Customer Experience is one of the major factors that attracts or deters customers from your business. It has the potential to help your brand stand out from the rest and gain leverage in the competitive market.
A great CX program stems from a thorough understanding of your customers. It is only by understanding their emotions, behaviors, and preferences that you can deliver a service that matches their experience. How can you do it?
In this digital age, both real-time and delayed customer data offer a treasure trove of information about your customers. Data analytics is the best way to gain useful insights about your customers and improve your CX program.
Here are some ways your business can benefit from data analytics!
1. Understand and Improve Your Customer Emotions
With data, it’s possible to understand how your customers feel when engaging with your brand. By doing so, you can understand whether your business is in a positive or negative perception in the eyes of your customers. More importantly, you can identify factors that evoke negative emotions and take the necessary steps to fix the issue.
The best metric to use here is Emotional Value Index (EVI®), which measures emotional experience. It can be used throughout the customer journey on both micro and macro scales. Analyzing EVI® data can help you identify where customers feel upset, angry, sad, or frustrated and fix it. The motive here should be to evoke emotions that make customers fall in love with your brand regardless of whether or not they purchase the product on the first visit.
2. Gain Near-Accurate Predictions
With big data and effective analytic tools, businesses can keep up with the rapidly changing landscape of CX. You don’t have to rely merely on customer feedback. Using analytic tools, you can gather real-time data on customer behavior based on their engagements with the brand. You can use a multitude of channels like mobile apps, social media, websites, online forums, etc., to track data.
The predictive analytics based on data gathered this way will help you identify future trends, changes in consumer patterns, and evolving customer demands. Making strategic business decisions and aligning your customer experience program with changing customer needs is easier this way. Data keeps you updated about your customers and connects you more closely with them. It also provides useful insights into the market and helps you utilize new opportunities. It offers untapped potential for your brand to grow!
3. Offer Personalized Experiences
One of the best ways to delight customers and improve their loyalty is by offering personalized experiences. By automatically tracking the customer’s purchase history, purchase size, purchase frequency, and most viewed products, businesses can offer tailor-made services for each customer. You can monitor social media and use surveys to understand their preferences further.
Using such data, you can provide what’s relevant and appealing to each customer, helping them save time. You can also offer discounts, bundled offers, and other incentives that benefit them. At the same time, use EVI® to determine if they are satisfied by them. A personalized experience is how businesses can reward the customer in return for the valuable data they provide you. Your customers will feel more connected to your brand and might even recommend the products to others.
4. Ties the Impact of CX on Business Outcomes
Finally, data analytics help you make useful correlations between customer experience and organizational goals in terms of revenue, growth, and brand equity. It helps you understand how positive CX contributes to higher revenue, higher customer retention, and improved loyalty. For example, you can compare EVI® survey results with sales and understand how happy customers can increase your profits.
By understanding your customers through CX data, you can optimize revenue generation and achieve a higher growth rate. At the same time, analytics also help you learn about the pitfalls in your CX program and how they impact business outcomes. By fixing such issues, a brand can streamline the path taken by their customers and evoke positive emotions.