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Back in the 1980s, there was a popular dart-themed TV quiz show in the U.K. called Bullseye. Teams had to answer questions, throw darts and, depending on their scores, they could win anything from a new car to a luxury holiday. No one knew in advance what the prize would be. Like all game shows, most contestants lost — only “winning” their bus fare home. But in Bullseye, each loser also had to hear the host announce, “Here’s what you could have won!” before they revealed the elusive prize. In other words, if you’d been a little bit better when it mattered, you could have been a winner. This is happening with data and analytics — and prospect conversion — in business today; we’re learning too late what we could have won.
Data and Analytics Offer the Post-Mortem
We’re drowning in data and analytics about customer journeys, but businesses aren’t using that data to engage with customers during their visits. Analytics shows only what happened after the fact. Yet, it’s critical in deciding how to redesign journeys for the future. And, like Bullseye, it tells us about the lost opportunities. If only we had been there to engage during those previous customer visits when it mattered.
This inability to act on customer behavior in real time is particularly impactful for business buyers in eCommerce who have KPIs related to sales — the ultimate KPI.
Omnichannel Drives Real-Time Outcomes
Most companies have moved or have plans to move to the cloud. It’s essential to take advantage of emerging technologies. But even companies that have moved some operations to the cloud to enable digital sales might be collecting only random leads.
Distributing random leads leaves it up to salespeople to decide which to follow up on. This results in cherry picking that’s based on limited information. In addition, randomness means the quality of leads coming in and the prospect conversion going out often don’t align with expected outcomes. By using cloud-based technology with omnichannel capabilities, you can automatically identify the highest quality leads at any particular time from any channel. Then you can send that data to salespeople and equip them to succeed. In other words, look at what you will win.
Determining the Next-Best Action
Here’s another perspective of how analyzing data in real time works. A few years ago, there was a house fire in Chicago. The firemen were in the living room, shooting water at the flames, which came from the kitchen. Suddenly, the lead firefighter alerted his team: We have to get out immediately! They exited the building just before the living room floor they were standing on collapsed. It turned out that the fire was actually burning in the basement directly beneath them. They didn’t realize it. Even the lead firefighter didn’t understand how he knew to get out.
During interviews later on, the lead firefighter realized that he had detected a few things but hadn’t consciously processed them. The fire was quieter than he would have expected because it was coming from under the floor; he detected that the room was warmer than it should have been because they were basically standing on the fire; and the fire wasn’t going out as quickly as expected, even with water hoses pointed right at it. Subconsciously, his mind had collected this data and put it all together: You’re standing on a fire, you need to get out. The firefighter’s intuition recognized this pattern.
Act on Visitor Behavior in Real Time
Your customers communicate with you all the time – engaging on your website, through chat, via email, by using your products and by shopping in your physical store. You’re aware of this activity, but to put it all together and attack that moment of opportunity requires more than just collecting it. An omnichannel solution that uses artificial intelligence (AI) can connect the dots and recognize behavior patterns. These are moments of opportunity and chances for prospect conversion. And like the firefighter’s intuition, they cue you on when to act.
But no business can act on all opportunities. If you have 100 customers on your site at one time, but you have the resources to engage with only five of them, which five will it be? Genesys AI solutions identify the best prospects based on their likelihood to purchase, using real-time visibility into customer journeys and the power of AI predictions. When you know who to engage with and when, you’ll see exactly what prize you can win – and engage at just the right time to win it.
See what you can win with Genesys Prospect Conversion.
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