more people in fewer cars while continuing to serve affordable ride options to consumers.

For now, the program is available in different parts of San Francisco and Boston. Soon, Uber will expand it to other major cities and countries once the program proves successful.

Check out this video to know more about Uber Express Pool Service:

 

2.  Developing Flying Taxi Software

It is one of the biggest steps that Uber has taken in its plan to make autonomous “flying taxis” a reality. The company has signed a contract with Nasa to develop the software to manage them.

Recently, the company’s chief product officer has declared the new service contract at Web Summit in Lisbon, alongside its main aim to begin testing four-passenger, 200mph UberAir flying taxi services across Los Angeles in 2020, it is the second test market in the US after Dallas.

The spokesperson of the Uber said that its flying taxi service would be completely electric and a journey that would take 80-90 minutes by car due to heavy traffic could be decreased to four minutes.

 

3.  Five-star Rating System to UberEATS App

Uber is not limited to transportation industry only; the company is also delivering on-demand delicious food through the UberEatS application. Partnering with restaurants of different cities across the world, UberEatS claims a delivery time of 30 minutes or less.

With more than 5 million downloads, this on-demand food delivery app has added in-app restaurant reviews to help people decide and choose a right restaurant to order their food. UberEatS users were interested to get more information so that they can get help in taking a decision of which restaurant to eat at.

In addition to being able to rate their delivery person, customers are also able to rate the restaurant on a scale from one to five stars, and the particular menu items they get from the restaurant on thumbs up/thumbs down basis. For all those people, who will look for the places to eat, the restaurant rating will be based on the last 90 days of data.

 

4.  Uber For Boats

In the month of June, Uber launched its speedboat service in Croatia, connecting major tourist spots along the country’s Adriatic coast. UberBoat, providing speedboats for up to 12 people, has been tested in Miami and Istanbul among other locations, and it will operate in Croatia in the summer tourist season.

Uberboat will compete with other boat services as well along with the Adriatic coast. The service will be obtainable through the Uber app from the cities of Split and Dubrovnik in the southern Adriatic and from the island of Hvar. The approximate cost of hiring a speedboat for up to eight people to travel from Split to Hvar would be 2,600 Kuna ($400).

The users of UberBoat can define their own journey during day trips or choose to go with an organized schedule involving some of the most popular destinations.

These are some of the new services that Uber is planning to launch soon in the market. In fact, some of these services have already been launched by the company for its passengers.

 

Competition Between Ride Sharing Giants

With the constant increasing competition among ridesharing giants like Lyft, Uber, and Grab, the companies are working hard to compete with each other and keep delivering a user-friendly experience to their passengers. Here’s how these rides sharing giants are competing with each other:

 

1.  Lyft

Lyft, an Uber-like app, is giving around 1% of its riders’ access to a different, beta user experience in its mobile app. For passengers, the new look will give the same number of functionality, but it is a departure in terms of how the interface works for riders.

The spokesperson of the Lyft says that the new look and feel is an exercise to learn more about the users, but the important note is that there’s no timeline for a broad rollout. Rather, it is looking to gain insight that could make its way into future app updates.

2.  Grab

Grab is an app-like Uber that delivers a range of ride-hailing and logistics services through its application in Singapore and neighboring Southeast Asian nations like Malaysia, Vietnam, Thailand, Myanmar, etc. Now, this ride-hailing app has raised $2.5 billion for its ride-hailing service in Southeast Asia. The company has raised the funds from investors, including Didi Chuxing, its Chinese peer, and Japan’s SoftBank.

The fundraising will increase Grab’s position as the leading ride-hailing company in this fast-growing region of 600m+ people and cement its lead over Uber. Moreover, the company has claimed to have a market share of 95% in third-party taxi hailing and 71% in private ride-hailing in the region with more than 3m daily rides.

 

How Can Taxi Booking Apps Benefit Taxi Service Providers?

As you know that Uber is one of the biggest taxi service providers in the market that doesn’t own a single taxi and drivers as their employee. Likewise, the taxi booking application has huge latent, and taxi service providers can get up to 200% ROI with the right solutions and execution.

Using taxi booking app like Uber, customers can book a taxi using their smartphone. Even they can track the trip and view on maps. It will be easy for them to estimate the time and cost of reaching their desired destination.

In short, developing Uber-like apps are considered as the perfect business model because these apps can give much value to their customers, drivers, and the companies that operate them.

In case, if you still have any confusion or query related to Uber-like apps, you can get in touch with any specialized Uber clone app development company that has experienced in developing taxi app like Uber.

15 Key Questions To Ask Before Choosing Office Movers

Whether home or office, relocating has in fact become a necessity in today’s world. No doubt everyone seems to be moving from one place to another in search of a high standard of working environment, an office building with lesser rent, a strategic location, and the list just does not come to an end. Office moving does not take place on a frequent basis but it can become a compulsion because it cannot be avoided no matter how hard you try.

