Ruth was walked in the first inning. He was replaced by pinch-runner Myril Hoag, recounted the same source.
No one knew at the time that the day would be his last in pinstripes at Yankee Stadium. Ruth was traded in the off-season.
Remarkably, this day in history is “a double-landmark” day for Ruth — as Sept. 24, 1919, is the same date that he became baseball’s single-season home run record holder, according to the Los Angeles Times.
The two milestones were 15 years apart.
Only 24 years old in 1919, Ruth was both a pitcher and an outfielder for the Boston Red Sox.
He was 9-5 and had a 2.97 earned-run average in the 17 games he pitched, according to the same source.
“He played in 130 games, batted .322 and drove in 114 runs. And on this date, he hit his 28th home run, breaking Ned Williamson’s single-season record. Ruth finished the season with 29 homers,” said The Los Angeles Times.
The next year, Ruth would wear a Yankee uniform — and as a full-time outfielder he smashed 54 home runs.
On Aug. 11, 1929, as a New York Yankees slugger, Ruth became the first player to eclipse 500 career home runs, according to ESPN.
He was already baseball’s all-time home run leader to that point, and by a comfortable margin, according to multiple sources.
It took until 1940 before anyone joined Ruth in the 500 home-run club, when Boston Red Sox first baseman Jimmie Foxx hit his just over 11 years later, noted ESPN.
Known as “The Bambino,” Ruth concluded his career with 714 home runs, an individual record that stood until Atlanta Braves outfielder Hank Aaron passed him in 1974.
Do you want a simple way to refine your customer experience? Then look at your CX analytics.
The data doesn’t lie. It tells you what you’re doing right and what you’re doing wrong. Once you’re armed with your customer experience analytics, you gain the necessary information to offer prospects and buyers the best possible care.
When you provide a stellar customer experience, you boost efficiency and humanize your service while enhancing loyalty and recommendations.
Yet, according to a report from PWC, 54 percent of consumers feel the customer experience at many businesses needs improvement.
However, there are more benefits to examining your CX analytics.
For example, 44.5 percent of global organizations feel that an amazing CX differentiates them from competitors, and who doesn’t want to stand out and get noticed?
Now you know the importance of customer experience analytics. In this article, I explain which ones you should measure and why they’re so crucial to your business.
What Is Customer Experience Analytics?
Customer experience (CX) analytics uses customer data to improve customer interactions.
You can use the data to track customer behavior and preferences to better understand how customers interact with your company and its products or services. You can then use this information to improve the CX by changing designs, the way you market to customers, or how you deliver your products or services.
There are many different ways to collect customer data. Analytics tools for customer experience often use various data sources. However, some of the most common sources include website visits, purchase histories, contact centers, and social media data.
Benefits of Tracking Customer Experience Analytics
By understanding customer behavior and preferences, analytics for customer experience can help businesses deliver a better CX faster and more consistently. Additionally, CX analytics can contribute to a positive customer experience by identifying and resolving issues early.
Below are just some of the benefits of tracking your analytics.
Customer satisfaction tracking: Perhaps the most crucial benefit is that customer experience analytics can track customer satisfaction over time. This information enables companies to identify areas where they need to make changes to keep their customers happy.
Understanding customer interactions: By analyzing your data, customer experience analytics lets you understand how customers interact with your products/services. You can then use this information to enhance the customer experience and increase sales.
Lower customer churn: When you use them correctly, customer experience analytics improve the CX and lower churn rates by increasing retention. For example, if many customers are contacting customer service about a particular issue, you can address it. This aspect is vital because consumer demand for a positive CX is increasing. However, Zendesk says 54 percent of shoppers feel businesses see it as an afterthought.
Enhanced loyalty through targeting: Understanding customer behavior lets you create targeted marketing campaigns that are more likely to convert leads into customers and encourage loyalty.
Increased value and lower spending: Predictive customer experience analytics can identify high-value customers in terms of lifetime value and customer satisfaction. However, it also finds high value, dissatisfied customers. When this information is clear, it allows you to spend money strategically and save money. McKinsey cites one example of a company that shaved over 25 percent off its planned budget using this technique.
