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Over the last four years we have completed research with thousands of digital marketers in collaboration with Econsultancy reviewing what they are doing to improve their website conversion. There are literally hundreds of different ways to improve conversion and we know digital marketers battle to know where to start. However, based on this year’s in-depth analysis, we believe we have now managed to break a very complex issue down to the five most important ways to improve website conversion. These are:
Responsibility: Make one person responsible for website conversion, give them authority and accountability, plus ideally a financial incentive.
Structure: Implement a structured approach. Conversion rate optimization needs to be a systematic process, not a one off project.
Testing: A/B or MVT is the best way to keep improving your website performance.
Usability Testing: The best way to understand why your customers are doing the things they are doing on your website.
Segmentation: Always use segmentation for actionable insight and targeted communication.
Our infographic summarises how marketers use CRO now and how they can improve it in the future:So how did we arrive at these top five methods?
Firstly, we looked at what survey respondents highlighted as the three most valuable methods: Testing (both MVT and A/B), Usability testing and Segmentation.
We found that companies whose conversion rates have improved over the previous 12 months are performing on average 24% more tests to improve conversion than those companies whose conversion rates have not improved.
Companies with £10 million plus revenues who integrated usability testing and analytics well were more than twice as likely to have seen a large increase in sales as those that didn’t.
Companies whose conversion improved are using 90% more ways to segment their visitors and customers than companies whose conversion rates have not improved or have stayed the same.
Next we found through data analysis that the four variables most strongly correlated with improved website conversion and sales are:
Perceived control over conversion rates
Having someone directly responsible for conversion rate optimization(CRO)
incentivizing staff based on conversion rates
A structured approach to CRO.
Note top 3 are all people issues and all related to authority, responsibility and accountability so we have combined them into one of the top five ways to improve conversion.
For each of these three people related issues we found that companies who had a large increase in sales were on average twice as likely to be doing them compared to companies who had a decrease or whose sales had not changed. Similarly twice as many companies who had a structured approach to conversion had a large increase in sales compared to companies who had no change in sales.
Most of the five ways to improve conversion doubled the chance of having a large increase in sales compared to a decline or no change. When we analysed companies who were using three or four of the methods the results were even more impressive.
We found that companies who had a large increase in sales were on average five times as likely to be using these three or four methods compared to companies who had a decrease in sales.
Over the last five years the average retail conversion rate has more than halved from 8.4% to 3.8%. At the same time the UK e-commerce market has doubled from £30.2bn to £60bn plus. This decline in conversion is largely due to a move from “online purchasing” to “online shopping”.
Consumers now have much more choice and do more comparison shopping with several browsers open. In addition improving website conversion is more complicated than spending more money on generating traffic with, say, Google. Currently for every $92 spent on acquiring visitors, only $1 is spent converting them.
So our premise is that spending money intelligently on Conversion Rate Optimization (CRO) should be a better investment than spending more money on generating traffic. Specifically by targeting your resources on these five methods you will get the greatest return.
A white paper will be released at the beginning of November 2012 expanding on this blog. If you would like to be sent a copy you can register your details.
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Want to effectively drive more ecommerce sales?
Have you tried Twitter?
Twitter users shop online at least 6.9 times in a month, while non-users shop online only 4.3 times per month.
Plus, 49 percent of female shoppers on the platform say they have been directly influenced to make purchase decisions after seeing Twitter content.
Twitter lets you engage with – and win over – your target audience.
You can entice Twitter users with content that showcases your products in the most positive light.
The ecommerce opportunities on Twitter are virtually endless.
Here are 11 of the most effective ways you can skyrocket your ecommerce sales using Twitter.1. Start by Building Interest
You can’t just post photos or videos of your product and expect people to start buying. There’s a lot more to selling on Twitter than that.
You have to begin by creating your brand presence and then building interest in your product.
You must establish yourself as a company or brand they can relate to.
Want to engage with potential customers and get their attention on Twitter?
For example, you could:
Create relatable memes or posts that are relevant to your industry or your products.
Watch for trending hashtags that will enable you to join popular (relevant) conversations.
Hobby Lobby, for example, makes use of the #NationalCraftMonth hashtag, which is perfect for their store.
