Customer experience is a business imperative today. In difficult times, customers are more uncertain and fickler than ever. To keep your customers engaged, you need to make every touchpoint relevant, consistent, and convenient.
Data and customer journey analytics enables personalization throughout the buying experience. To make it work, you must unlock insights from data and make them more accessible across your organization.
What is customer analytics?
Customer analytics empowers organizations to deliver engagements that are anticipated and timely. It comprises of processes and technologies that turn data into actionable insights. These are information that businesses can use to enhance customer acquisition, retention, and loyalty strategies.
As you understand your customers on a deeper level with data, you can predict future buying behaviors. Then, you can get better at offering highly targeted and personalized connections. According to McKinsey & Co., companies that leverage customer analytics can outperform their competitors on key performance metrics, such as profit, ROI, sales, and revenue growth, by up to 93%.
Why do you need customer analytics?
Great customer experience is built on robust personalization. And business leaders talk about prioritizing it all the time.
However, a recent Adobe study reported that many organizations are missing the mark on personalization. A possible reason is that they don’t fully understand their customers.
In fact, “Only one in four organizations said they had single customer-data profiles, though 60% said they planned to achieve this within the next 18 months.”
What 3 things can customers analytics do for you right now?
Data and analytics can make or break a company. Customer preferences and confidence are changing. Buying experiences can help build lasting relationships that attract, engage, and retain your customers.
Tools that enable customer journey analytics at scale are widely available now. Lower cost of computing, the internet of things, and advancements in human-like technologies are allowing rapid adoption and implementation of customer analytics.
As a result, more organizations are tapping the power of customer analytics. In this difficult period, here are three impactful benefits when you invest in customer journey analytics and transform into a data-driven business.
1. Detect changing customer behavior
Customer journey analytics helps brands understand how customers act across the buying experience. From start to finish, at any moment, regardless of channel.
You can discover what influences your customers’ buying decisions. You can also identify characteristics and behaviors that have the highest propensity to buy. As a result, you’ll be able to adjust the segmentation, offer mix, and messaging. Plus, prevent churn and instead, increase lifetime value.
2. Discover ways to reduce costs
With varying consumer demand, organizations are looking for ways to deliver the best customer experience in the most cost-effective way.
As you understand your customers’ shopping behavior, you are better equipped to identify early warnings of supply and demand discrepancies. This can help you manage production costs and maximize budgets according to the immediate needs of your business.
Customer journey analytics also allows you to track your advertising and customer engagement. You can discover what’s working and what’s not, allowing you to adjust tactics in real-time and optimize spend.
3. Improve customer and brand loyalty
A Forrester survey two years ago identified “increase customer retention/loyalty” as the number one priority for 81% of business leaders.
Today, this is true more than ever as brands and customers go through an unclear phase.
Customer journey analytics provide you with the ability to personalize every customer interaction. Making sure it’s not only relevant but also meaningful enough to encourage future and consistent engagements.
When organizations have a complete and real-time view of customers, the opportunities for customer-retaining personalization are infinite.
What are examples of brands that use customer analytics?
One of the best examples of customer journey analytics in action is Netflix. The brand tracks every user’s activity, from viewing behavior to the devised used, even the time of the day. This allows Netflix to deliver highly customized experiences that match their users’ preferences.
Another one is Amazon. Using a combination of technologies and customer analytics, Amazon was able to build Amazon Go, a partially automated grocery store. The brick-and-mortar concept store relies on connected devices and real-time data analytics to operate. As more customers visit Amazon Go, the company is set to gain more insights into shopping behavior online and offline.
Where to go from here?
Every interaction you have with your customers is a stream of data. Merging and analyzing these different data points will allow you to form a complete picture of your customers.
Businesses are looking for ways to stay competitive, agile, and relevant today. With real-time visibility into actionable customer insights, you’ll not only check all of these. But also, and more importantly, you’ll improve the experience at every step of the customer journey—fast and at scale.
At the core of successful customer experiences is a customer-centric strategy that guides the whole organization. For customer journey analytics to work, you need to address data silos and have your teams work together.
Dealtale understands that as organizations work digitally, using numerous SaaS tools, each department has its own set of analytics and reporting.
With Dealtale, you can bring all of this data together to enable big-picture analysis.
The result? You’ll be in a more strategic position to leverage personalization and deliver exceptional experiences that match your customers’ expectations.
Active Your Free Plan with Dealtale today.