Metrics to Consider for Customer Experience Analytics
Customer experience analytics (CEA) is a growing field. With that in mind, it’s important to choose the right metrics and analytics tools for customer experience to measure customer CX to get the most accurate results.
While there are multiple metrics you could focus on, to keep it simple, we’re going to focus on six of the most valuable.
Let’s begin with the promoter score.
1. Promoter Score (NPS)
To arrive at your promoter score (NPS), you look at your customer feedback and customer loyalty.
While there are many ways to calculate NPS, the most common is to use a 1-10 scale, where 1 is very dissatisfied, and 10 is very satisfied. To get an accurate reading, it’s important to ask customers how likely they are to recommend your company on this scale.
They consider NPS as their most important metric. By focusing on it, breaking it down, and applying the data, the company experienced a 70 percent increase in revenue.
Although you can’t guarantee the same results, you can take the same approach as Taylor and Hart by:
identifying your most crucial metrics and compiling the data
organizing the data, and rating your NPS
keep tracking your NPS and making changes
By tracking the NPS, the company:
spotted patterns for its most popular designs
found its top customer types, and average revenues
identified geographical campaigns and how customers found them
optimized their advertising
2. Customer Satisfaction Score (CSAT)
CSAT is a numeric representation of satisfied customers with a given product or service.
Many companies use customer satisfaction scores (CSAT) to track their customers’ overall happiness and identify areas where they need to make improvements.
prioritize areas of your business that need improvement
enhance your internal processes.
guide future product development
However, despite CSAT being one of the most essential customer experience analytics, Gartner found that more than 70 percent of “CX leaders struggle to design projects that increase customer loyalty and achieve results.”
There are several different ways to collect CSAT data, but the most common way is to ask customers to rate their satisfaction on a scale from 1 to 10. You can do this through surveys, feedback forms, or chatbots. Alternatively, you can use a free calculator.
The customer effort score (CES) metric measures how much effort a customer perceives they expend when interacting with a company.
You calculate CES by averaging the responses to questions about how much effort the customer felt they exerted during their most recent interaction with your company.
By identifying areas where customers are experiencing high levels of effort, businesses can focus on making changes to reduce the amount of work customers have to do to get what they want.
But there’s more to it.
When you get your CES right, it improves customer satisfaction, and loyalty, and lowers costs associated with handling customer complaints or support requests.
Churn rate is an essential metric for companies to track because it provides insights into why customers leave and what you can do to retain them. Most businesses focus on this metric because a high customer churn is costly and leads to lost revenue.
There are several ways to calculate customer churn rate, but the most common is to divide the number of customers who have discontinued their relationship with you by the total number of customers at the beginning of the period. This gives you a percentage of how many customers have leftover a given period.
The average churn rate is 5-7 percent, while ten is high. However, it does depend on the industry. For instance, the average churn rate for online retail is 22 percent, while it’s 11 percent for big-box electronics.
Remember, several factors contribute to churn rate, and businesses can take steps to reduce it by improving customer experience by tracking their CX analytics. Another way to improve customer experience is by providing an excellent support system and giving them what they want.
5. Customer Lifetime Value (CLV)
From Costco to American Express to Verizon and AT&T, they’re also using customer lifetime value as a critical metric with good reason.
CLV is a CX metric that helps business owners and CX professionals understand the value of a customer over the entire span of their relationship with their company.
It considers not just the monetary value of a customer but also how long they are likely to continue doing business with them, how much business they are likely to do moving forward, and how profitable each interaction is.
This information allows you to make strategic decisions about what types of customers to invest in acquiring and retaining, what kinds of experiences to offer them, and when it might make sense to let them go.
Once you have your number, you can apply it. As a Bain & Co explain, you can use CLV to:
segment your existing customers
enhance conversions and ROI through better customer understanding
create data-focused hypotheses regarding the tools needed for customer acquisition and retention
segment new customers to target them according to limit low-value leads
make data-focused decisions on customer prioritization, acquisition, onboarding, and retention.
However, with your tracking, you might want to use a range of CX analytics tools, rather than focusing on one or two; research from Bain and Co shows that companies are most satisfied with results when they use a combination of tools. Further, by 2023, 92 percent expect to be using CX experience analytics tools for customer relationship management.