Their tweet contained a picture collage of crafting ideas and a link to their DIY Crafts Pinterest board.
This is likely to provide interested users with craft inspirations that could compel them to make a purchase.2. Create a Hashtag Campaign
One of the best ways for brands to build their Twitter presence is by creating their own hashtag and making it trend.
This can help you gain plenty of recognition and attract potential Twitter followers – and hopefully more sales.
There are a few rules to successfully executing a hashtag campaign on Twitter.
The hashtag should be:
The goal here is to compel people to create content and use the hashtag so you can gain visibility on the platform.
Hashtag campaigns when there’s a chance for users to get rewarded for using the hashtag.
1-800-Flowers, for example, ran a #WomenWhoWOW hashtag campaign on occasion of Women’s Day. Participants stood a chance to win purple roses and a gift card.3. Engage with Influencers
Influencer marketing is a smart way to promote your content or products, depending on your agreement with the influencer.
This will improve the visibility of your brand and help you gain the attention of an enthusiastic audience.
But it’s crucial that you work with influencers who are relevant to the products you’re selling, so you can reach an audience that will be interested in the promotion.
Here are a few tools you can use for identifying and engaging with relevant influencers:
Grin is an excellent platform for identifying influencers according to a relevant category. It allows you to narrow down your search using location filters, engagement rates, etc. You can manage campaigns and keep track of your ROI right on the platform.
Socialpeeks uses mentions, hashtags, and keywords to help you discover the most relevant influencers you can partner with for your campaign. A team will also handle the process of building genuine relationships with the influencers on your behalf.
NeoReach offers a wide range of filters such as locations, demographics, interests, etc. so you can effectively narrow down your search. You can also easily manage your contracts and influencer relationships right on the platform.
HYPR is another handy influencer marketplace that you can use for discovering relevant influencers for your campaigns. There is a detailed audience analytics of each influencer profile, so you can clearly see which influencers your target audience likes.
BuzzSumo is another excellent platform for discovering Twitter influencers. The tool displays useful stats about each influencer such as Domain Authority, Page Authority, Retweet Ratio, Average Retweets, etc.4. Engage People Using Twitter Chat
Twitter chats are perfect for encouraging conversations between brands and consumers.
They help you prove just how responsive your brand is, while you gain a better understanding of how people feel about your brand.
You can use the opportunity to:
Solve people’s issues.
Provide answers to their queries.
Get to know your audience better.
In short, organizing Twitter chats on a regular basis will enable you to build a strong relationship with your audience. This improves your chances of winning their loyalty and in turn, encourages them to make repeat purchases from your store.
There are several tools you can count on to successfully organize a Twitter chat.
TweetChat is easy to use, allowing you to filter conversations by hashtag. You can also pause the tweets or slow them down so you can take your time reading them and responding to them.
Tchat.io is another one of my favorite tools for organizing and managing Twitter chats. Its clean interface makes it easy to navigate. It allows you to easily switch between multiple hashtags that you’re managing.5. Learn from Your Competitors
If you have competitors who are already performing really well on Twitter, you should make an effort to learn from them.
Do you notice that their tweets are getting plenty of engagement? Try to see what they’re doing differently.
Maybe they’re using more pictures or maybe they’re adding fun CTAs to their tweets.
Try to implement their ideas in your own Twitter marketing effort.
You could also monitor their posting frequency and posting schedules. Maybe their timing is just right to engage their audience and you could try following the same schedule.
In addition, try to analyze the audience of your competitors and see how you can engage with them.
Tools like Twitonomy are ideal for competitor research on Twitter. Just enter the Twitter handle of people you wish to research and you’ll be able to view their post frequency, followers, and following. You can even gain information about the users they interact with the most.6. Showcase the Different Uses of Your Product
If you want people to buy your product, you need to help them understand all the ways in which they can use it.
Use Twitter to showcase the different benefits and uses of the products that you sell. The goal is to instill a desire in people to try your product and inspire them to make a purchase.
Bath and Body Works does a great job of displaying their products in a highly appealing manner.
They try to showcase all the different contexts in which people can use certain products.
