Increasing Customer IQ: Website Analytics Meets Word-of-Mouth Analytics

I am really excited about the potential of our partnerships with Coremetrics, Omniture, WebSideStory, and WebTrends. Marrying word-of-mouth and clickstream data will enable us to pioneer analyses that have never before been possible. Ultimately, it will increase our clients’ customer IQ.

Ever since I took my first marketing class at the University of Texas at Austin, I have been fascinated by customer behavior. It has been the driving theme of my career. What has been most exciting to me is being there when a company finds out how their customers really behave and the lightbulb goes on. When their customer IQ is increased.

At Coremetrics, I had the good fortune of seeing this transition many times. It was the biggest part of what drew me to start the business in the first place and, especially, with a services model at its core. It is hard for me to believe now, but back in 1999 the acronym “ASP” (“Application Service Provider”) didn’t exist. I knew from my background in consulting that an outsourced model for Web analytics would ultimately be the best way to deliver real analysis to clients. Because of my background, this was intuitive to me; it just made sense. It was later, in 2000, when someone told me, “you guys are an ASP”. The label had been born, although I’m not sure who gave birth. Label or not, the business model works. The ideal ASP is a marriage of services and software to create an ever-evolving solution.

At Coremetrics, it was exciting to be with a client when they saw, for the first time, where they had been wasting their online marketing dollars and decide how to reinvest their budget. Or witness that the home page creative they had debated for hours every week really didn’t drive sales like they thought it did. Or learn that a product had an abnormally high shopping cart abandonment rate and they could increase sales by tweaking the price, the message, or the placement. Or see their customers close their browser when the “next step” button on their checkout page was below the fold. We drove real value. Got real feedback. Turned on the lightbulbs. Liberated with data. And ensured that the service would always work. And customer IQ skyrocketed.

At Coremetrics, it was exciting to be with a client when they saw, for the first time, where they had been wasting their online marketing dollars and decide how to reinvest their budget. Or witness that the home page creative they had debated for hours every week really didn’t drive sales like they thought it did. Or learn that a product had an abnormally high shopping cart abandonment rate and they could increase sales by tweaking the price, the message, or the placement. Or see their customers close their browser when the “next step” button on their checkout page was below the fold. We drove real value. Got real feedback. Turned on the lightbulbs. Liberated with data. And ensured that the service would always work. And customer IQ skyrocketed.

And now I am seeing the same thing here at Impactloud. Except this time the data are conversations. Conversations between real customers. When customers speak to each other, they do so in a different way than they speak to companies. They speak in an authentic way. They have no agenda. Do you really care if your friend sees the movie you spent five minutes telling them about? Not really. You just want to express yourself. The pursuit of the real. There is a little bit of maven in all of us. It’s human nature. It’s called word of mouth. And it is only increasing as we get overloaded with marketing messages and choices with the compression of less time.

Our clients are dramatically increasing their customer IQ. They are tapping into conversations that they have never heard before. And it is driving their business in fundamentally new ways. Straight from the customer’s mouth to the EVP of Merchandising’s ear – direct and authentic. Products will evolve. Customer service will morph. Marketing will change. And customers will vote with a renewed sense of loyalty. This will be taught in business schools one day.

I am going to make a prediction. When you put website analytics and word-of-mouth analytics together, it will have a synergistic effect on customer IQ. And, to me, that is very exciting. For our clients, it will be game-changing.

Online retail stores: the best way to shop while saving money

One of the major things that the internet brought with itself is online shopping. Today as the internet is the biggest game, the retail market is making huge progress to attract customer online. No more going out and finding a mall or a shop for the kind of product you want. Also no need to be all mucked up by weekend crowd or take the hassle fo traveling from one place to another. With the internet and hordes of digital devices, you can simply sit back at home on the weekend or even on a weekday and enjoy shopping from the comfort of your place. If you want to know what is wish shopping, then it is crucial before that you learn what a good online store is.

Online eCommerce websites

Online eCommerce websites are the internet version of branded stores and retail stores. Instead of going out and so shopping, one can sit at home or anywhere and use their internet and a digital device to shop. this way one will pay online and the products will be delivered at home. One can find specialized brand stores where one can find products form a single brand and of one category only like cosmetics or clothing. Or one can find many retail stores where like a real-world retail store, there are a variety of products to choose from. These online retail stores cater to thousands of shoppers in the day, as they have different types of products falling into various categories starting from electronics, to clothing to kitchen necessities and groceries too.

 Benefits of wish shopping

Benefits of online retail stores

As the number of online stores is increasing, let’s ponder upon some of the major advantages of shopping online:

  • Ease of shopping: one of the biggest reasons why online shopping and online stores are becoming so popular is the convivence. Nobody wants to ruin their weekends while roaming around the malls or any retail store to buy certain important things for the kitchen or a few items of clothing. No more driving to the store, stand in billing lines or get stuck in traffic. Instead, one can simply sit back at home and scroll through various categories of products, create a list, pay and get them delivered at home.
  • Huge variety: most of the time it is seen that online store provide their customers with a huge variety of products, one can find various products from different countries and different parts of the country without having to travel there in person. Also finding the right size and right fit becomes very easy while shopping online, as there is no lack of variety.
  • Better pricing: online retail stores save money in a lot of things, out of which not having a physical store being the first reason. This eventually leads to lowered pricing of almost everything. Also, these online stores tend to cut on huge costs on products like electronics which shows on the price tag. Being a customer can save a lot of money by shopping online.
  • Discounts: one of the major reasons why shopping online can be advantageous is the fact that the number of discounts that are offered is huge. Online stores give discounts on almost every occasion, festival, season end, etc. this way one can save a lot many bucks on shopping. Also, one of the most common types of discount is the promo codes which are quite popular among the masses, as it allows a certain amount of the bill to be waivered.
  • Comparing products: another, the benefit of online shopping stores is the price comparison. As all the products are posted on a single page, it is quite easy to compare the price tags and choose the product that fits the budget. also not only the price one can compare the product type and quality with the help fo the reviews posted by other customers.

Choosing the right online store

As the number of benefits is quite significant it can be said that the number of customers is also increasing rapidly. And to keep the business running and to hike the sales of the business are now becoming online stores to cater to customers from all over the world. but as the number of sites is increasing, the need to find the right store which is both useful and budget-friendly is becoming more crucial.

Choosing the right online store

Before finding out what is wish shopping, some of the things that should be checked before choosing an online store should be clear to the customers:

  • Categories: a good online store should have a well-defined category list so that the visitors can easily find what they want without any confusion.
  • Wishlist: online stores are the place that one can visit again and again. At times we tend to find something that we like but might not be able to buy it then and there, that is when a wishlist option comes handy. Simply wishlist the product so that later while shopping you can find in immediately.
  • Good website: the most important thing about online shopping is the ease of shopping and less confusion. A sticky and not too clear user interface will simply drive the customers away. Instead, the website should have a clean user interface, simple website navigation, a simple yet attractive website design with high-quality pictures, and a mobile-friendly website.
  • Reviews: a good website is the one that has customer reviews on them. reviews are one of the major things that customers check before buying anything. Having a true review section will show the authenticity of the product.
  • Suggestion lists: a good website will always have a good suggestion list, which helps someone fin products related to their last searches.