Customer Experience Analytics: Why customer experience counts in today’s digital era?
What is customer experience analytics?
The analytical approach to understanding and examining customer feedbacks by leveraging the use of structured datasets related to the buying patterns and demographics of customers is known as customer experience analytics. Customer experience analytics takes into account factors that drive customer sentiments and satisfaction and combine it with performance metrics to measure the success of customer experience management programs. Smart routing, filtering, and front-line response capabilities form a part of customer experience analytics that empowers companies to engage with customers effectively and connect with them personally. Customer experience analytics acts as a silver bullet in today’s competitive marketplace where companies are competing for market share, customer acquisition, and customer retention.
Our customized customer experience analytics solutions help companies to predict future buying behaviours of customers to deliver relevant offers that attract them. Request a FREE demo right away to gain better insights.
Benefits of customer experience analytics
#1: Helps in offering personalized services
Today’s digitally empowered customers don’t just want any service that caters to their need. They look for websites and services that are personalized and can recognize their preferences and interests and save their time, without them even realizing it. This is not just true about specific customer segments but for individual customer experience too. Businesses can devise a powerful customer experience strategy by measuring customer experience metrics through customer experience analytics dashboards in real-time. Such analytics dashboards offer tangible benefits to businesses and boost customer retention dramatically.
#2: Helps improve market expansion efforts
Customer experience analytics helps in identifying the factors that are working for the business and factors that are not helping the business in any aspect. If a business fails to identify and analyze such factors, it is highly likely that customers will move to their competitors’ services or website. Analysis of such factors helps you uncover a lot of opportunities and understand the penetration level of your business. Also, it helps to analyze the percentage of your target market that can further help in offering personalized services to improve customer experience.
Quantzig offers strategic analytics services that enable businesses to identify factors responsible for customer churn and develop effective strategies to boost customer retention. Request a FREE proposal to know more about our portfolio of customer analytics services.
#3: Improves response time
Today’s customers are using their voices faster than ever. They hop onto various social media platforms to share their experience good or bad and therefore, having a good customer experience management system has become crucial for businesses. The only way to arm yourself in such a competitive landscape is to use customer experience analytics to improve your response time and proactively fix customer experience issues even before they arise. Customer experience analytics offers actionable insights into customer data that can enhance engagement, experience, and improve sales.
#4: Aids in enhancing the customer journey
Availability of immense data can help companies to improve customer journeys, but only when they have proper customer experience analytics solution in place. Companies who still focus on legacy structures or traditional approaches to serve their customers will not succeed because of their resistance to change. Embracing customer experience analytics is the key to improve your customer’s journey and make them feel valued, cared, and engaged.
What is Customer Experience Management?
Customer experience management is a concept that deals with the conscious and subconscious perceptions of the customer about a particular brand. Such perceptions are the results of all communications and interactions with that particular brand during the customer life cycle. Customer experience management helps in meeting and fulfilling customers’ demands effectively in real-time. It is an approach that helps in discerning customers’ preferences and delivering them with personalized services. Consequently, this improves customer loyalty, retention, satisfaction, and advocacy. The personalized experiences entice customers to evangelize others about your brand, thereby, acting as a perfect medium for advertising. Additionally, customer experience management helps businesses to extract actionable insights about customers’ behavior from all channels and touchpoints across the organization with precision and speed.
Customer experience management can help companies in predictive analysis and continuous tracking of customer behavior. Want to know how? Get in touch with us now!
Why is Customer Experience Management Important?
Today’s business environment is highly competitive and hyper-connected. Companies to stay ahead of the curve, need to understand their customers and their needs completely to enhance customer service and experience. This is where customer experience management can help. An effective customer experience management can do the following:
- Reduce costs by lowering customer churn rate
- Enhance customer loyalty through valued customer service and interactions
- Boost revenue through word of mouth sales as well as sales from existing customers
- Strengthen brand image by offering a personalized customer experience
- Turns new customers into potential and loyal customers
- Increases customer advocacy
- Assist in staying ahead of the competition
Challenges Businesses Face in Customer Experience Management
Challenge #1: Creating steady customer experience across all the channels
Today, customers are well informed and have high expectations from the brands. They expect to receive good service levels from different channels and at the same time they desire for a consistent brand value proposition. But when it comes to channel proliferation, it makes it tough for businesses to ensure such consistency across all channels and this emerges out to be one of the major challenges in customer experience management.