6. Social Media Engagement
Engagement metrics track how people interact with your brand on social media. There are many different types of engagement metrics, but some of the most common ones include clicks, likes, shares, and comments.
I can’t overemphasize the importance of tracking social media analytics. If you post something and no one clicks on it, shares it, or comments on it, you know that you need to rethink your content strategy.
The potential of social media is best explained by looking at the runaway success of TikTok. According to its stats, 44 percent of visitors visit the site every month to find something new.
TikTok also impacts every stage of the customer journey, including:
discovery
consideration
purchase
Then, post-purchase, buyers head back to the site to create reviews, unboxing, tutorials, and how-tos.
The above should be enough to persuade you of the power of social media. If you’re already on sites like TikTok, Instagram, and Facebook, make sure you’re paying attention to your tracking with tools like Google Analytics, SproutSocial. and HootSuite.
What are the types of customer experience analytics?
CX analytics come in various forms, including CES, CLV, and social media engagement. They come in a mix of categories, including marketing analytics software, and customer service analytics software, which measures the effectiveness and quality of customer service interactions. Then there are social media and web and behavioral analytics.
Can I track my customer experience metrics with free tools?
There are several free tools businesses can use to track their cx analytics. One such tool is Google Analytics. Google Analytics allows companies to track website visits, engagement, conversions, and goal completions. Another free tool is Survey Monkey. Survey Monkey allows businesses to create surveys and collect customer feedback to measure customer satisfaction and loyalty. Finally, another free tool you can use for CX analytics is Simply Measured, for social listening and analytics.
How does data analytics improve customer experience?
Data analytics can improve customer experience by helping businesses better understand their customers’ needs and preferences. Data analytics can also help companies to identify and respond to problems quickly. For example, if lots of people are complaining about a particular issue, data analytics can help businesses identify the cause of the problem and take corrective action.
Why should marketers care about customer experience analytics?
Customer experience is one of the most critical factors for businesses today. In a world where consumers have endless choices, it’s essential to provide an exceptional customer experience to stand out from the competition. Finally, studies show that improving customer experience can increase sales and revenue.
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Customer Experience Analytics Conclusion
Customer experience analytics is a valuable tool for businesses. Businesses can improve customer service and make strategic decisions about their products and services by tracking customer interactions and analyzing the data.
With the right tools and data, businesses can improve their customer service and boost their bottom line.
However, you need to be measuring the correct data. Although there are several metrics you could focus on, don’t get overwhelmed.
The six metrics featured in the post are enough to get you started and give you a clearer picture of what’s going on in your business.
Most business owners assume that you build credit for a business the same way you build consumer credit. Honestly, it makes sense. It’s no wonder this is such a common misconception. With consumer credit, you just get credit accounts, and your payment history, good or bad, is reported to the credit bureaus. It builds passively … Continue reading Top Tips for How to Build Credit for a Business: The Last One May Shock You
Most business owners assume that you build credit for a business the same way you build consumer credit. Honestly, it makes sense. It’s no wonder this is such a common misconception. With consumer credit, you just get credit accounts, and your payment history, good or bad, is reported to the credit bureaus. It builds passively on its own, whether you want it to or not. However, when it comes to how to build credit for a business, the same is not true.
How to Build Credit for a Business: Be Intentional
You have to intentionally work to build a business credit profile with a positive score. How do you do that? First, you have to establish a business credit profile. Then, you have to find accounts that will report your payments. This is how you start to build a business credit score.
How do you establish a business credit profile? Don’t all creditors report payments, or lack thereof? Where do I start? Surprisingly, you start at the beginning.
It goes all the way back to the foundation. Business credit is part of a bigger picture we call fundability. You cannot build credit for your business if your business is not fundable, and fundability starts with a fundable foundation.
How to Establish a Business Credit Profile
The steps you take to build a business credit profile are the same ones necessary to lay a fundable foundation for your business. If you are missing any of these steps your business will not be fundable and you will not be able to build credit for your business. Some of the things that make a difference will probably surprise you.
How to Build Credit for a Business: Pay Attention to the Details
Something as little as your business address, phone number, or email address can cause problems with fundability. That, in turn, affects your ability to build credit for your business. Your address has to be a physical address where you can receive mail. For example, don’t use a P.O. Box or an UPS Box.
