Understanding Customer Experience Analytics and How it can Benefit your Brand
Customer Experience (CX) is the customer’s perception of your brand based on their individual customer journey as they engage with your brand in the quest for information, products, or services. To have a better understanding of what their experience was like, Customer Experience Analytics enables you to collect and analyze customer data and recognize their point of view, their challenges, and the overall experience with your products or services. 86% of customers are happy to pay a little extra if the customer experience is great, and you can cater to all their specific needs with CX Analytics.
CX Analytics offers you an opportunity to leverage insights and help your brand make better data-driven decisions to enhance the customer’s experience with your brand. The analyzed customer data can also help you to boost product innovation, design marketing strategies and optimize campaigns in real time.
But how do you quantify an experience personal to each individual customer and then analyze it?
Let’s take an in-depth look at CX Analytics, how to go about it, and how it can transform your brand.
Challenges of Quantifying CX
Being able to provide your customers with a great experience while engaging with your brand is a hard-enough task. What is tougher is the attempt to realize a business outcome that is tangible. To be able to quantify CX, you need to have a single view of your customer as he or she engages with your brand over time and across different channels. Customer Journey data has to be accounted for so that CX Analytics can offer actionable insights for real-time engagement that is driven by customer behavior. Only then can you create a unified view of your customer and understand them better, enabling your brand to deliver personalized experiences.
Quantifying and Analyzing Customer Experience
To be able to best serve your customers and provide them with the best experience while engaging with your brand, there are a few simple steps to measure and analyze customer experience effectively.
- Identifying your ideal customer base
Ideal customers are those who not only benefit most from your product or service but those who will generate repeat business. Customers with brand loyalty are your ideal customer market and your most valued asset. You can identify your ideal customer base by surveying your customers, tracking your website traffic, and most importantly, by listening to them. Only when you collect customer feedback and know your customers well enough, can you analyze their experience and proceed to improve on it.
- Mapping your customer journey
For customer feedback to be a practical element of CX analytics, you need to map out your customer journey and the individual touchpoints. Touchpoints are simply the points of contact and engagement between your brand and your customer – from adverts bringing them to your website, to customer support and post-purchase communications. Once you have identified the key touchpoints and mapped out your customer journey, you can enhance resource allocation, save both time and money, and improve CX.
- Assessing the data collected
You need to be able to evaluate the quality of the data that you have gathered before you analyze it and form an opinion about your customer base and their experience. Check and compare your data from multiple sources, get them authenticated, and note down strengths and weaknesses as you proceed. Your aim should be to extract valuable data, that you can leverage to form actionable plans to enhance CX and drive brand value.
- Evaluating your competition
You can’t just be focused on the customer experience your brand is offering you need to find out and assess how your competitors are performing in the same market. Your own customers will help you analyze what kind of CX are they offering, and you can gauge where you stand in the market. Once you understand where the market vacuum is, you can capitalize on it by enhancing your offerings and trumping the other players.
Enhancing Customer Engagement through CX Analytics
How do you best leverage CX Analytics to improve your customer engagement?
Once you have gathered actionable customer feedback and are formulating a roadmap to better your customer engagement, keep in mind the following tips to make the most of your CX Analytics operations.
- Offer personalized experiences
Providing your customers with personalized retail experiences is the key to offering a tailored customer journey, where you can address the individual’s unique desires and requirements. It shows that you care when you target your customers based on their individuality and can offer custom solutions. It not only enhances their experience with your brand but the overall customer engagement at each touchpoint along their journey.
- Identify customer behavior
CX Analytics enables you to have a new perspective on what drives your consumers, and their decisions and actions when they interact with your brand and the products or services you offer. Understanding the motivation behind their actions can help you to identify new touchpoints, boost product innovation and optimize your marketing campaigns to enhance engagement as well as conversions.
- Stay in touch
Maintaining communications channels with your customer base is crucial to CX Analytics and to enhance their engagement with your brand. Customers expect you to contact them via email, social media ads, and customer reviews. This provides your brand the opportunity to analyze its data and offer them personalized experiences; ranging from emails wishing them their birthday, to discount coupons on items they may have shown an interest in. Everyone wants to feel special, and knowing your customer is the best way to deliver on their expectations.
Enhancing CX through Customer Journey Analytics
Customer Journey Analytics is the tracking and analysis of the interactions and communications between a brand and its customers. Similar to CX Analytics, it enables you to better understand your customer base, but with a focus on customer journeys.
Customer Journey Analytics can help you improve CX by:
- Identifying CX obstacles
Once the journey has been mapped out, it becomes easier to identify the obstacles to seamless customer engagement, helping you to optimize the touchpoints for boosting customer engagement, while keeping in mind the overall retail experience.
- Personalizing Customer Journey
Customer Journey Analytics is a great predictor of customer behavior and current market trends. Two factors go hand-in-hand in optimizing marketing campaigns and personalizing retail experiences.
- Measuring revenue impact
Customer Journey Analytics will enable your brand to bridge the gap between customer behavior and tangible business outcomes. A study by McKinsey finds that effective Customer Journey Analytics increases a brand’s digital activities by 25% and enhances sales conversions by 35%.
- Prioritize Initiatives using NPS
NPS or Net Promoter Score is a simple metric for measuring how likely a customer is to recommend your product or service or the brand itself. The NPS score varies with industry and offerings, but it is a strong indicator of average spending, customer retention rate, and customer lifetime value, which are all key business metrics to consider while improving customer experience and overall business operations.
We at Course5 Intelligence were able to help one of the largest global retailers analyze their Search data set, and identify the reasons behind the consistent month-on-month negative Search NPS. We helped them analyze their customer journey, resolve the roadblock, and get their NPS and overall customer experience back in the positive direction.
Benefits of CX Analytics
CX Analytics does not just help you improve the retail experience you provide your customers, but it also benefits employees within your brand. Some are as follows:
CX Analytics can help identify very specific features that a product or service may be lacking that are currently in high demand in the market. These can be added to product development initiatives by top executives making important business decisions based on CX Analytics data.
These officials appreciate and understand the importance of offering exceptional customer experience and how it influences every business KPI. And it is only with reliable CX Analytics data can truly deliver high-end customer experiences at every level of the business.
- Call Center Agents
Having direct contact with customers, CX Analytics helps these agents access predictive analysis and real-time reporting, to alter their approach, make recommendations and take decisions on the fly, to help the customer have the best experience while engaging with your brand.
Customer Experience Analytics is currently one of the most sought-after analytics solutions by organizations across the globe, with brands striving to improve marketing campaigns and provide the best retail experience possible. CX Analytics helps you look beyond quantitative metrics and connect with your customers personally. Only when the understanding is clear can your brand hope to meet the expectations of customers and in turn be able to observe profits and tangible returns.
Get in touch with a customer analytics service provider, such as Course5 Intelligence, where our CX Analytics solution helps brands measure and improve customer interactions across channels, enhance visibility across the entire customer journey, reduce customer churn, maximize ROI, and boost customer lifetime value. The solution from Course5 offers a comprehensive API library for curated data sets, a robust NLP engine for my unfiltered data, and a proprietary ontology framework for enhancing the NLP engine. The solution also comes with visual maps for a holistic view of the entire customer experience. Let us help you help your customers have the best experience possible.