Tag: customer lifetime value

IR20

A Step-by-Step Guide to Building a User Journey Map

While building a product it is easy to develop a tunnel vision. Companies spend a lot of time thinking about every single process and every little feature running under the hood. But the interface of the user is different for your product. They have no reason to care for your product or service until you show them what it can do for them. Turning first-time users into long-term customers require a very good understanding of what your users want and where are they coming from. This is where user journey maps come into the picture. 

Creating user journey map can help a company to keep its user motivation at the front of the mind, create the best customer experience and get users where they want to go. By using a user journey map, it is convenient for companies to make granular but pivotal tweaks that can help users accomplish their goals faster and easier, come back to do it again, and build habits around your product or service, all from your onboarding user experience. But in order to understand how people actually use your product or service, it is important that you first understand the essence of the whole experience from the perspective of the user and a user journey map can shed light on that.

At Quantzig, we understand the difference that a user journey map can create for any business. And to help companies excel in the competitive landscape, our team of experts has designed a step-by-step guide to building user journey maps that can assist companies to get into the minds of their customer and analyze their pain and needs to provide better customer experience and improve ROI.

Precisely predicting future buying behavior of customers is not an easy task for businesses. Customer journey mapping tools may hold the key to success. Get in touch to know more about the benefits of our customer journey analytics solutions.

What is a User Journey Map?

A user journey map is a timeline of user actions that explains the relationship between your brand and its customers. It is a visualization of the interactions of a user with your product or service from their point of view. Customer journey mapping tools help in creating a timeline of all touchpoints between a customer and your organization. The user journey map helps your company to gain insight into how customers experience your product, based on their unique goals and motivations. Mapping out the experiences of your users enables you to understand several important factors that shape the overall impression they will walk away with.

Steps to Build a User Journey Map

Before creating a user journey map, it is very important that you review the goals of your business or service. This insight can help you align user and business goals.

Step #1: Define the behavioral stage

Your customers might go through different stages while navigating your site and this depends on your business type. These different stages provide a detailed insight into the changing behaviors of the customers. Companies through qualitative and quantitative research will have a fair idea of the process that the customers go through right from the first touchpoint to the eventual process of purchasing and subsequent interactions. This will result in the creation of a useful user journey map.

We understand the challenges companies face in identifying and curating high-value customers to develop marketing strategies to maximize profitability. Our user journey map solution provides best-in-class frameworks to identify factors for customer churn and develop effective strategies that will improve customer retention. Request a free demo below for more insights.

Step #2: Create a user persona

A user journey map is always focused on a user persona who experiences the journey. Therefore, to build a rigid user journey map, it is important that you create a user persona based on the information you have about your target audience. User persona should always be created based on information you have about your target audience. That’s why you should always start with user research. Having solid information about your users will prevent you from making wrong assumptions.

Collect and analyze the available information about your target audience:

  • Interview your potential users
  • Administer contextual inquiry
  • Analyze the user surveys results

Step #3: Define different scenario and user expectations

The scenario explains the situation that the user journey map addresses. It can be both real or anticipated. For a better user journey map, it is also important to define what expectations a user persona has about the interaction.

Step #4: Create a list of touchpoints

Touchpoints are user interactions and actions with the product or business. It is important to examine all major touchpoints and all channels associated with each touchpoint to create an effective user journey map.

Are you facing difficulties in quantifying and forecasting the value of individual users across dimensions such as time, product lines, and segments? Request a free proposal to understand how user journey mapping can help.

Step #5: Consider user intentions

For any business to create an effective user journey map, it is important to understand the factors that motivate the user to interact with their product or service. Additionally, it is also crucial to analyze what solutions are users looking for in a specific product or service. Different user segments will have different reasons and different goals to accomplish.

Step #6: Sketch the journey

Now in this step, you need to put together all the accumulated information and sketch out a user journey map in a step-by-step format. You can start by making a unique and general user journey map. The information you gather allows you to create a timeline of user interactions with your product and brand. This timeline can include things like:

  • Touchpoints of user
  • Benchmark actions and accomplishments
  • Scheduled notifications

Step #7: Validate and refine user journey

User journey map should result in truthful narratives and not fairy tales. Even when a customer journey is based on user research, it’s important to validate it. You need to use the information from usability testing sessions. Customer journey analytics can tell you that your journey resembles a real use case. The last but not the least is to gather and analyze the information about your users regularly to make your user journey map give you optimum results.

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IR27

Customer Lifetime Value Engagment to Enhance Service Efficiency in the Home Health Care Services Segment – A Healthcare Case Study by Quantzig


What the Client Wanted

The home health care client wanted to determine the potential value of their customers in order to identify the right marketing mix model and strengthen their customer retention strategies.

The Outcome

Leveraging customer lifetime value solutions enabled the client to devise effective strategies to enhance their relationship with patients. This customer lifetime value engagement entailed the implementation of a detailed analysis of the patient groups to identify strategies that are best suitable to retain and drive profits in specific user groups.

