Businesses have access to more data than ever before — and the sea of data is only getting deeper. To be honest, it can be overwhelming. There’s a stampede of data coming at you and you need to lasso the right points that will actually make an impact … but you’re not always sure where to aim.
Data analysis has become paramount. The global data analytics market is expected to skyrocket from $41 billion in 2022 to $346 billion by 2030. And 65% of nearly 3,000 marketers surveyed said that improving data analysis was a “very important factor” in delivering a better customer experience.
In the wild west of data, how can brands harness the power of analytics to make tangible improvements to the customer’s journey?
Here are four ways companies can leverage data to enhance the customer experience.
One of the challenging things about using data is that numbers alone don’t tell stories. Data can be powerful, but without a narrative, it’s just meaningless numbers.
Customer journey mapping is gaining popularity as a valuable visualization and storytelling tool. Mapping out the touchpoints of a customer’s journey helps you to see where you’re delighting customers, and where your customers might be experiencing friction.
When you marry your customer journey map to data, you have the story and the proof. Tying customer behavioral data to every touchpoint on your customer’s journey helps you clearly identify opportunities for improvement and track your progress. You’ll be able to clearly see which efforts are helping you achieve your goals.
We know that consumers are more engaged when they receive personalized service. Experts at McKinsey say that personalization can lead to up to a 30% uplift in revenue and retention.
It’s not enough to put [FNAME] in an email anymore. Consumers want every interaction to feel personalized to them. And that takes data — data that you probably already have. Some business leaders search for the perfect tool when they may already have what they need to provide exceptional, personalized experiences.
Start with what you have. How can you leverage the data you already collect to tailor various interactions on the customer journey? For example, if you already have your customer’s demographic information and transactional history, you can start uncovering rich insights that help you understand your customers at an individual level.
When it comes to data, sharing is caring … and rewarding. According to Gartner, leaders who share data externally generate three times more measurable economic benefit than those who do not.
It’s not uncommon for multiple departments to be tracking similar data. When internal processes are siloed, not only can it waste time and resources, but it can yield a clunky customer experience.
By unifying data, there’s greater visibility across departments. Everyone can see how their efforts affect the customer experience, and collaboratively work together to improve it. A cohesive, unified internal team makes for a cohesive, unified customer experience.
Customer service is often reactive, but today’s top brands are increasingly proactive in their approach. By using machine learning and predictive analytics, you can anticipate customer needs and prevent problems.
While privacy is a growing concern to consumers, they’re OK with you using their personal data if it means a better experience: Nearly 70% of consumers want predictive analytics to be leveraged to send them communications at the right time based on expected needs.
In the past, we’ve used data to reflect and improve. Moving forward, we also need to leverage data to predict and prevent. This is the path to earning and retaining customer loyalty.
Register for our upcoming webinar where Sumita Mullick, Vice President of Customer Service and Operations Analytics at Wellmark Blue Cross Blue Shield, will discuss the value of mapping the customer journey. You’ll learn why it’s critical to review and improve the end-to-end journey, and how to identify growth opportunities that move the needle.
Register now: Why customer journey mapping matters more than ever