Challenge #2: Integrating brand and channel experiences
Customers demand integrated channel experience, but it is challenging for the businesses to offer due to the hurdles like legacy processes and technology barriers. Also, organizational territorialism acts as a major obstacle for businesses to establish a proper customer experience management system.
Challenge #3: Data collection still in the phase of evolution
Most brands today are collecting data through a method of traditional exchange of giving and take which means brands give their consumers regular information for free like updates on new and existing products and collect valuable personal information. However, this exchange is not ideal, and the model needs to evolve. Companies need to understand the need and demands of every individual customer. They need to use customer data wisely to serve the customers with exactly the same information that they want to know.
Key Steps to Getting Customer Experience Management Right
Step #1: Create and maintain proper customer profile
For establishing an effective customer experience management process, you need to understand your customers completely. This can be done by creating and maintaining a proper customer profile. Such profiles can help in analyzing and measuring the customer journey and customer lifecycle at every touch point across multiple channels. The complete knowledge about customers paves the way for better service and strengthen the relationships. Companies can use structured and unstructured data to create a customer profile. Furthermore, it can help in adding customer value, behavioral analysis, and propensity scores. Creating a customer profile can help in improving customer experience management in three ways:
- Suggest ways to improve the customer experience at specific touch points.
- Understand customer demands and what they expect you to do for them.
- Facilitates better decision making.
Step #2: Personalize customer service
The next step in improving customer experience management is the personalization of customer service. If you know your customers, you can focus on the context in which the customer operates. The data derived from the customer profile can help in maintaining that focus, provided you keep on enriching the existing data with new sources and information. Consequently, this can help in serving customers with insightful offers, relevant recommendations, and services when the customer is most receptive. You need to keep this in mind that today customers are more powerful, have more choices and presence than ever before. Therefore, providing a relevant, timely and insightful message is important and it can prevent them from getting alienated. Also, this drives brand loyalty and improves brand value.
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Step #3: Adopt the approach to deliver the right message at the right time
The third step in customer experience management involves the use of analytics. If you want to serve your customers with the best offers at the right time at each touch point, you need to leverage analytics solutions. Mapping analytics at every specific stage of a customer life cycle can help in delivering the right message to the right place at the right time. Every stage in the customer life cycle is crucial, whether it is the initial consideration, the stage of evaluation, the stage of purchase, or post-purchase. Each stage offers an opportunity to improve customer experience management and to gain more insights into the customer’s journey. Such valuable insights can improve marketing processes and overall business outcome.
How Can Quantzig Help Your Customer Experience Management?
In a rapidly evolving market landscape, customers are more connected and empowered as they have access to information anywhere and anytime. This makes it vital to analyze and forecast customer behavior to stay ahead of the curve. Our customer analytics solutions help businesses get a better understanding of the buying behavior of customers, their lifestyle preferences through real-time dashboards. Precise predictions of customers’ buying behaviors help businesses deliver relevant offers and improve customer experience management. At Quantzig, the consultants and data scientists help companies to build customer analytics capabilities and strengthen vision to discover and drive continuous business excellence.
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What is customer relationship management?
Customer relationship management comprises strategies, practices, and technologies that companies use to manage and analyze customer interactions and data throughout the lifecycle of a customer, with the goal of improving customer retention, enhancing customer service relationships, and driving sales growth. A CRM system aids companies stay connected to their customers, streamline processes, and increase profitability. Also, CRM systems help organizations in sales management, productivity, and contact management. Furthermore, a customer relationship management strategy focuses on the relationship of an organization with service users, suppliers, colleagues and customers throughout its lifecycle with them. CRM system assembles customer data across different channels, or points of contact between the customer and the company through telephone, company’s website, direct mail, live chat, social media, and marketing materials.