In the following tweet, for example, they’ve shown a product in a way that makes it perfect for use during Spring Break:7. Target Relevant Users with Sponsored Tweets
In spite of all of the effort you’ve put in to attract a relevant audience, there are times these users still won’t notice you.
But there’s a way to ensure that you attract and engage your ideal audience.
With the help of sponsored tweets, you can target users whose characteristics are similar to that of your best customers. You can make sure that these users notice tweets that are relevant, relatable, and engaging and eventually compelling them to buy from you.
Retailers such as UNTUCKit have been able to experience the benefits of sponsored tweets.
In addition to running an always-on campaign, UNTUCKit launched seasonal campaigns to encourage users to shop for gifts. They experienced impressive results from the campaign, reducing their cost per acquisition by 12 percent.8. Improve Your Targeting with Twitter Remarketing
To further enhance your targeting efforts, you can set up Twitter remarketing and reach users who have shown some interest in your products.
iClothing targeted users who have visited their website or made a purchase from them in the past. They also targeted users who have added some items to their cart.
Their goal was to reach an audience that’s already primed to make a purchase. As a result of this campaign, they were able to reach an engagement rate of 25 percent.9. Improve Visibility with Twitter Cards
Twitter cards are perfect for ecommerce stores that will improve the visibility of your products in tweets.
Having them enabled on your website will ensure that when someone shares your product page on Twitter, it will display some of the useful information about said product.
In other words, it displays a snippet of the product page, showcasing details such as stock availability and product pricing.
This is useful for ecommerce websites since there is a limit to the number of characters allowed in one tweet. So these Twitter cards will make up for the limitation by ensuring that your audience can get more detailed information about what you’re selling.
Their campaign resulted in a 353 percent increase in their Black Friday and Cyber Monday sales. Their traffic also increased by 189 percent during this period.10. Keep Track of Performance Using Twitter Analytics
In addition to learning from your competitors, you can learn from your own performance.
Use Twitter Analytics to understand how your different tweets have been performing over time.
You can gain a better understanding of which tweets tend to engage your audience the most and which users seem to be the most engaged.
All of these stats will help you determine ways to switch up and improve your content mix.11. Don’t Hesitate to Apologize for Mistakes
Everyone makes mistakes. Brands owning up to their mistakes and resolving to correct it can win consumers’ trust significantly.
You too can leverage this and make use of Twitter to apologize for your mistakes and resolve customer issues.
This is a great way to publicly display just how dedicated you are to helping your customers, which can win over other potential customers as well.
Here’s Zappos wowing us again with their personalized and considerate customer service.Conclusion
These are some of the best ways you can skyrocket sales in your ecommerce store with the help of Twitter. Some of these tips are more about building relationships as opposed to making direct sales. But it’s vital to build these relationships now because you can ensure loyalty and repeat purchases later.
Who has the time to keep up with every single TikTok trend every single day? These are the longer-term trends we think are here to stay, at least for a little while.
Sure, we could tell you what the hottest TikTok hashtag trends and challenges are right now — but this article would be out of date by the time you finish reading it.
So if you were looking for a hot new drag-queen-choreographed dance to do, we’re sorry. But we’ve got something even better for you instead: a 2023 TikTok trend report that’s all about the bigger picture.
If you’re looking for what’s making TikTok tick right now, you’ve come to the right place.
Because, really, if you want to create a winning TikTok social media marketing strategy, you can’t get lost in the details. Things change at whiplash speed over on TikTok. Even if Corn Kid is absolutely popping off on a Monday, by Friday, the TikTokaverse has already moved on to watching clips of old dudes selling watches.
To succeed here and wow the app’s 1 billion users, you need to look underneath the teen-face filters or sound clips from Love Island and really understand the cultural forces and shifting attitudes that shape behavior.
Which is why in this post, we’re identifying the powerful macro trends happening on TikTok for 2023. It’s time to grapple with the zeitgeist, baby! Get ready to zoom out as we take you through the 11 biggest TiKTok trends for brands and creators right now.
Bonus: Get a free TikTok Growth Checklist from famous TikTok creator Tiffy Chen that shows you how to gain 1.6 million followers with only 3 studio lights and iMovie.6 of the most important TikTok trends for brands
If you’ve been debating where to invest your social ad dollars, TikTok may be a good bet. At the end of 2023, ad reach was up by 14.6%, year over year. And while that does guarantee some extra eyeballs on your campaigns, what that number doesn’t reflect is just how receptive TikTok audiences are to branded content.