When the word relocation comes to one’s mind, they find themselves in a daunting situation in which they cannot get the entire process carried out on their own, which is why they need help from professionals. It is such a tiresome and stressful task that involves packing, loading, moving, unloading, unpacking and rearranging the goods and equipment.

What are you equipped with to handle the above mentioned activities with ease and effectiveness?

Do you have the skills and experience needed? If you don’t, it is strongly recommended that you get in touch with a reliable commercial removals company that is best known for delivering secure and reasonably priced office relocation services. But how you can connect with a trusted brand in a competitive market such as this is a tough question because it is not as easy as it sounds.

There are several ways you can find movers in your town – with the use of Internet, local newspapers, tv-radio ads, leaflets and many more. The fact that every customer looks forward to save their valuable time and money cannot be denied, and this is possible if they hire the unparalleled services of a professional moving team. When it comes to the latter, you should ask a number of key questions so that you can take a final decision on which brand to choose and why. They are as follows:

  1. How many years of relevant experience does the company have?
  2. Is the company certified and approved for local, domestic, business, and long-distance removals?
  3. Do they provide moving insurance coverage in case your belongings come into close contact with fire, theft, or any other accident?
  4. What is the expected delivery time for shifting the goods from one location to another?
  5. What will happen if your items arrive before you?
  6. How do you contact the company and the driver during the move?
  7. What steps would they take if your goods have been damaged during the service?
  8. What services do they offer for handling appliances?
  9. How will your fragile and sensitive items be handled?
  10. Are there any items that cannot be delivered to your new place and why?
  11. Does the company have a storage facility for storing goods just in case?
  12. Can your property be stored on a temporary basis?
  13. What forms of payment do you accept?
  14. Does the association have a cancellation policy?
  15. Do they have any specific questions for you?

It’s important to know if the experts have previously dealt with jobs of such nature. Have they moved an entire office worth of equipment before? You need to ask the above stated questions on the phone or online in order to evaluate any company you come across before booking office moving services.

Occasionally, you should check your company of choice’s online reviews on various social media including Facebook, Twitter, Instagram, and more. This is the fastest way to determine if someone is worth your while, as you can compare different experiences other clients had with this firm. Asking your friends and neighbours is another good way of learning more about a specific brand.

When your service has been completed, don’t forget to leave an online review yourself, as this way you are going to help others make their decision.

Speech Analytics – Stepping Stones to Contact Centers Success

When it comes to improving your contact center growth, first of all, one of the major objectives of a contact center is to get the better understanding of how to well serve your customers and meet their requirements. So, here is the main question is how do you trace what exactly your customers want from you? Speech analytics is a great tool which can leave marks on customer’s mind. Through this amazing solution, the company tends to get different phrases and terms which they can further use while talking over the call with their contact centers. This will improve customer service skills in the organization and then can also give the competitive edge.

Speech Analytics is generally used to control the increase of personnel performing on the given task. This technology will help in identifying those calls which require immediate attention instead random sampling of calls due to which, agents will get better trained also be beneficial to resolve disputes.

Following Are the Factors That Are Involved In Defining Information Need of Customer:

1 – Goals and Objectives: To begin with, it is very important to define the goals and the relative objectives by interacting with customer or clients. This is to make clear of how speech analytics can be beneficial to overcome emerging needs of the management. This can be done by keeping few things in mind:

  • Understanding all the relevant reasons which are making customers call so that speech analytics technology can be executed.
  • Categorize and Quantify can be a second valuable reason.  There is an utmost requirement to implement bucketization on the basis of their numbers and their related issues. This will not only improve customer’s experience but will certainly simplify the process of implementing analytics.

2 – Consistency: Other objectives may include the increase in consistency of customer service and cross-functional or department communication considering quality being the primary motive. This is indeed important to discover the fallouts in revenue and opportunities so that analytics can be applied more efficiently

3 – For applying speech analytics in call center, it is required to monitor customer interactions and ensuring that agents are following to the defined standard of the organization

4 – Speech analytics gives visibility into activities in the contact center and across the organization.