Are you facing challenges in choosing customer relationship management tools or migrating from your existing software? Get in touch with our experts to know how our analytics solutions can help.
Benefits of customer relationship management
Benefit #1: Enhances customer service
Customer relationship management process provides businesses with several strategic benefits. One of such is the capability to add personalization to existing relationships with the customers. For businesses, it is possible to serve each client individually rather than as a group, by maintaining a repository on each customer’s profiles. Customer relationship management tools allow each employee to analyze the specific needs of their customers as well as their transaction file. The organization can occasionally adjust the level of service offered to reflect the importance or status of the customer. This can result in better customer service and can decrease customer agitation and builds on their loyalty to the business.
Benefit #2: Encourages discovery of new customers
Customer relationship management tools help in identifying potential customers. They enable companies to keep a track of the existing clientele profiles and can use them to identify potential customers for maximum clientage returns. Addition of new customers to any business indicates the growth of that business. However, retaining customers is more than adding new prospects and a robust customer relationship management process helps here.
Benefit #3: Boosts customer revenues
Customer relationship management strategy ensures the effective coordination of marketing campaigns. It facilitates the filtering of the data and ensures the promotions target the right customers at the right time. Businesses can also use the data derived from customer relationship management tools to introduce loyalty programs that promote a higher customer retention ratio.
Benefit #4: Enhances effective cross-selling and up-selling of products
With customer relationship management, both cross and up-selling can be made easier. Apart from serving customers with the best offers quickly, these two forms of selling help employees in gaining a better understanding of their customer’s needs. With time, they can always anticipate related purchases from their customer.
Benefit #5: Simplifies the sales and marketing processes
A CRM system facilitates the development of better and effective communication channels. Technological integrations like websites and interactive voice response systems can make work easier for the sales representatives as well as the organization. Consequently, businesses with a CRM have a chance to provide their customers with various ways of communication. Such strategies ensure appropriate delivery of communication and quick response to inquiries and feedback from customers.
Five Simple Steps to Get Better Results with CRM System
Step 1: Collect and store data
The first step in creating an effective customer relationship management system is to collect and store all the information you can get about every customer in your CRM system. So, you need to find out what industry they are in, their geographic data, why they chose your company, products, and services, demographic data. Eventually, you will have enough data to build better profiles of your customer. This will further help in creating targeted advertising to bring in more customers that meet your existing profile.
Step 2: Build a communication timeline
The second step is to determine the best frequency and order of communications with new prospects. Now you need to move on to hints on how to get the best from your product and service to begin building customer loyalty and relationships. Furthermore, you need to introduce your customers to complementary or add-on products they may have a need for. This cycle can be repeated so that most communications can add value to the customer and customer relationship.
Step 3: Analyze sales data
The next step in creating an effective customer relationship management strategy is to look at your most profitable and top spending customers. This way you can create more focused campaigns to reach out to them. Also, you need to speak to your existing customers and ask them to provide brief testimonials to draft a customer case study. This way you can show prospects how you have helped your customers facing similar predicaments.
Step 4: Make the data easily accessible in the field
Your salespeople need to know the status of issues, orders, and payments due so that they can act accordingly. Your engineering staff can use the data to create a history of issues and activities on customer sites that may aid them to fix current problems faster. If you provide links to field data, it makes you improve your customer responsiveness and help in building effective customer relationship management system.
Step 5: Personalize your communications
Personalization is the key to establish an effective customer relationship management. You can do this by using recent history collected in your customer relationship management database and showing your customers that you know what is happening to an individual customer. This can help you stay on the top of any issues proactively.
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LONDON: Quantzig, a leading analytics services provider, has announced the release of their latest storyboard on the benefits of customer analytics solutions and how it can help businesses in making precise recommendations based on customers’ purchase propensity. In the rapidly changing market scenario, customers are more empowered and connected than ever as they have access to information anytime, anywhere. This makes it essential for businesses to predict and analyze customer behavior to stay ahead in the competition.
