Uncovering the ROI of Customer Behavior Analytics
To learn more about customer behavior analytics, join Heap VP of Product Chrix Finne and guests Forrester consultant Benjamin Brown and analyst James McCormick for a webinar on data trends and the total economic impact of Heap based on a commissioned study.
The Value in Understanding Customer Behavior
Understanding the motivations and behaviors across touchpoints is even more crucial to ensure that your user experience is optimal. While the rise of multi-channel interactions has resulted in vast amounts of behavioral data, most organizations can’t compile it into actionable insights.
To prove this point, Harvard Business Review’s Closing the Customer Experience Gap Report found that only 3% of organizations are able to act on all the customer data they gather, and 21% say they’re able to act “very little” on it. One of the major reasons behind these low counts is the use of outdated analytics. Most vendors require organizations to manually hardcode event tags in their customer journey touchpoints for analysis. This often causes slow development and extensive labor.
To truly understand customer behavior, analytics must provide a more holistic view of the customer journey. This requires complete insight into behavioral patterns, so businesses can zero in on how to turn clicks into conversions.
The Total Economic Impact of Heap
Heap offers a platform for customer data analytics and infrastructure that helps organizations collect behavioral data from multiple sources. Businesses can analyze their data in Heap, and then place the data into third-party stores for specialized storage, activation, and analysis. The result: organizations are empowered to improve experiences across all touchpoints.
To examine the potential ROI organizations can realize by adopting Heap, we commissioned Forrester Consulting to carry out a Total Economic Impact™ (TEI) study and evaluate the potential financial impact of our solution on organizations. To better gauge the risks, costs, and advantages associated with the investment, Forrester interviewed one company with many years of experience using Heap.
The Results
The interviewed organization leveraged Heap to evaluate the customer journey on its website and determine the crucial behavioral patterns in the clickstream that affected conversions while identifying ways to clarify and streamline touchpoints for customers. With this insight, teams could upgrade and optimize products, eliminate dropoffs, and deliver better experiences.
Specifically, Heap allows the organization to:
Make customer behavior easier to understand: The analytics teams observed where customers based their engagements or switched to informational content to identify areas that were complex or required additional optimization.
Create new funnels: Creating localized funnels for foreign language users helped serve key audiences that previously experienced localized FAQs and landing pages.
Identify major roadblocks in clickstreams: Heap assisted in highlighting failure-inducing website vulnerabilities for remediation to eliminate roadblocks that led to the recapture of incremental revenue of at least $200,000 in one year alone.
Improved conversions: For one critical application pathway, Heap led to an increase in clickthrough rate from 20% to 60% that ultimately improved transactional results.
Before Heap, the organization in question was manually coding tags in its touchpoints for analysis with a pre-existing analytics solution. Teams and developers found this ineffective, and analysts struggled with inadequate data. The organization discovered that Heap fulfilled all its behavior analytics needs. Furthermore, it delivered all the functions of its previous tool, along with providing many other capabilities. Heap ultimately rendered the firm’s legacy solution redundant, enabling it to discontinue its license and avoid an annual fee of $135,000.
Read the report or get a free trial of Heap.