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Welcome to VISION — brought to you by TeaLeaf Technology
In this issue of VISION, we imagine a world of businesses managed from the inside-out.
Each issue of VISION is comprised of the following sections:
• Perspectives
Insight and commentary on the state of the Web application
management industry.
• News & Events
We ll make it easy for you to keep current.
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34% of Your Customers Could Leave you This Year
By Geoff Galat
The recent survey by Harris Interactive (highlighted in our last issue of Vision) showed that more than one-third of online customers would switch to a competitor after experiencing just one transaction problem.
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"It's natural to want to help that customer, but it's difficult unless you have an exact replica [of what happened to him].”
Sucharita Mulpuru, Senior Analyst at Forrester Research
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What’s a company to do?
Let’s say you are a bank conducting customer cross-sell programs through promotional credit card offers. According to a recent article written by Glen Fest for Bank Technology News, about a potential credit card customer for one major bank:
“She earns at least $150,000 a year. Unless she has a credit score lower than the family pet's, she's going to be worth as much as $2 million over the next 20 years after the bank approves her on-line application for a silver-level credit card.
Yet when the well-to-do customer clicks on the submit button, she's rewarded with only a transactional error message, with no explanation and no instructions on how she can fix it. She tries resubmitting her application, only to get another rejection.”
One error. Experienced by one potential customer. One time. The cost to the bank: $2 million over the customer’s lifetime. Let me repeat: One person. One error.
That is what we mean by “The most catastrophic failures happen one customer at a time”. In the rare event that a massive site outage occurs, everybody from the CEO to the systems administrators know about it., But other problems happen to individual customers, oftentimes without anybody being aware they are occurring. And the impact of those issues is the customer taking their business elsewhere. It's a death by 1,000 cuts. You may be bleeding to death and you don't even realize you have a cut.
But how exactly does that translate to your business?
In a recent BusinessWeek article, TeaLeaf CEO, Rebecca Ward was quoted as saying; “Companies need focus on what's really important -- not just performance, but giving customers an easy, secure, and happy experience. They need to hold focus groups while they're testing the site and solicit customer feedback while consumers are using the site
Overall, Internet entrepreneurs need to get away from thinking that their Web sites are self-service, stand-alone things that run on their own. They need to think about their online shopping site the same way they would think about any kind of retailing.
For instance, you would never open a store or a bank without a manager on site. Why? To solve problems, see what's going on, and observe the customers' experience with the business. It's the same thing with a Web site. You can't just build it and forget it.”
What can you do?
To help businesses learn more about online customer experience, TeaLeaf has created, The Essential Guide to Customer Experience Management.
Our guide can help you understand:
How to detect the web errors that cost you millions in lost revenue
Why visibility into every online transaction is the key to managing the customer experience
What 82% of your customers expect from their online experiences — and how to deliver it every time
Ebusiness leaders in Financial Services, Insurance, Retailing, Travel, Manufacturing, Pharmaceuticals, Telecommunications and Transportation rely on TeaLeaf® RealiTea™ to give them visibility into their online customer transactions. Let us share our Customer Experience Management expertise with you.
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TeaLeaf is the leading provider of online customer experience management solutions. TeaLeaf's RealiTea platform provides unprecedented visibility into every user's unique online session, revealing hidden problems that affect consumers and cost companies more than any single catastrophic event. By providing a patented, powerful 'outside in view' of each individual customer experience, leading e-business executives across a wide range of vertical industries including retail, banking, travel and insurance can eliminate failures that impact profitability, cause customer churn and ultimately damage brand equity.
For more information, email
info@tealeaf.com
or visit the Web site at
www.tealeaf.com.
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