Think beyond a straightforward product pitch and into something with a little razzle dazzle… TikTok-style. Can you use the app’s playful editing features or filters? Let’s just hit point #2…TikTok users want to be entertained
Sure, 35% of TikTok users open up the app explicitly to research brands and products. But the vast majority of people on the platform are seeking out a little bit of fun. Our latest Digital Report found that 78.2% of TikTokers use it for watching “funny or entertaining content.” Brands that can deliver on that desire are poised to make both sales and fans for life.
Source: TikTokTikTok is the search engine of choice for Gen Z
Google’s reign as the king of search may be in jeopardy. Research has shown that Gen Z is increasingly using social as their primary search tool. “Young people are turning to TikTok to search for answers,” reported the New York Times in September 2023, citing a Google study that revealed that 40% of users aged 18 to 24 turn to TikTok or Instagram when they need information.
This doesn’t mean you need to shut down your website and do that Eternal Sunshine treatment to cleanse all SEO knowledge from your brain. The majority of people still are tracking down your business the old-fashioned way (a.k.a. frantically typing “me need haircut now hurry” into the Google search field). But brands would be wise to start honing their social search optimization skills to make sure they’re reaching every potential customer.TikTok is entering its ‘experimental’ phase… and brands should be ready
Growing up means trying on different identities to see just what fits best, as any of us who witnessed Christina Aguilera in her Dirty era know. TikTok is no different. Sure, it’s the master of the short-form, algorithmic-brain-candy video stream, but the potential for what else it could be are limitless. No wonder, then, that in 2023 alone, it released at least seven new features, including TikTok Now (a BeReal clone) and TikTok Stories (an IG Stories clone, which itself is a Snapchat clone, but that’s a tale for another day).
In other words: TikTok is on a journey of self-discovery. And brands should be open to tagging along on the ride, embracing and testing out whatever new feature the app drops next. It’s true that most of these features won’t last, but brave brands that get in on the ground floor may be rewarded with an algorithm boost, or at least the opportunity to surprise or intrigue your audience.Put real people front and center
TikTokers love to see content from relatable people. So skip the straight-up sales pitch and reach out to someone real who feels comfortable sharing their authentic story.
This could mean using your own channel to create authentic, people-first content. But it may also mean reaching out to creators for reviews of your product.
Whether you’re collaborating with an influencer or handing over the reins to an insider expert, putting real people front and center can help brands create authentic, entertaining content.Memes move at lightning speed
Sometimes it feels like TikTok is happening in another language, with so many in-jokes, slang and cultural touchpoints that seem to exist only within the app. If your brand is going to keep up with the speed of social, you’ve gotta be constantly researching and observing to understand what the hot-ticket reference is each day.
That means spending a lot of time just watching and learning on the app, taking note of what aesthetic choices are trending and what emojis are now outdated. Our friends at We Are Social noted that late 2023 was a time of “chaotic content” and “cosplaying normalcy,” but you can get even more up-to-date analysis from their daily digital cultural tracker on Instagram.
But if that all sounds like a lot… maybe don’t bother? More important than understanding whether it’s still cool to call something “ded” or “cheugy” is to be authentic.5 of the most important TikTok trends for creators A strong personal brand goes a long way
Viewers don’t just come to the app to see a stream of random teens dance in their McMansions: they’re there looking for people to connect with and look up to. So 2023 is the year to define your personal brand.
If you’re a hairstylist, maybe this is the time to lean into a specialty that you can speak to from personal experience.
For example, could you be the authority on curly cuts? If you’re a nutritionist, can you lean into debunking diet myths? Or, if you’re like TikToker Alexis Nikole, you could embrace your identity as a Black forager.
Building a strong, consistent personal brand attracts a passionate, connected audience — and plenty of engagement along the way.People are seeking out new paths
News flash: the pandemic did a number on all of us. The last few years have put life in a new perspective for many people, and there’s a growing sense of dissatisfaction with the status quo, at least according to TikTok’s research.
