Q: Will, what’s your role in the company?
I’m the Chief Technology Officer at Kaddra, we’re a technology product company with a flagship Customer Experience Management (CXM) product. I’m responsible for the product development and professional services departments.
Being digitally savvy, I tend to use lots of apps and technology in my daily life but see a lot of friction and disconnected journeys that need to be fixed. With my team, we make it our mission to delve deeper into what we personally experience as a major problems in digital experiences as consumers and work together to find effective solutions to help our clients to improve their own customer experiences. With Kaddra’s CXM, we offer ways to bring the end customer closer to the call to actions, ultimately, helping the customer achieve their task as quickly and frictionless as possible.
Q: What do you think makes Kaddra’s CXM solution one of the best in the market today?
Kaddra’s CXM is the first market-ready solution combining multiple sales and marketing tools into one platform, the suite includes core functions including:
●Mobile Content Management
●Consumer Facing Interface
●B2C Live chat
●Live Chat Sentiment Analysis
The platform focuses on continuous mobile connectivity between content and commerce. The current CXM market is predominantly focused on data analytics, campaign and survey tools – a crowded space with over 300+ platforms that offer limited mobile connectivity between content and commerce.
By connecting the consumer facing touchpoints with a single backend our CXM is able to build up a deeper view of the customer than would be possible when using multiple systems.
Business can also connect their marketing campaigns to mobile commerce with very low friction, while the intuitive user experience continuously connects content to call to action.
There are also cost savings to be had with Kaddra’s CXM platform: When analyzing the market, we looked at six of the most common platforms that we would need or any customer would need to encompass all the functionality that Kaddra has.We looked at those license costs and realized that the Kaddra solution costs 60 percent less — just in terms of licensing. However, that’s not the only cost that a business has to factor when they embark on digitalising their Customer Experience. The cost of licenses is only one piece of the puzzle. You have to consider the cost of setup, maintenance and internal resources to use the software. If you’re using a combination of five or six different systems, it’s very unlikely you’re going to have a single individual who’s able to work across all those systems, requiring more headcount to manage compared to Kaddra which is an all-in-one platform and can be operated within a single person in an average sized business.
The platform is also a turnkey solution, which means companies can look to roll out their native app – optimised for friction-free Customer Experience — in mere weeks not monthsQ: Your CXM platform has been awarded Silver in the “Enterprise Product of the Year – Marketing Software” category at the 7th Annual Best in Biz Awards 2019 International; could you tell us something more about the submission and win?
To be accorded a silver win in such a highly competitive category is an honour! We had submitted our proof of concept – Keyyes – which was developed to showcase the capabilities of Kaddra’s CXM solution as a case study for the awards.
Launched for the Asian market in Q3 2018, the proprietary platform was a mobile eco-system that could aggregate exclusive experiences and products from a global network of brand partners and luxury providers. Keyyes members could discover expert insights, purchase hard-to-find goods and make bookings for curated experiences or at featured lifestyle venues.
Kaddra’s CXM platform was actually birthed from a need from one of our parent company’s other business units, which centres around traditional luxury distribution. The team was facing a major challenge in growing and scaling its B2C business as it had primarily focused on expanding their B2B operations. As opposed to working with e-retailers like many peers, we wanted to take a direct to consumer approach in marketing to customers as it believed going straight to the source would allow it not only to simplify consumer journeys but forge closer relationships with each individual customer.
Having a strong presence in Asian markets such as Singapore, China, Japan and Hong Kong where smartphone penetration is exceptionally high, our management recognised that mobile is a large and increasingly important part of the customer experience journey – hence why we adopted a mobile first strategy.
The team had looked at the overall technological landscape to find a solution but realized that it would take quite a few different systems to achieve what it needed which would have meant lots of complex and expensive integrations, data silos as well as poor data integrity. We didn’t need the full suite of features that most providers require you to pay for but rather, needed core modules across CRM, eCommerce, Booking, Live Chat (between consumer and Customer Success team), Marketing Automation, Content Management and most importantly, a native mobile app.
By then we had pulled together a strong internal tech team and realized that with our own expertise, we could build an all-in-one platform, which would mean faster integration, ease of use and lower costs. This technology know-how, coupled with insights from other in-house personnel – seasoned salespeople and marketers from various industries who could weigh in on the exact core functionalities their industry contemporaries would prize in a platform – helped us deliver a final product poised to offer exceptional customer experience.
By the end of March 2019, and within six months of the launch of the Keyyes, sales from its digital marketplace reached approximately US$336,000. Registered members on the platform – a gated community of High Net Worth Individuals – had also increased to 4,828 members, with a surge representing a growth of 221% in Q4 2018. More importantly the average revenue per active user (defined as a customer who makes at least one purchase through the app per month) showed significant growth from an average of US$ 302 in the third quarter of 2018 to an average of US$ 475 in the fourth quarter of 2018.
With sales conversion rates at an average of 8% and up to 13% for the top tier of the ecosystem, the results exceeded our expectations and market averages and proved that the KADDRA platform conversion is at least 8 times higher
compared to conventional desktop eCommerce platforms.Q: How will your Sentiment Analysis tool enable Customer Service teams to prioritize unhappy customers?
A: The Sentiment Analysis tool in our CXM platform uses machine learning to detect the sentiment (positive, negative, neutral) of conversations at a very granular level and aims to give businesses a holistic view of the overall customer satisfaction. More importantly, it also allows our clients to prioritize in real time, the conversations which need the most attention: Customer service teams more often than not have a fixed amount of resources, and we’re able to analyze in real-time conversations allowing them to prioritize in the conversations to action first.
This allows our clients service-teams to prioritize the unhappy customers over the happy customers, which for any organization of any size, is a way to optimize and be more efficient with the use of your customer service resources.
With the support of this module, we are also able to gauge each customer service representative’s success in resolving problems and providing relevant information to users, with the aim to continuously increase the quality of service and drive high ratios of success rates.
The machine learning also helps to identify trends of conversations, allowing customer service teams to optimize the workflow or provide feedback to the other teams in the organisation.
Q: What are your plans for the future in terms of R&D?
A: We are continually improving our machine learning to ensure a higher accuracy of sentiment analysis and are working towards this being applied in audio based chats as well.
We’re also working on a machine learning driven campaign tool which given a number of basic inputs will identify and target the right customers at the right time based on their previous behaviour.
We have also signed a few key clients in the automotive industry: With the rise of autonomous driving, car operating systems will become an increasingly important part of people’s lives as time spent in cars will be focused on consuming content. This presents a very big shift in challenges faced by carmakers and they’ll need to be equipped with the right tools to aid them through this major transformation and Kaddra will be an essential player of this change.