Customer Journey Optimisation - essential for brands of all sizes
Any business that uses analytics will have the capability to optimize its performance across every instance of customer engagement, and enjoy success. And those who do not use analytics, fall far behind.
With analytics, businesses see an 84% customer retention rate compared to 53% of those that do not use it, a 1% year-on-year improvement in customer satisfaction rate compared to -6.6%, a 4% year-on-year growth in annual company revenue compared to -6.1% and an 8% year-on-year improvement in average customer profit margin compared to -7.5%.
Needless to say, it is very important for a business of any size to optimize customer journeys. Their experience has to be personal, seamless and relevant. New research shows that over 50% of customers will happily walk away to another brand if they are not happy with you. Customer data-driven insights play a vital role here.
But how do you do this?
You create a unified single view of the customer –
this is the first, basic and fundamental step in the customer journey optimisation process. By doing so, businesses can understand why a customer buys, can know about their interactions with the Brand and understand how customer behaviour will drive their future actions. Brands can then target their customers better and engage with them with relevant communication/ messaging.
You derive insights from customer data and use that prudently –
through data analytics, data modelling and language processing, it is possible to derive insights about customers to a very large extent. This can aid lead generation, prospect marketing, sales pitches and ultimately conversions.
Big data and Artificial intelligence gives marketers the great opportunity to analyse customer transactions based on data from millions of sources and derive usable insights at exactly the time when they need them. It also gives them the simple solution for acting on this information that they have got. This comes in handy while creating communication for each customer at all the various points of interaction.
There is a huge difference between sending customers relevant offers and communication and sending them information about irrelevant products or services. Worse is to send them communication that is intrusive and not really welcome. All this can create a poor brand image, put customers off and even increases churn.
But when the right product or service is presented to them at the correct time, through the channel of their choice and preference, there is a world of difference. It creates loyal customers for the brand.
Consistent Messaging Across Channels –
it is very important that the communication is consistent across all channels and touchpoints. This is a basic pre-requisite of any customer who would like a uniform, standard and consistent messaging/ communication across all the channels they use to engage with a Brand. Any inconsistency here can create a poor image of the brand and affect the trust customers have in the business. Which is why it is essential that all communication is unified and consistent.
The use of Predictive analytics and data modelling is essential. It studies customer behaviour and analyses it based on some key parameters. So it is possible to anticipate and predict future behaviour based on the past, and plan marketing communication. This is most effective and can produce a high ROI.
Assists Sales in their Pitches –
the relevant information about customers and prospects in the hands of the sales team can really help them as they engage with them, helping them to convert them. This increases conversion rates and helps sales.
At the end of the day, capturing data alone is not enough. What you do with the data is what matters. When you have all the information about your customers in the palm of your hand, it is up to you to make use of it and tap into it for your advantage.