“Amidst a changing economy, health and climate issues, and personal stress, people are going to seek out new paths to success, happiness and well-being,” says the 2023 Trend Report. They’re not just looking for recipes to try: they’re looking for lifestyle inspiration. For instance, learning what it’s like to leave a full-time job to work remotely, or how to live with a mental health diagnosis.
TikTok has always inspired “action” from its users, whether that was purchasing a product (#tiktokmademebuyit) or trying a dance. This year, it looks like the platform may have an even deeper influence.
To tap into this, creators should embrace authenticity while creating what TikTok calls “actionable entertainment”: sharing your own personal ‘how to’ stories to help others make changes in their lives with confidence, like documenting your unique financial #cashstuffing strategy.
Get specific and get personal! Relatability drives trust.Stress is out; joy is in
The TikTok audience is burned out, and we can’t blame them after the past few years. So is it any surprise that meaningful joy is trending in 2023?
“They want to create real, meaningful space for themselves in 2023,” reports TikTok’s research team, “and much of that will come from prioritizing joy in all its forms.”
Humor is one great way to spread that joy. There are so many heavy things happening in the world: brighten someone’s day with a lighthearted story or hilarious use of an audio trend.
Another shortcut to joy-making: try sharing ideas for little moments of luxury and gratitude, or offering a solution to a problem.
For instance, a better way to do your skincare routine, or how to stop the drawstring from getting stuck in your sweatpants. “The typical person wants to find happiness, even in the smallest of ways,” reports TikTok.
Source: TikTokFind your niche
At this point, it’s a cliche: we’re all unique flowers in this garden we call life, blah blah blah. But on TikTok, it’s easier than ever to find your hyper-specific community. Whether you’re a goblincore witch or a teen Keto chef or whatever a “cozy gamer” is, your people are there somewhere on the ‘Tok.
As the TikTok trend report put it: “TikTok is not a town hall meeting. It’s a collection of hyper-personal spaces where people can explore their passions and live their lives.”
For those looking for guidance as they navigate a new identity or break societal expectations, finding a “you’re just like me!” role model or friend on TikTok can be downright revelatory.Entertainment trumps all else
While certain identity categories or your browsing history might influence your algorithm on other platforms, on TikTok, the For You Page is purely based on what you find entertaining on TikTok.
The app knows what you’ve enjoyed and learns to serve up more of the same, getting better and better at delighting you every day. And in 2023, this will continue to be true. That means creators need to be focusing on crafting entertaining, quality content if they want to capture those views and likes.
People also specifically come to TikTok to be entertained.
Now that you’re in the loop about what to expect from TikTok trends in 2023, let’s zoom out even more. Here’s a look ahead to where social media is going next.
Grow your TikTok presence alongside your other social channels using Hootsuite. Schedule and publish posts for the best times, engage your audience, and measure performance — all from one easy-to-use dashboard. Try it free today.
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Salesforce is one of the most popular customer relationship management (CRM) systems available, used by businesses of all sizes and industries. It provides companies with a powerful platform to manage their sales process, customer interactions, and data.Understand Your Sales Process
The first step in maximizing the power of Salesforce is to understand your sales process. This involves mapping out your sales funnel, identifying key stages, and defining the actions and metrics associated with each stage. By doing so, you can determine which Salesforce features and tools are most relevant and valuable for your sales team.
For example, if your sales process involves lead generation, you may want to focus on Salesforce’s lead management tools, such as lead scoring and qualification. If your process includes extensive collaboration between sales reps and other teams, you may want to leverage Salesforce’s collaboration and communication tools, such as Chatter and Communities.Customize Your Salesforce Instance
Salesforce provides a wealth of customization options that can be tailored to the unique needs and workflows of your sales team. Customization can range from simple tweaks to page layouts and fields, to more complex automations and integrations with other systems.
Some examples of customization options include −
Customizing fields and page layouts to match your sales process and data requirements.
Creating custom objects to track additional data points, such as product details or customer feedback.
Developing custom workflows and automations to streamline repetitive tasks, such as lead routing or follow-up emails.
Integrating Salesforce with other systems, such as marketing automation platforms or accounting software.Leverage Data Insights
Some of the data insights that Salesforce can provide include −
Lead and opportunity tracking, including stage, value, and win/loss rates.