By leveraging customer analytics solutions, companies can gain a better understanding of customers’ lifestyle preferences and buying habits. Doing customer analysis can help companies in precise predictions of future buying behaviors. Furthermore, this can aid in delivering relevant offers that retain rather than alienate customers. This drives continuous business excellence.
Customer analytics is the key to increase customer loyalty, response rates, and ultimately, ROI by communicating with the right customers with relevant offers.
Quantzig’s analytics solutions have helped more than 55 Fortune 500 companies to glean customer insight to improve revenues and drive sales through growth, acquisition, and retention. Below, we have rounded up some of Quantzig’s recent success stories for this week and have also highlighted ways in which customer analytics solutions have helped businesses to identify and curate high-value customers to develop marketing strategies and initiatives to maximize ROI.
#1. Customer analytics solutions reduced customer churn rate by 40%: Identifying and retaining profitable customers groups is a daunting task for every business. Are you facing the same? Customer analytics solutions can help as it helped one of Quantzig’s clients. It can help companies to quantitatively identify customers with the highest potential for retention. This, in turn, can improve the decision-making process.
#2. How customer analytics can help B2B companies? Companies that use customer analytics systematically outpace their competitors in terms of profits almost twice as often as companies that do not. Customer analytics solutions have the potential to unveil the actions of the customers and make them easier to understand for B2B business leaders.
#3. Customer analytics solutions enhanced customer satisfaction by 5x: Today customers are empowered and well informed and businesses struggle a lot in offering complete customer satisfaction. Are you finding it difficult too? If yes, then you must go through our latest success story where the client was facing the same issue and approached Quantzig to leverage its customer analytics solutions. This proved to be very helpful in exploiting customer data for actionable insights and paved a way for the development of right approaches that resulted in increasing customer experience and satisfaction by 5x.
#4. How is customer analytics a kingpin for businesses? Customer analytics solutions are the golden keys that can be very beneficial for companies in knowing their customers better and at a more granular level. By gaining insights from customer analysis, companies can do effective customer segmentation and can understand customer lifecycle and predict customer behavior in a much better way.
#5. Customer analytics solutions paved the way for targeted customer retention strategies: Offering personalized services to customers is a real challenge in today’s competitive landscape. Don’t you agree? But leveraging customer analytics solutions can make a difference. This is clearly evident in Quantzig’s latest success story where the client managed to analyze and ascertain customer views and preferences for the lifestyle brand. Furthermore, this proved to be helpful in developing targeted customer retention strategies.
#6. Which customer analytics tools can boost your business growth significantly? Identifying high-value customers, and proactively interacting with them in the best manner possible are the two most essential components behind the success of any business in today’s competitive environment. But how to do that. Customer analytics tools are the keys. But for optimum results it is important that you use appropriate customer analysis tool otherwise the insight drawn may lack accuracy.
#7. Customer analytics solutions improved profit by 60% and customer retention rates by 5%: If you are looking for ways to calculate customer lifetime value then customer analytics solutions can certainly help. Customer analytics solutions can help companies to develop a precise customer lifetime value model which can help in boosting customer experience. Furthermore, it can balance out the business plan and counterpoise the unavoidable cost factors that form an inexorable part of a business.
#8. Customer analytics solutions enabled effective implementation of customer segmentation models: Personalized customer experience is a proven methodology for businesses to improve sales and customer retention, but this is difficult to achieve without the implementation of appropriate customer segmentation models. This is where leveraging customer analytics solutions can help. By identifying and analyzing customer present and future buying decisions, companies can effectively segregate their customers and implement the marketing strategies for obtaining maximum profit.
#9. Customer analytics solutions uncovered market infill opportunities: Deriving meaningful insights from vast customer datasets is one of the most onerous tasks for the businesses to perform. We understand the challenge involved and helped one of our clients facing the same problem. Customer analytics solutions can assist companies in expanding beyond their traditional market segments and unveil market infill opportunities in segments which were considered to be saturated previously.
