Leverage Video Content to Improve and Measure Your CX Strategy
Video is an integral part of customers’ journeys, and plays an important role in the overall customer experience.
Building an effective customer experience (CX) strategy is more important than ever.
Digital transformation is a fact of life across every industry. Customers have better information, more choices, and higher expectations than they ever did before. For them, the overall customer experience is a key-value differentiator – great experiences lead to loyal customers.
This is not news to most marketers, customer service professionals, and CX executives. The ability to leverage media and video content towards continuous CX improvement is the key to engage with the customer better.
Video Content Informs CX Strategy
The primary goal of CX strategy is optimizing the overall customer experience in a data-driven way. Video is an increasingly important element of that experience:
- 85% of Internet users in the United States watch online video content monthly.
- 54% of consumers demand more video content from brands and businesses they support.
- 73% of consumers report being influenced by social media content when making a purchasing decision.
These statistics point to a fact that video marketers have known for years. Video content earns higher engagement and drives customer actions better than any other medium.
The real question here is how a coherent CX strategy could possibly work without taking video content into consideration. Video is simply too valuable and too important to neglect.
The problem isn’t that customer experience professionals don’t believe in the power of video. It’s only that fitting video content into a data-centric approach is difficult without the right support.
The Challenge: Video Engagement Tracking and Analytics
Not all video hosting platforms have video analytics capabilities that are useful for managing and refining the customer experience. Most free video hosting platforms allow content creators to see limited user engagement statistics, if at all.
It’s nice to see how many users viewed a particular video, but that isn’t the kind of data that can inform a holistic customer experience approach. Successful CX strategies rely on comprehensive, granular data about individual users.
This kind of data is widely available through most other customer touchpoints. Organizations can track user interaction with blog posts, web pages, customer service portals, and even in-person retail sales. Yet many do not apply the same data capture techniques to measure video engagement.
Organizations that understand the need for analytics-capable video hosting are able to overcome this barrier. Digital asset management services that include best-in-class analytics as part of their platform are able to help brands identify their best-performing videos and use them to augment the customer experience.
Deploying video analytics can lead to transformative benefits for the overall customer experience:
- Reduce Customer Churn. Increasing customer retention by 5% can increase profits by up to 95%. Businesses that are proactive about using video to answer customers’ questions and address their problems can reduce churn and increase retention. This is especially true for brands that leverage personalization in the customer experience.
- Increase Customer Lifetime Value. Reducing customer churn allows brands to focus on improving the relevance and timeliness of the content they show their existing customers. This naturally extends the customer lifecycle, leading to more purchases over time.
- Boost Client Satisfaction. Customers who have positive experiences can and will share their opinion with others. Some satisfied customers will speak to friends and relatives, others will post their opinion on popular review sites.
Expanding Video to Meet Customer Needs
It’s common for marketers, sales professionals, and CX leaders to underestimate the number of channels that comprise video. While huge platforms like YouTube are undoubtedly popular, they don’t represent the true value that video can unlock. They don’t even support some of the basic functionalities that other video platforms are based on.
Video does not necessarily mean one-way communication. Web conferences and live-streamed chats are also included under the video umbrella. The ability to measure user engagement with this content is critical to CX strategy success.
- Streaming analytics are incredibly important for content creators that rely on live chat functionality. These can include customer success managers, sales professionals, and customer service support technicians. Without visibility into individual user engagement, measuring the success of live-streamed content is not possible.
- Web conference software benefits from real-time analytics in multiple ways. Educators and corporate trainers can use these tools to identify users who have completed required courses – and remind those who have not. These same tools make it possible for support teams to identify customers who need additional attention, creating a personalized experience in the process.
Incorporate Video When Measuring Customer Experience Metrics
Brands are increasingly relying on techniques to analyze customer satisfaction and engagement to enhance the customer experience. This gives them the ability to understand customers’ journeys on a granular level, by assessing key performance indicators (KPIs):
- Customer Satisfaction Score (CSAT). Measuring satisfaction helps brands understand what customers think of them. Customers typically provide this data through a direct survey, which can (but often does not) involve questions about the relevance of personalized video, live chat, and streaming content.
- Net Promoter Score (NPS). Finding out how likely customers are to recommend your brand to friends and relatives is key to achieving sustainable growth. More than nine out of ten users share mobile video content with at least one another person. Leaving video out of NPS calculation will badly skew the results.
- Customer Effort Score (CES). Brands want to know how easy it is to be their customer. Brands that leverage video and use video analytics to improve the customer experience will naturally gain customers who rate the experience favorably. Analytics allow brands to segment customer groups with low CES scores and create more content to address their needs.=
Four Ways Video Can Improve the Customer Experience Today
Many CX professionals understand the value of video content and advanced analytics, but don’t know where to start. Some forms of video content have a more pronounced impact on the overall customer experience than others. These are some of the most successful approaches brands are taking today:
1. Explaining Your Product
Explainer videos offer a great introduction to the benefits of video-oriented CX strategies. Customers who already know what to expect from your products are far more likely to buy the right product when making a purchase.
These videos may include product comparisons, feature explanations, or tutorials. All of these approaches enable customers to make better-informed decisions, reducing customer support costs and improving overall satisfaction.
Educational explainer videos can play a role after the sale, as well. Reputable, high-quality video content can help customers make the most of their purchases after buying. This is especially true when selling complex products or services.
2. Addressing Customer Pain Points
The best videos for enhancing the customer experience are ones that address a single customer pain point. The more complete the video’s approach is, the better the results will be.
The process of addressing frequent customer pain points also presents an opportunity. These videos can segment audiences into multiple groups, based on the pain point in question. Deploying this feature requires sophisticated video analytics, but allows for greater personalization and higher returns on video investment.
If you are already gathering data on common customer pain points, it makes sense to address those issues with video. Engaging, high-quality content will help ease customer anxieties and bring them further down the sales funnel.
3. Improving Customer Support
Customer support has evolved beyond the telephone. It is now about connecting with customers through as many channels as possible. This enables customers to reach out to brands on their own terms.
Video is increasingly becoming the preferred medium for customer support communication. In this case, video also includes screen sharing and tutorial content as well as live audio. Brands that equip their customer support teams with these technologies improve multiple customer support KPIs at once.
4. Personalizing Content
Brands with established digital asset management solutions in place are in a good position to take the next step – personalizing video content. Personalization boosts conversion rates, creates memorable experiences, and improves user engagement significantly.
Once a brand incorporates an advanced video hosting platform into its tech stack, it can easily begin personalizing video content. Personalization does not have to be costly or resource-intensive.
For example, imagine an important customer asking about a particular product feature. You may already have a video clip that explains this feature in your digital asset database. Recording a personalized greeting right before playing the standard clip is a value-generating, minimum-effort solution for enhancing the experience for this particular customer – and it only takes a few minutes!
Understand Your Customers, Then Focus On Their Experience
Building a successful CX strategy means knowing your customers. The more you understand about their needs, preferences, and personalities, the better your personalization efforts will go. Incorporating video into that strategy is not just a good way to address people using their favorite medium – it’s a valuable way to gain insight into their behaviors through advanced user analytics.
Cincopa is a digital asset management vendor whose video hosting platform offers world-class analytics on individual viewers. Find out how our video platform can help your CX strategy succeed.