Sales rep performance metrics, such as activity levels and close rates
Sales forecasting and pipeline analysis, including expected revenue and projected close dates.
By regularly reviewing and analyzing this data, sales teams can identify patterns and trends, adjust their strategies accordingly, and ultimately improve their sales performance.Use Salesforce Mobile
By using Salesforce Mobile, sales reps can −
Quickly access and update customer information while on the go.
Collaborate with team members and share information in real-time.
Monitor sales performance and progress towards goals.
Salesforce Mobile can help sales teams stay productive and efficient, even when they are away from their desks.Train Your Sales Team
To fully leverage the power of Salesforce, it is essential to train your sales team on the platform’s features and capabilities. Salesforce offers a wide range of training resources, including online courses, webinars, and certification programs.
Some key areas to focus on when training your sales team include −
Salesforce basics, such as navigating the platform.
Creating and updating records.
Advanced features, such as workflows and automations, reporting, and integrations with other systems.
Best practices for using Salesforce to support the sales process, such as lead and opportunity management, account planning, and customer engagement.
By investing in training and education, sales teams can become more confident and proficient in using Salesforce, leading to increased productivity and better results.Integrate with Marketing Automation
Some of the benefits of integrating Salesforce with marketing automation include −
More targeted and personalized communication with customers, based on their interests and behavior.
Better alignment and collaboration between sales and marketing teams, by sharing data and insights.
Integrating Salesforce with marketing automation can help sales teams close more deals and improve overall customer satisfaction.Embrace Artificial Intelligence
Some of the ways that AI can help sales teams include −
Providing personalized and targeted recommendations for sales reps, such as which products or services to offer to specific customers.
Analyzing data and providing insights on sales performance, pipeline management, and customer behavior.
By embracing AI, sales teams can gain a competitive edge and improve their ability to generate revenue and drive growth.Overall Synopsis
Salesforce is a powerful tool for sales teams, providing a wide range of features and capabilities that can support and enhance the sales process.
By understanding your sales process, customizing your Salesforce instance, leveraging data insights, using Salesforce Mobile, training your sales team, integrating with marketing automation, and embracing AI, you can maximize the power of Salesforce and achieve better results for your business.
Healthcare faces an inflection point as the sector becomes more consumerized and focused on improving the patient experience. Part of this move is driven by patients who expect a certain level of customer service and choice in all of their interactions, even in hospitals. The HCAHPS (Hospital Consumer Assessment of Healthcare Providers and Systems) survey is making an impact, even provoking change and affecting funding by measuring patient impressions of hospital care. With revenue at stake, hospitals are feeling even more pressure to improve the patient experience. One strategy is to rethink the design and technology used in your patients’ rooms to create a more comfortable, open and communicative experience for patients.Create a VR Healthcare Pain Management Program
Explore the key drivers of using VR for pain management and get tips for implementation. Download Now
Technology and the Hospital of the Future
When Johns Hopkins Hospital held a patient town hall in 2024, they discovered that one of the most common pieces of feedback from patients was that they wanted better and up to date communications about their care. Technology now exists that meets this request, and puts control of care and comfort right where patients want it: in their own hands.
Hospital-grade Smart TVs or tablets create the patient room control center. Rather than dry erase boards that your staff manage manually, smart TVs can automatically show the room phone number, names and photos of your healthcare team and staff, and procedure schedules. It also provides another way for your patients to view their vitals and relevant health information. Devices like these put intelligent room controls at the fingertips of your patients, allowing them to manage their entertainment choices, TV volume, lighting and temperature controls. Smart TVs enable patients to beat boredom, lower anxiety, stay better informed about their own care and even watch videos that educate them on their condition.
But far more than entertainment and atmosphere, hospital room technology vitally connects you to your patients.
For example, Baptist Memorial Health Care launched the MyChart Bedside pilot program that provides longer-term hospital patients with Samsung Galaxy tablets. From the tablets, patients can see their daily treatment schedule, information about both their diagnosis and medication, current vital signs, test results and hospital staff. They can also send direct communication text messages to their doctors and nurses, and even play games. As the Johns Hopkins Hospital town hall revealed, patients crave updated and current information. Busy health professionals often don’t have time to update patients on next steps or care plans. But in the patient room of the future, tools such as this meet that need.
