Typical Customer: ‘I don’t think I like this’
Typical business: ‘Sorry, but that’s all that we got right now’
And the customer was never heard from ever again.
That’s all it takes in this age of retail abundance and social media to shoo away a potential customer and have the disgruntled buyer lambast your business through clever tweets and long winding social posts. Retaining a customer, with stiff competition biting at your heels, is more important than ever, both from the perspective of your business’s bottom-line, and to avoid the aforementioned negative cascade effect. Easier said than done, right?
Enter, the insightful discipline of Customer Experience Analytics – a smart and quantifiable system of collecting, analyzing, and acting upon insights that are derived from real-world interactions with customers, both loyal and in the pipeline. Practically, deployment of this system will require sophisticated tracking implements, a team of expert data miners, and the latest machine learning capabilities- tools that may not be readily available or easily assembled in a process exclusive work infrastructure. However, there is no denying the severely adverse impact of ignoring the discipline altogether- at the stake are the concepts of customer engagement and profitability that is directly linked to customer loyalty.
Request for a free proposal to create a customized customer experience strategy for your business.
A Simple Plan – Know Thy Customer
Customer experience analytics may seem daunting to a business that hasn’t already experimented with the varied customer engagement initiatives that are cumulatively bundled as customer retention solutions. On paper, the process flow is simple enough.
- Asking the customers, the right questions (through such mediums as surveys, social media, or as part of the backend call center interactions). Remember, data has a habit of piling up, quickly.
- Processing the massive pile of data to derive actionable insights. You will need a data scientist or two to make sense of this heap of structured and unstructured data.
- Actions that are motivated by the aforementioned insights must be tested across geographies, demographics, and/or time. What worked yesterday may not necessarily work today, or may need simple/expansive modifications to improve the inherent efficiency.
As a business, the most profitable option for you is to key in a system that needs minimal management, is highly scalable, and accounts for the whole spectrum of fixed and variable contributing factors.
BIG Data and Analytics with Quantzig
As the evolution of technology has skyrocketed, the platforms for the interaction between the business and its target audience has doubled up too. The prodigious depth of data that is thus generated, both qualitatively and quantitatively, holds the key to understanding customer behavior and developing business strategies that are correspondingly effective. Insights derived from a single source (say a storefront or the business’s social media page) can be very limiting and misleading. BIG DATA, on the other hand, collates information from multiple sources, thereby the resulting insights are stronger and likely to perform under any test condition.
At Quantzig, customer experience analytics is one of our primary specialties. Aided by an experienced team of analysts and the most cutting edge business intelligence and visualization tools, your big data will be expertly analyzed for the tell-tale signs that will help you keep the footfalls and mouse clicks coming. Talk to us to learn more.
Finally, revisiting the story:
Typical Customer: ‘I don’t think I like this’
Enlightened business: ‘Sorry, but here- the same piece in dark blue, and if you would let us, your item shall be hand-delivered to your home by 9 am tomorrow, before you head off to work’
And the customer never had a reason to seek out another storefront again.