5 – Challenges: Most common in the contact center will be to fix the repetitive calls by the customer for same reasons and also failing to comply with the call center standards. Analytics can hereby help and can take necessary actions by achieving desired average handling time (AHT) and to increase first call resolution (FCR)

6 – Values: Speech analytics, also known as audio mining, is software that converts unstructured conversations, such as phone calls, into the structured output. According to the sources, most speech analytics solutions practice recorded conversations for their input, but the improvement has been made recently in real-time analysis. This makes supervisors identify outliers and later coach them on appropriate call handling methods

7 – Improvement Cycle: This is a continuous process of analytics procedure and involves tasks stated beneath:-

  • Bucketization of calls
  • List down the reasons for calls
  • Revise keywords, terms, and phrases
  • Monitor daily performance
  • Better understand performance
  • Monitor emerging trends
  • Uncover significance of trends
  • Optimize center performance

Every organization works to have qualitative and quantitative benefits by focusing on majorly on return on the investment (ROI). Thus, by simply focusing on the points mentioned above, the organization can achieve their goals.

8 – Scope: While looking to deploying accurate speech analytics services, it is important to have a limited scope initially, as this will ensure successful implementation and its return on investment. There should be a thorough test which is centric to the specific plan, what all are the measures, what can be achieved, relevant items and how much time it will take to implement it.

Customer Churn Analysis: The Invisible Force That Every Organization Needs to Have in Its Arsenal

Customers are the backbone of any business, whether big or small, technical or general, company or a sole proprietorship. All depend on the interests of their invaluable customers. The primacy of the customers has taken businesses from “Scratch to Gold,” helping them build a reputation in the market for or to even maintain an image for an already established giant. Firms have to make sure that their customers are happy and satisfied or else they will reach their lowest point. For this very reason, various companies and firms have indulged in a practice to ensure their customers don’t buzz away from their business and their competitors don’t take advantage of their nonchalance. This Practice is called Customer Turn or, a more popular term in the business world, Customer Churn. Customers being withered away to competitors are a common sight and therefore companies around the globe differentiate between two important aspects of Customer Churn, “Voluntary Churn” and “Involuntary Churn.” The former relates to the loss of an existing customer due to the decision of the customer himself, whereas the latter occurs because of circumstances not in the hands of the company or the firm or the service provider. Healthy businesses keep a track record of their customers, and their analysts constantly search their databases for any loopholes giving birth to unfavorable circumstances which lead to Customer Churn. This process is called Customer Churn Analysis.

Organizations have separate departments and wings to take care of the needs and services for this very purpose. Banks, telephone and wireless service companies, Internet Service Providers, cable TV companies, alarm monitoring services, etc. are prime examples of businesses which use this effective function of analyzing Customer Churnin the marketing world. By analyzing the situation of the customer base, the experts and analyst make a typical distinction between ‘Gross’ and ‘Net Churn’ or Turn. Gross Churn is the loss of existing customers and their related or associated recurring revenue for goods or services during a period in the financial year. Net Churn on the other hand is Gross Churn plus the addition of similar customers at the original location within the same time period of the financial year. With the cost of retaining an existing customer being far less than gaining a new one and then maintaining it, a wise company is one which works on maintaining customer base rather than building a new one solely. Business acumen becomes a key factor in deciding whether a customer stays or steers away into opposition territory. The need of think tanks and separate departments mentioned earlier are necessary and for that very reason.CustomerRetention Strategies are used by the businesses to make sure they customers the main focus. Financial institutions, for example, often track and measure Customer Churn using a weighted calculation called “Recurring Monthly Revenue” (RMR).

Many business intelligence software programs having the capacity to search customer databases and factors associated for customer churn such as inefficient post-purchase service or non-fulfillment of contract are in use today as part of the customer retention strategies applied by various organizations. For the reduction in the number of customers due to variable factors, organizations have developed various standards for the safeguard of their respective customers. The International Customer Service Institute has developed the International Customer Service Standard to strategically align organizations so they can focus on delivering quality services that the customers demand and hence move forward in the right direction to mitigate the loss in business due to involuntary churn.Not every organization tends to overindulge its customers. In fact, experts recommend removing those customers that are bringing no good to the firm and this is a very integral part of Customer Churn Management. Customers being a lifeline of the business have to be taken very seriously and Customer Churn should be prevented by every business whether big or small to ensure success.

Top 4 Customer Insights Challenges That Your Firm Must Crack!

In this highly commoditized global marketplace where companies are unable to compete on price alone, Companies are looking forward to ways that defend them by building greater customer intimacy via investing in smarter consumer insights gathering initiatives. It has been seen that the under 40 demographic in particular expects a much better level of customization and personalization from the organization they interact with. In fact, these organizations also are very much aware of the fact if they won’t deliver such a seamless experience then they risk losing their potential customers.