#10. Customer analytics solutions saved over us$ 20 million in sales opportunities: Strategic customer analytics solutions can empower businesses to decrease attrition. Wonder how? By precisely predicting customers that are most likely to churn and then developing the right proactive campaigns to retain them. One of Quantzig’s clients adopted the same approach and developed an interactive dashboard that enabled constant monitoring of customer churn rates and the success of customer retention campaigns.
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What is Customer Analytics?
Customer analytics is the process that companies use to gather and analyze the data of their customers to make better and wise decisions. Customer analytics help companies with actionable insights into the behaviors of their end-users. These insights empower businesses to improve their marketing, sales, and product development efforts. Additionally, such data can be used to build solid predictive models to determine potential customers. Research shows that companies that focus on customer data analysis are more profitable than ones that do not utilize such services. Therefore, it can be safely assumed that the lack of accurate customer data skews customer profile. It, consequently, leads to lost opportunities, lost customers, poor use of analytic solutions, and unnecessary costs for business, affecting the outcome.
Precisely predicting future buying behavior of customers is not an easy task for businesses. Channel optimization and targeted marketing may hold the key to success. Get in touch to know more about the benefits of our customer analytics solutions.
Why do Companies Use Customer Analytics?
Companies can break big problems into manageable answers by leveraging customer experience analytics solutions. Furthermore, customer analytics has the potential to help businesses gain insights into customer behavior. Customer analytics also unveils their actions and make them easier to understand for business leaders. This helps companies to make wiser and better decisions on pricing, promotion, and management.
Companies that use customer analytics systematically outpace their rivals in terms of profits almost twice as often as companies that do not.
A good consumer analytics platform can help companies improve:
- Customer retention
- User engagement
- In-app purchases
Today, companies have realized the potential of analytics and have started relying on it more than ever before. It helps them keep pace with customers who are increasingly sophisticated. 85% of the customers today expect a seamless experience and faster responses. Analytics is the key for the companies to provide desired customer satisfaction and enhance customer experience.
With customer analytics, companies can:
- Improve customer loyalty, response rates, and, ultimately, ROI by targeting the right customers with highly relevant messages and offers at the right time.
- Minimize the costs of campaigns by targeting those customers most likely to respond.
- Reduce attrition by accurately predicting customers most likely to leave
- Deliver the right message by segmenting customers more effectively and the better understanding of target populations.
How to Implement Customer Analytics?
In the competitive landscape, companies are benefiting from customer journey analytics significantly across all channels. This is because results are immediate, real, and have a lasting effect. Customer analytics encompasses a completely new approach to analytics, which requires business leaders to become more customer-obsessed. Following are a few steps to implement customer analytics that you must follow in order to obtain the maximum result:
Steps to Implement Customer Analytics
Step #1: Define the scope of the project
Start a customer analytics project by specifying its scale and scope. While defining the scope of the project to implement customer analytics, you need to consider basic parameters like size, complexity, function, and goals. Additionally, it is important to note the quantitative goals like customer retention, churn, acquisition, upsell, cross-sell, the rate of renewable and purchase.
Step #2: Determine Goals
Since customer analytics involves multiple stakeholders, it is crucial to set goals and define what success will look like. One of the most important benefits of using customer analytics is that it connects individual customer behavior to important KPIs and quantitative metrics that you and your business are measured by. Therefore, the key lies in selecting the appropriate KPIs and metrics to monitor and improve, based on the insights generated by your customer analytics platform. You need to choose a mix of customer, financial, and operational metrics.
- Net Promoter Score (NPS)
- Customer Satisfaction Score (CSAT)
- Customer Effort Score (CES)
- Growth of revenue
- Upsell and Cross-sell Revenue Growth
- Churn Rate
- First Call Resolution (FCR)
Step #3: Create a plan for data integration
Data integration is the spine on which a successful customer analytics initiative rests. Before preparing the plan for a successful data integration, it is important to understand the basics behind it. Whether you are working with a consulting agency, firm, agency or the customer success team of the vendor for implementation, it is important to understand and identify the customer data sources that you want to integrate into the customer analytics platform in order to obtain the required insights.
