December 7, 2015 | Written by: Henrietta Akpata
Categorized: Customer Analytics
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Data is a natural resource like crude oil. You must refine it to make it useful. Data can be made even more useful with analytics that provide actionable insights. Though data is all around us, its power is in how we use it to drive business outcomes and deliver positive customer experiences. Deeply understanding your customer is critical in building long-term relationships with your customers. Strong customer relationship leads to delivery of exceptional experiences across their life cycle, driving customer longevity and loyalty.
Top performing organizations understand the need for strong customer relationships. They are making it a top priority to create, monitor and recreate excellent customer experiences. Customers expect you to know them; you need to go the extra mile to show that you really care.
A Harvard study predicted that by 2016, 90% of companies expect to compete mostly on the basis of customer experience. In order to deliver on their quest, brands need a holistic view and understanding of their customers. However, there is a significant gap between what brands believe their customers are experiencing and what their customers say they actually experience. 81% of consumer brands say they have a holistic view of their customers while only 37% of consumers agree with that assessment. The number one reason customers leave a brand is poor customer experience. It’s clear that companies want to compete on customer experience but they are not ready.
The right customer experience analytics solution should provide you with rich insights to better understand your customers in context so you can engage them in more meaningful ways. It should reveal how customers are interacting across channels and devices, so brands could see the actual buying experience through the customer’s eyes. Better insights drive the creation and delivery of more effective and integrated customer engagements.
55 % of consumers expect brands to use purchasing and behavioral data to offer relevant promotions. Leveraging analytics provides a great opportunity to deliver, for example, targeted campaigns that engage users with relevant content, tailored to their behaviors and preferences.
What differentiates a company from their competition is the ability to ensure that they are accessible, providing relevant content wherever and whenever the customer seeks information or engagement. With strong analytics capabilities, the organization can provide the right kind of information during the individual’s research, and determine when that prospect is actually ready to make a purchase decision, to acquire a new customer. It doesn’t stop here either; organizations need to maximize customer lifetime value through up-sell and cross-sell activities, engaging them across multiple touch points throughout their life cycle.
IBM has worked with thousands of organizations and we understand the gap between the experience brands believe they deliver and the actual experience of their customers. We have developed a new way to understand your customers. We believe it is important to enable ecommerce, marketing and customer service teams to understand customers in context so they can act on those insights that enable them to develop and deliver exceptional end to end customer experience.
We want our customers to go beyond traditional digital analytics and have visibility into customer behavior so they can identify conversion struggles due to technical or non-technical issues and address them. We want businesses to be able to uncover what is happening on their digital properties and why it is happening so they can prevent abandonment and revenue loss. We believe giving our customers greater visibility into their customers’ behaviors and journeys will help them prevent revenue losses and negative customer experiences.
Some interaction opportunities throughout a customer’s product or service usage come through the customer service teams, others are characterized by self-service, for example, through the brand web site. Empowering the customer service representatives with analytics-driven knowledge, or steering the web interaction with automated actions, can determine the customer’s loyalty, proactively ensuring retention as well as turn satisfied customers into advocates.
Departmental silos lead to a disjointed view of the customer. Additionally, each department speaks different KPI language because they use different set of tools and technologies. We want our customers to pivot from one analytical capability to another from the single interface so we can remove departmental silos and disconnected views. We want our customers to collaborate and easily share insights to drive business outcomes, more quickly.
With IBM’s solution you can see experience through your customers’ eyes. Automatically detect areas of customer struggle and success, replay customers actual web and mobile behavior, and quantify business impact and take action. View the entire IBM customer experience analytics portfolio via this infographic and see how CX analytics can help you to not only mend the customer experience gap, but recover loyal customers and revenue in the process.