This great need of smooth customer experience has left many organizations with some questions like: How they create actionable user insights from the vast quantity of data or I can say out of the ample of unstructured information that they collect about their customers? How do they utilize this information to reach their customers and convince them to purchase goods from you? Although companies are successfully moving along with this maturity grid but still they have to reach that visionary level where they are effectively using this insight. There are a number of reasons behind this. Let’s check them out step by step:

A Large volume of data:

Enterprises today are collecting large volumes of traditional and structured forms of customer data as well as companies are also capturing user generated content such as their blogs, comments, and their other social activities. Organization understands the fact that there is value in this information but they are lacking somewhere in the techniques required to process  this large volume of data so that critical information is made available to the decision makers when they need it. They are continuously facing the challenge of collecting, managing, and value creation from the data. Moreover, the growing number of devices has compounded this challenge of management. The amount of structured and unstructured data that is being collected along with the multiple data collection channels has converted customer data management thing into an elusive goal.

 

Tracing out the customer journey:

Today business enterprises need to be fully fortified with the real-time customer data, various touch points for their interaction, their several behavioral stages and much more such things that can be proved very helpful in providing the best in class customer experience. In the current digital age, No one can clearly depict the track of customer conversions. Today a customer might first be introduced to you via an advertisement, check you out on their desktops and ultimately make a purchase via their mobile device. So you can see the whole customer journey has very quick turns and to track these we really need some tools that can shed some lights upon the customer’s path.

 

Collection and storage of huge customer data:

The rapid change in the customer behavior is making it tougher for organizations to get essential customer knowledge. Moreover, the collection and management of such huge amount of data have become a massive challenge for businesses today. They require a single customer view in order to remain competitive. Omni-channel marketing, on the other hand, is regularly enhancing the problem of creating a unified persona of the customer. The digital marketing insights report has found that 70% of organizations believe that single customer view is extremely important for generating improved customer insights.

Protection of Customer data:

Customer data is no doubt has been recognized as a key asset by numerous business enterprises nowadays. Privacy protection of such huge data has also become the key concern here. Many of the organizations have already included a separate team for the purpose of protecting this sensitive data present within the organization. Although the complete prevention of cyber attacks is virtually impossible but it can be minimized.

So, protect this highly vulnerable asset of your company and take a step forward for its safeguarding by understanding these key challenges of managing the data.

How to Optimize your Social Login!

No matter which vertical your business serves in, it becomes imperative for everyone to engage with customers through the web properties they own. Providing privileged access to your resources as a means of engagement is surely the best way to build loyalty. Even the best brands in the world are representing the best example of this.

In the time of ’20s when anyone logs into his/her web browser, one of the tab is by default gets reserved for Facebook or Twitter. According to Facebook, it had around 1.08 billion daily active users as of 2015.  With this large scale engagement on social media, it obviously makes sense to leverage the option of Social Login. Apparently, the login process is the very first step a user needs to pass and this also decides how capable your website is to keep your customers interested or to repel them from site against attracting them further. Social Login allows your customers to directly login to your web property with the help of their already existing social identities.

But the story doesn’t stop here. To get the maximum out of the entire registration process, your Social Login must be optimized and needs to be smooth for customers. Social login opens up the big doors to welcome mountains of authenticated first-party data which is important to provide more personalized customer experience. So how you can optimize your Social Login? Read On:

Decide on Networks that benefit you!

Don’t over-populate your signup page by including unnecessary social network login options. The very first thing you need to do is to filter out where your targeted audience mostly hangs out and then provide ready to access to all of them. Although there is no preset ordered list of social networks, It has to be chosen by you depending on your preferences. Facebook and Twitter without any doubt assure their presence everywhere in each possible industry.

Decide on the number of options you give to your customers!

This is tricky but you need to decide on the number of social media profiles you include as your preferred login profile. It should be between 2 and 4. Generally, people’s choice goes with the three hot in demand options for login and the other networks are listed on a separate page.

Should you just chunk the email registration!

Well, you might make a huge mistake here. You need to keep the funnel wide open as there is still a huge audience who prefer email registration over Social Login. So the best optimization is to include Social Login along with email registration and let your customers know how they want to sign up or sign in.

Decide on the page dependency!

You can’t put the social login buttons same throughout your entire website. They should change their presence depending on the page you are on. Of course, they should be widely visible on the home page as the most frequent logins will be from your home page. On the home page, you can place a Social Login button through a direct sign in a link or through a pop-up. Both go well but ultimately the presence of these buttons solely depends upon the layout of your webpage.

Should you use account linking?

Account linking can be very beneficial if your customers use Social Login and use different social identities each time. This can get you the access to multiple data points from multiple accounts rather than just one. But then it needs permission from your customers. There is one and only condition in account linking is that the email address using with different social accounts must be same throughout or you can simply ask your customers to like multiple accounts so that they can log in with any of them anytime.

So now you get it how Social Login can be optimized to save your customers from the pain of filling out long registration forms just at the moment they arrive on your website. Customers want everything simple and painless. The more website look fascinating and flexible in processing, the more your web visitors would like to explore. So always experiment with new methods like the concept of GIF images to make your website more alluring.