Your phone number should be toll-free and listed in the 411 directories. You can have it forwarded to your personal phone, but you need a separate business phone number. Also, a business email address is necessary. But, you need to be sure it has the same URL as your business website. Do not use a free option like Yahoo or Gmail.
Here is a quick bonus tip. Your website needs to look professional and work well, and you need to pay for hosting. If a lender looks at your website, you want to make a good impression.
How to Build Credit for a Business: You Have to Apply for a D-U-N-S Number
Dun & Bradstreet is the largest and most commonly used business credit agency. Yet, you cannot have a business credit profile with them without a D-U-N-S number. You will not get one automatically. You have to apply for one on the Dun & Bradstreet website. Since lenders use it often, it is important to have a profile with them. It’s free, but be careful. They will try to sell you a lot of things you do not need, including their business credit monitoring services. You can do that cheaper elsewhere. Just apply for the number.
How to Build Credit for a Business: Recognize That Not All Credit Accounts Will Report Payments
One of the major differences between consumer credit and business credit is that not all business credit accounts report payment history. Of course, pretty much all consumer credit accounts report payment history. You do not have to do anything to make that happen, it just does.
But this is not how business credit accounts work. Even if you do all the work to set your business up to be fundable, and establish your business credit profile, you may still not have a business credit score. Unfortunately, that’s because the accounts you have may not be reporting your on-time payments.
The solution may seem simple. Just find accounts that will report. However, it’s not easy to find accounts that will approve you before your business credit score is established, let alone those that will do so and report payments. When you are trying to establish a business credit score, you have to find the few vendors that will both extend credit to your business without a credit check and report payments. There aren’t many, so you have to take what you can get.
Finding Initial Accounts to Build a Business Credit Score
Business owners pretty much have two ways to go about finding these accounts. Of course, you can just apply for credit accounts and hope you get approved. Then, hope they are reporting payments. You can monitor your business credit to see if payments are being reported. If they are, that’s great. If not, you have to start over.
Complicating matters even further is that you need 5 or more accounts reporting initially. This is a minimum to build a score strong enough for approval from other accounts. As you can imagine, this trial and error method can take an extremely long time.
The other option is to enlist the help of a business credit specialist. This is someone who can help you find those accounts that will both approve you without a credit check, and report on-time payments to the business credit reporting agencies. These are typically net accounts, not revolving. That means they have to be paid in full completely at the end of the net term, usually 30, 60, or 90 days.
How to Build Credit for a Business: Apply for Accounts in the Right Order
You cannot just start applying for any and all accounts at random trying to get credit for your business. Well, technically you can, but if you do not have a strong business credit score, you will be denied.
The first accounts are those initial accounts that will approve a business without a credit score and report payments to the business credit reporting agencies. Still, even after you have your initial business credit score, you will not yet be eligible for any and all business credit accounts. In contrast, you’ll have to find those that will approve you based on your still limited credit history. Furthermore, those new accounts need to report payments as well so that you can continue to build your business credit score.
This puts you in the same predicament described above. You can either apply at random, using trial and error until you get enough accounts reporting to apply for those with higher limits and lower interest rates, or you can save yourself considerable time and frustration by working with a business credit specialist. Afree consultation with a business credit specialist is one of the best ways to see what they can do for your business.
You can build credit in your business name. However, you have to take the initiative to work through the process. It will not happen on its own. Don’t wait either. Start now. Even if your personal credit is fabulous and you have no trouble funding your business based on it, you need to know how to build credit for your business so that you can keep your strong consumer credit score. Then, you can get the funding you need to run your business, when you need it.
The Ringer’s Bill Simmons is joined by Ryen Russillo to discuss the final two episodes in the ESPN documentary series ‘The Last Dance’ (2:25) before Ryen and “Optimistic Bill” talk about the NBA potentially inching toward a return, as well as the murky future around the start of the MLB season (49:00). They share TV programming advice for content-starved networks (1:26:30) before revisiting Game 6 of the 1998 NBA Finals between the Chicago Bulls and the Utah Jazz and Michael Jordan’s sixth and final championship (1:38:40).
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