Overview of the Home Health Care Industry

The healthcare industry is booming at an accelerating rate and is expected to do so in the coming years. This has resulted in the development of a new segment that focuses on offering value based home healthcare services. The growth of this segment is also being influenced by the rise in adoption of healthcare technologies along with the dynamic nature of patient needs.Request Proposal

However, a widely accepted trend in the healthcare industry is the implementation of analytics-based solutions. Analytics has transformed many industries globally, and the healthcare industry is no exception. Also, healthcare analytics not only acts as a tool to cut down costs and enhance customer experience but also helps drive business growth. Though the majority of players in the healthcare industry are unable to leverage analytics to its full potential it is definitely worth investing in. The various benefits of implementing such solutions have prompted home health care service providers to the to seek expert assistance in leveraging healthcare analytics in order to be a part of an evolving healthcare industry.


Healthcare Industry Challenges

  • The effort required to hire and train the right staff: Providing high-quality home health care services start with hiring the right staff and training them with the necessary skills required to offer enhanced services. For a new market player, this may pose several challenges due to their inability to identify the right candidate. However, with the right processes and protocols in place home health care service providers can enhance the entire training and staffing process.
  • Increase in adoption of healthcare technologies: With the proliferation of cutting-edge healthcare technologies such as wearables and portable health monitoring systems, players in the home healthcare services segment are increasingly being challenged to devise new ways to enhance the patient’s experience and drive value.

Client’s Challenge

To improve focus, profitability, and efficiency of services, the client – a leading home health care services provider – approached Quantzig. The client wanted to leverage our vast experience in healthcare analytics to embrace new partnerships with healthcare service providers and realize new opportunities to serve a wider end-user base. The home health care service provider wanted to make the most of customer lifetime value analysis and devise suitable strategies to enhance their workflow.


Benefits of our customer lifetime value solution

healthcare industry

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Business Impact

The customer lifetime value solution offered by our analytics experts enabled the client to categorize the end-users into two segments namely- the most profitable client segment and the least profitable client segment. The engagement also assisted them to leverage the use of healthcare analytics to enhance customer retention strategies. Additionally, the consolidation of patient data offered an in-depth understanding that enabled the home health care services provider to devise specific marketing strategies to suit their needs.

Customer Lifetime Value Solution Insights

To make the most of new opportunities in the healthcare industry, players in the home health care services segment should focus on devising end-to-end operating models that enhance the customer experience as well as drive organizational value. This includes the development of effective customer retention strategies, technology implementation, and the use of analytics to ensure that they possess the ability to integrate customer data and understand the appropriate resources necessary for leveraging analytics, as well as tactical issues surrounding the use of patient data.


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IR14

Why Should Your Business Calculate Customer Lifetime Value?

Customer delight, customer satisfaction, user experience, and customer relationship have been the focus of every marketer in this new age. But why are marketers so obsessed with those terms instead of capturing new customers? For starters, it is predicted that it is many times more expensive to get a new customer than to retain the existing ones. Then, there is also the fact that these customers do not generate revenues for one purchase. They generate revenues over their lifetime as long as they are with the brand. Calculate a $20 revenue every month for 20 years, and the figure suddenly looks gigantic. However, calculating customer lifetime value is not an easy task as it all depends on factors such as expected churn rate, discounted rate, and profit margin per customer. ManyRequest Solution Demo organizations still go through the pain of making all such calculations to estimate customer lifetime value (CLV). So why is calculating customer lifetime value so important?

Generate ROI on customer acquisition

Calculating customer lifetime value gives you insights on your most profitable customers. It helps companies redirect their marketing budgets to channels, which boost the lifetime value of a customer rather than gross profit on the initial purchase. As a result, companies are looking to maximize customer value against the cost of acquiring them. Focusing on CLV will dynamically change the economics of an acquisition strategy. It frees up the budget from acquiring unprofitable customers, which can be used to acquire profitable long-term customers.

Create effective messages and targeting

A thorough CLV analysis paves way for effective customer segmentation. Segmenting customers based on customer lifetime value can increase the relevance of your marketing communications, which, in turn, brings about a higher degree of personalization. Also, a company can gain insights into what category of product each particular segment of customers prefers.

Define business objectives and metrics

Calculating customer lifetime value is very important to create a benchmark for future growth and expansion. It is also an excellent metric to determine the worth of your business. It can, therefore, help businesses define growth, turnover, future sales, and net profit. Additionally, the CLV computations can be tweaked to figure out lifetime gross margins and costs based on the average order value. Also, other KPIs such as acquisition cost, growth in average shopper value, churn rate and repeat purchase growth can be balanced with CLV computation.

Enhance retention marketing strategy

Evaluating the causes of a marketing campaign is a pretty dicey thing. Mostly marketers commit the mistake of factoring in the instant revenue of a marketing campaign to calculate ROI of the campaign. However, it does not value the subsequent revenues bought by the customer along the way. One good way to assess marketing campaigns is the impact it made on the average CLV of the customer segment you were targeting. Consequently, it aligns the marketing department focus to improve customer retention.

Cross-selling and up-selling opportunities

CLV calculation provides a business with deeper insights into customer behavior. Based on the individual pattern of buying, businesses can accurately cross-sell and up-sell the right product to the right customer. Such opportunities directly increase the revenue base of the company.

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