In today’s digital marketplace, there is just one boss—the customer—and they are even more demanding than ever before. Enterprises that fail to embrace a strategic path to enhance customer experience, won’t just be lagging behind their competitors, but would be extinct in no time!
The most vital tool for enterprises to increase their market growth, while enhancing their customer experience is ‘Analytics.’ A study by McKinsey reveals that organizations that make use of digital customer experience analytics across all business decisions, witness 131% sales improvement over the companies that don’t.
Analyzing the data paves the way for enterprises to understand what went right and what requires more attention. Absence of analytics for customer experience is like keeping your fingers crossed and hoping that your actions make a positive impact. And Hope is never a strategy.
Thus, remove the guesswork out of the customer-centric digital business model. Get a 360-degree view of your customer’s digital journey—one that covers every angle of your customer interaction—by integrating customer experience data analytics into your strategy to improve customer experience.
How does Digital Customer Experience Analytics Fit into Customer Experience Strategy?
Change is inevitable. And today, it has become important for enterprises to change how their team refines the user experience. Therefore, bring analytics on the front lines and use it to turn your visitors into customers.
1. Connect Customer Touchpoints with Analytics
The journey of a buyer consists of various touchpoints, and each customer interaction is vital to brand perception. The way customer thinks about your brand reflects the way you treat them. Thus, if the buyers are unsatisfied with the quality of the product, your business will become subpar in their eyes.
Customer experience is the extraction of value from what the touchpoints mean to the customer. Thus, in order to outperform your competitors, it is important to analyze all your customer touchpoints. Whether it’s Facebook ads or service calls, evaluate the following questions comprehensively through the lens of your customers:
- How do you listen and respond to the buyer?
- Are you building an environment for customer satisfaction?
- Are you self-harming the experience with cumbersome processes?
Use past interactions to intelligently build customer touchpoints. The major aim of an enterprise should be to reinforce the brand’s positioning and come up with a memorable shopping experience.
Apple is considered best in case of creating customer touchpoints. Its website is clean and easy to navigate with a unique way to describe products. Moreover, its innovative way to handle customer complaints is simply outstanding, showing how well they use analytics to build each customer touchpoint. The technology company builds a consistent pathway, regardless of where the buyer falls in the sales funnel.
Remember, customers, place high expectations on brands. Therefore, aim to convert visitors into customers with every interaction using analytics.
2. Use Analytics for Targeted Product Recommendations
A Harvard Business Review study mentions that for 60% of enterprise business leaders digital customer experience analytics is extremely important today. And it will rise to 79% by the year 2020 with ‘personalization’ being a key driver.
Enterprises that are successfully adopting customer analytics in their business model are concentrating on the goal to provide personalization at scale by constantly fine-tuning every aspect of the marketing mix for every customer audience or persona in real-time.
Sending targeted product recommendations is one way to keep customers engaged. To make specific recommendations, it is important to integrate real-time purchase data of customers with their historical purchase data.
For instance, if an SMB purchases an ERP software from you, then there might arise chances that they are interested in buying on-demand ERP webinars too.
However, make sure that you do not make wild conclusions from just a single piece of data. Just because a customer bought a pair of shoes does not mean that he loves to get drowned with similar recommendations. Maybe, the consumer got it as a gift for someone. Thus, it is indispensable to gather various data points prior to making intelligent recommendations.
Your enterprise can also make use of social proof to help those customers who are hesitant about particular products. Gather insights and remind them that other people are buying the same product too.
For example, eBay recommends a series of similar products when visitors are on the inner product pages. Here it displays a list of items that people also viewed:
In a nutshell, the customer data such as demographics, lifestyle, products purchased by category and type, frequency of purchase, and purchase value must be analyzed intelligently to create highly targeted product recommendation offers.
3. Fit Analytics into Your Business Model Smartly
A survey from Harvard Business Review shows that the definition of successful real-time customer analytics use cases for 83% of enterprises is the ‘ability to translate data into actionable insight at the optimal time.’ Still, there are just 22% of enterprises that claim to have witnessed success with this strategy.
So, the question is why is there a wide gap of 61% between enterprise leader’s expectations and the real experience? It signals the challenges that enterprises are facing in using a real-time marketing technology stack.
Another fact that backs the above statement is the second greatest gap mentioned in the study: 59% of enterprises are unable to deliver the right data to the right people at the right time.
Thus, integrating digital customer experience analytics into your organization is not just enough. Having a proper roadmap that is defined from the customer touchpoints is the ideal approach to follow.
Therefore, enterprise leaders will need to overcome the ‘Analysis Paralysis’ that slows down the built roadmaps. Instead, focus on customer outcomes, retaining them, and on revenue outcomes as fast as they can in the initial pilot itself.
Digital Customer Experience Analytics Knows the Best
Analytics is an asset for delivering an experience that satisfies customers. Integrating analytics into enterprises’ digital business model is vital for their long-term financial success. And for its successful implementation, it is important to hire a digital experience agency that can leverage data with the right technologies as part of an intelligent data strategy.