Analytics is More than Just Data in a Customer-Centric World
We’ve gone past making your business’ identities, and now is the season for building your brand’s success through customer experience analytics. These days analytics is integral to refining your customer experience and overall customer journey.
For some time now, brands have focused on internal business functions like product design, supply chain, and customer service to drive new and better customer experiences. Some organizations focus more on their product and use customer feedback to generate value or develop loyalty products for better customer retention. We can all agree that these strategies are all good but can also be unsustainable in the long run.
Analytics Bringing more than just Data on the Table
Customer experience isn’t just about function and form. Guessing what your customers want can be counter-productive and, at the same time, annoying. Businesses fail to understand that the root of customer experience understands how your customer can relate to your entire brand. To gain and leverage such insight, organizations must learn how to harness the power of customer data and analytics.
Customer experience analytics is discovering, collecting, analyzing essential customer data. This process produces actionable insights to derive better decisions and solutions to benefit your customers and business. These decisions, in turn, allow your business to run for a more tailored or hyper-personalized experience for the individual customer.
Analytics will always be an integral part of refining the customer experience moving forward. Research shows that 90% of business managers believe analytics can improve their sales performance. Another study shows that 62% of businesses believe that analytics can increase their sales by 20%.
Competing in Data-Driven Economy – Not as simple as ABC
Organizations must acknowledge or eliminate guesswork to compete and win in a data-driven economy. Data is more than just mere numbers. With this current economic setup and competitive environment, businesses must have access. They must have the ability to act on customer data with speed, agility, intelligence, and accuracy.
How Data and Analytics Helps Improve Customer Experience
You’ve heard of the phrase, “customers are the lifeblood of your business” a million times over, and you’re getting sick of hearing it. But, if you’re planning to leverage data and analytics, knowing your customers and keeping them engaged is the best thing you can do for your business.
Yes, it’s exciting to find new technologies and strategies and harness them for your business’s advantage. However, forgetting the main objective of your business is to create relationships that add value to your company and bottom line. An intelligent customer experience (CX) and your customer lifetime value (CLV) strategies are the best way to go. So how can analytics create an impact on customer experience?
Understand Customer Sentiments and Level with Customer Emotions
Emotions play an essential role in building relationships with customers and vis-a-vis. Marketers over the globe clearly understand the impact of emotions and feelings in the decision-making process. As mentioned in the previous lines of this article, competing in data driven-economy is not easy. Consumers face many marketing materials, from emails to social media platforms. Unsurprisingly, only a tiny amount of that gets through.
Learning how to act on collected and processed data is an essential skill that businesses should pick up. Despite the harsh competition, you’ll be at the most disadvantage without data analytics. Nowadays, using and processing big data to understand the customer better and insight into how they feel is critical to connecting with them emotionally and winning their loyalty.
Businesses may source data from different methods or mediums. These methods may include formal surveys, call transcripts, social media comments, reviews, and any other form of exchange between a brand and a customer. In return, the collected and processed data allows businesses to analyze quantitative and qualitative feedback to improve customer services, whether by changing or using softer language, more emotionally established marketing campaigns, or a more hyper-personalized service.
Streamline Service and Save Time
Having long sales funnels is no fun for your employees and your customers. Organizations should do their best to streamline processes and save time whenever possible.
Customers hate it when their calls are redirected frequently and still can’t seem to find a solution. In these cases, when your data is processed and analyzed, you can easily match sales reps to more appropriate roles or improve the efficiency of your entire team. Ensure that all customer information is in a single platform, like CRM software solutions, streamlining your business process and saving time is within reach.
Analytics Help Improve Communications
Communication is not about the words you say but how you say them. Not communicating well with your customer is like playing minesweeper. That is why it is essential to gather much customer feedback and reviews as possible.
In this case, you can use customer feedback and satisfaction scores to improve communications among employees and customers. Feedback and reviews allow your team to redirect their efforts and even tap on opportunities that have never been. Or even in situations where agents are not performing well because they spend too much time looking for peer support.
Your team can avoid confusion and re-routing communications with the help of accurate and valuable data. When data analytics are put in place, your team knows where they stand with the customer. They can use better communication strategies to make service interactions more efficient when they have this knowledge.
Enhance targeted marketing practices
Big data is also paramount for implementing effective and targeted marketing strategies. Organizations need to pay attention to click-through rates of links communicated via marketing emails, text messages, and other channels. For example, it can reveal whether a marketing strategy results in actual sales. Furthermore, geolocation data may allow brands to better target customers near brick-and-mortar stores or during the in-store shopping experience.
Brands may use the information collected to share sales events and other news on discounts applied in-store. As brands collect various types of data on their customers, taking a thoughtful and customer-centric approach to interpreting data can result in better service practices and more substantial customer experiences.
Analytics is more than just a piece of processed numbers. Analytics has become their lifeline to stay competitive in a data-driven economy to some businesses. Trusting in guesswork no longer works in this present day and age. Companies need accurate data, precise analytics, and responsible actions to stay relevant and even gain an advantage in the market.
In a customer-centric world, upping your customer data and analytics game is the best way to get ahead.
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