Tealeaf sales director Tony Collard outlined the benefits of customer experience management, claimin...
Tealeaf sales director Tony Collard outlined the benefits of customer experience management, claiming it could potentially earn companies millions of pounds.
Mr Collard explained that nine out of 10 web users have experienced trouble, and that 34% of consumers said they would switch to a competitor - either online or offline - if they experienced problems.
However, by analysing the paths online customers take, he said it had been possible to work out where there may be problems, and consequently look to correct them.
Mr Collard used the example of an insurance company that Tealeaf found had a problem when it came to stages five and six of its sales process. Retention rates of those who started the entire sales process fell from 6.7% to 3.8% between these two stages, despite the fact that they had downloaded the policy documents and had sought to pay.
After analysing this drop out, Tealeaf discovered there was a problem with one particular credit card that the site could not authorise.
On further investigation, Tealeaf discovered this had happened 4.33 times a day, with the average quote value worth £365, meaning the insurance company was potentially losing £1580 a day - £576 864 a year.
Meanwhile, Vantage Insurance client director Nigel Coppen told delegates how his firm had deployed Tealeaf across two online brands - www.4siteinsurance.co.uk and www.clubcareinsurance.co.uk - in September, and that it had already paid back its investment.
Mr Coppen said it had not only identified several leakages similar to the one outlined by Mr Collard, but it had helped the firm increase web sales conversions and introduce online compliance measures.
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