Increase Customer Value with Analytics.
Customer data increases customer value.
Without analytics, you are shooting in the dark and hoping your actions will impact the bottom line.
Analytics doesn’t just have the ability to improve sales.
It can also improve and refine customer satisfaction across all channels of marketing without unnecessary risks. Good data can tell a business what needs to be improved.
What is customer analytics?
Customer analytics or customer data is the collection and study of customer information and behaviour. This data is translated into those insights and ultimately future profit.
Why measure customer experience?
Analytics helps us predict what customers need in the future and how you can achieve this. Ultimately this results in customer satisfaction. Customer satisfaction predicts a companies future because it leads to customer loyalty which results in long-term revenue.
A website that does not satisfy a customer will not survive.
Which customer data should l collect?
Consumer data is very easy to collect. The challenge is using this data to predict future customer behaviour which will positively impact on the bottom line.
The entire point of customer data is to minimise risk and maxmise long-term profit. Successful companies are the ones that make investments on good data that will return the best outcomes. Focus on customer data that has strategic value and action the results.
The inability to find useful data within a pool of data will lead to bad decisions. Companies must ensure the collected data provides reliable, actionable and predictive data.
Customer behaviour data is useless without customer satisfaction data
Behavioural data can be very misleading. It is important to measure both behavioural data with customer experience for positive decision making.
One of our clients relied entirely on paid ads. It was leading them to bankruptcy so the entire website was overhauled. The new site went live and the data collected over a few days showed a dramatic drop in revenue.
The company wanted to revert back to the old business model.
However, a positive result can only be justified by looking at both behavioural data and customer satisfaction data.
When we looked at customer satisfaction data it was obvious that users were happier with the new site.
Loyalty rates increased which resulted in a long-term revenue even though in short-term displayed a clear fall.
Over the period of 2 months, the long-term value impact on revenue was far greater than the short-term dividends we saw in the first few days.
What is Real-time customer analytics?
It is a real-time algorithm system that can adjust pricing, upsell, and offer competitive pricing strategies based on user behaviour and market climate.
Price comparison websites such as Expedia, Compare the Market, Airline websites use Real-time customer analytics. The response to such technologies is leading to growth in more contextual engagements across the consumer cycle.
Collect customer experience data from mobile
Mobile device is the second most popular platform for consumers. It performs nearly all of the same functions as a laptop or desktop and has entirely changed the customer experience world.
Unfortunately, most companies neglect their mobile channel and do not collect customer data from them in the way they should.
Mobile is a customer channel of its own. The mobile customer experience is entirely different from the desktop journey. For example: Content is king on a desktop but Context is king on mobile.
The biggest error businesses make on mobile is the strive for a conversion event.
The aim of the mobile channel should be to provide the dots for the customer to connect. The experience from the mobile channel leads to the conversion on another channel.
Companies are often too focused on making a conversion on all channels not realising their site is an entirely different experience for the user on different channels and it might be completely inappropriate.
How to measure customer data in a multi-channel world
It’s important for companies to understand that customer experience is different in all the channels their customers find themselves in.
For example: desktop, mobile, physical store, social media, online chat, facebook.
There are so many avenues that a company can market their brand. The problem is the quality of the brand across all channels is not consistent due to lack of resources. Especially the customer experience.
From a consumer perspective they only see ONE brand regardless of what channel they meet your brand on.
Therefore every channel must deliver a customer experience that lines measures to the object of the global brand.
No channel should have a ‘channel’ specific brand. Companies often forget this and their brand suffers as a whole.
Treat each channel your brand is featured on like it is the only channel your company advertises on.
It’s okay not to be on all the social media platforms. So only be present on channels that are bringing in profitable outcomes.