Another undeniable fact of hospital visits is that they often involve patient pain. In order to make the patient stay more comfortable, Southern Hills Hospital in Las Vegas used AccendoWave and Samsung Galaxy tablets to gather pain feedback from patients via a headband. The band measured electrical impulses in the brain to signal discomfort and fed that information to the tablet. Based on pain levels, tablet apps were served to the patient to provide diversionary content that could distract from the pain. The band monitored the brainwaves and feedback to ensure the tool was working.
Improving the patient experience is changing hospital stays, and even hospital care, for the better. As patients continue to look for more involvement within their medical care, from one-day procedures to multi-night hospital stays, your hospital or healthcare facility can rely on technology to usher in the hospital of the future.
Learn more about how healthcare technology solutions can enhance efficiencies and improve the patient experience.
The celebrated US and international motivational speaker Bob Hooey once made a simple and very true observation about the sales process for any business:
“If you are not taking care of your customer, your competitor will.”
In order to ensure that any enterprise is indeed taking care of its customers, an empirical and strictly procedural approach must be taken to sales and then on to the Customer Relationship Management (CRM) mechanism. This is where the strict procedures of ‘Quote to Cash’ come into their own.
The Quote to Cash process (Q2C) is just an extension of ensuring that CRM platforms are used properly, but the exercise starts earlier, ensuring that the quote prepared for a potential customer is correct, then once the contract is signed, Q2C also ensures that every step of total customer satisfaction goals is met, helping to ensure repeat business.
The important deliverables in the Q2C journey are outlined here:Product Configuration and Pricing
Using AI-driven software such as Configure, Price, Quote (CPQ) all the tiniest details of inter-related factors affecting the production of an acceptable quote are considered. Clearly, if a quote is too low, insufficient profit will be made and the business could be worthless to the service provider or product manufacturer. Equally, if the quote is too high, the potential customer may not accept it and look toward a competitor. The AI works on a rules-based architecture that can predict the final change in a price or production lead-time if the slightest thing changes, down to, say, a transistor specification changing in the manufacture of a washing machine. The cost price might end up being $5 more, but that increase may be mitigated by faster assembly times, as the new transistor is easier to fit. Such minutiae are crucial to consider for producing accurate quotes; only powerful software can do this with AI-powered predictive analytics and even leveraging the facilities afforded by modern quantum computing.Sending an Accurate Quote to The Customer
The Q2C process ensures that the quote produced by CPQ are the correct figures and specifications – fed into a CRM and automatically mailed to the right people when required. It’s important not to just rely on hastily typed emails and haphazard conversations; this is where mistakes can be made. For example, the head of sales might call up the relevant customer account manager when she’s driving along and say: “Sarah, you can email Acme and tell them we can do their widgets at $50 apiece”, so Sarah emails with a figure of $15 due to the bad phone line call quality. That’s an example of a fatal error that a rigorous Q2C process will obviate.Creation, Negotiation, and Execution of a Contract
The Deal Signed and Sealed
Once the deal is signed by the customer, copies are kept on file with physical or e-signatures in place, in the event of documentation being required for potential future disputes.Product or Service Fulfillment
It might sound simple, but are the products or services being provided up to the specifications carefully outlined in the Q2C process documentation? Regular audits must be made and customers proactively contacted to ensure that they are happy before any potential complaints occur.
Top 10 Best Software Companies in IndiaBilling Accurately and on Time
Here is where the Q2C process outlines the timings and amounts of billing, checking that the accounts departments are adhering to the terms of the contract signed by the customer.Revenue Recognition
Renewal or Repeat Business Analysis
This is probably the most important step on the Q2C journey, whether the company is an SME or multinational. Is the customer satisfied? Are they ordering more products? Is a portion of their business still going elsewhere? If so, why, and what can be done to make the customer loyal and exclusive to the manufacturer or service provider? Again, empirical analysis is crucial to feedback to sales teams and all invested stakeholders.
Q2C is a simple enough process; it’s just about creating a set of strict rules and abiding by them, for increases in bottom-line profit and employee job security.
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