Step #4: Identify key use cases
It is important to identify a use case that addresses the most important pain points being faced by your business. At the same time, you should also be careful that you are addressing the issues being faced by all the stakeholders involved in the customer analytics project.
How to pick your use cases?
Here is a framework that can help you pick the best use cases for your initial implementation of customer analytics. This framework describes six types of customer analytics use cases in the order of growing complexity. Most business problems would fit in one of these six types.
- A-B Testing
- Optimization of conversion rate
- Impact analysis
- Behavioral segmentation
- Goal optimization
- Journey discovery
Step #5: Make your organization ready for customer analytics
Customer analytics deserves the time, effort and resources you invest in it. But to derive the best outcome and truly reap its benefits, you need to integrate it seamlessly in your organization. This integration goes far beyond technology and data. You can do this by:
Multiple teams and departments might get affected by the results of customer analytics, so it is important that they understand the whole initiative. This is where the support and influence of the stakeholders prove beneficial.
Training of employees is an important part to ensure that your organization is ready to successfully implement customer analytics. To ensure usage and adoption of your new customer analytics platform, you need to make sure that the users are properly trained.
Large organizations have a central governance team in place. This team is responsible for fostering communications, setting project quality standards, and sharing best practices. The governance board is responsible for improving the success rate of customer analytics projects undertaken by the company, while at the same time takes into account the risks involved.
We understand the challenges companies face in identifying and curating high-value customers to develop marketing strategies and initiatives to maximize profitability. Our analytics solutions provide best-in-class frameworks to identify factors for customer churn and develop effective strategies that will increase customer retention. Request a free demo below for more insights.
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With the rapid growth of companies in today’s technologically inclined world, it becomes very difficult and tricky to understand customer needs. Companies struggle to engage effectively with their customers due to the dramatic change in customer behaviors. As much as they would like to reach out to their customers, there’s no pragmatic way to it, as that is how the cookie crumbles. In fact, this is the biggest challenge that companies face today due to which delivering the best quality products and services along with the best customer experience have become a tedious task.
Failing to provide the best customer experience and analyzing customer data are prime factors behind the unsuccessful stories of businesses in this customer-centric era. So, companies need to recognize the patterns and trends of their customers’ behaviors while utilizing the massive amount of data they have. This is where customer analytics solutions help. Customer analytics results in better all-around decision making and paints a more precise picture of the different touch points in the customer journey. Companies need to unearth both opportunities and shortcomings to leverage into better strategies. Customer analytics solutions can dive into complex use cases with the use of machine learning and big data. Consequently, actionable roadmap to achieve desired outcomes and sharper predictions about the future falls into place.
At Quantzig, we understand the impact that customer analytics solutions can have on your business. And to help companies stay ahead of the curve, our team of experts has provided a detailed guide and useful tips on customer analytics that can assist businesses at any age.
Today’s business landscape is highly customer-centric. The more an organization gets to know about their customers, the more are the chances to keep them happy. This is the main idea behind using customer analytics tools. Customer analytics refers to the systematic examination of a company’s customer information and customer behavior to identify, attract, and retain the most profitable customers. The ultimate aim of customer analytics is to create a single, accurate view of a customer to make decisions about how to acquire and retain customers, identify high-value customers, and proactively interact with them in the best manner possible. In the absence of an adequate amount of accurate data, any insight derived from analytics could prove to be inaccurate. Here are some of the top customer analytics tools that are widely used today:
Top Customer Analytics Tools
Customer lifetime value analytics
Attributing the lifetime value to each customer helps organizations to immediately identify the most valuable and important customers to the business. In this method, customer analytics tools are used to determine how long a customer is likely to stay a customer, how often they are likely to buy during that period, and how valuable they are across that timeframe rather than merely of looking at transaction profitability. This allows businesses to focus their marketing attention on the most valuable customers. If correctly done, this analytics can be valuable in identifying ways to increase the length of the relationship and the value of the customer.