Wouldn’t it be splendid if you could just know what your consumer wants at any given point in time so that you can serve it right up front on a platter? Hear us out, we’re not talking about crystal balls or fortune-telling. We’re talking about data. And in this era, data is perhaps the most important asset you can have if you want to succeed.
A Forbes Insights survey of 357 executives of large organizations found that the benefits of progressing to data-driven customer experiences (data-driven CX) are comprehensive, including improved revenue generation and enabling cost reduction. Data-driven CX is also crucial for fast-tracking process efficiencies and quality improvements. Data-driven CX enables organizations to better target and optimize for specific customers, as well as to deliver consistency and context across various channels.
According to Forrester predictions for 2020, organizations will find themselves in a vulnerable position if they do not learn to leverage customer insights and quantify the business impact of customer experience (CX) initiatives.
The point here is that Big Data is critical in creating the personalized experiences customers have come to expect. With increased investment in smarter CX tools powered by artificial intelligence (AI), machine learning (ML), and advanced analytics that help businesses understand customers, it has become clear that data analytics and data visibility have become an inseparable part of businesses worldwide. They take out the guesswork and provide accurate information about customer requirements, pain points, objectives, and interests, creating complete and comprehensive visibility into the purchase process.
What to expect in a post-pandemic world?
Understanding consumer behavior has become more difficult ever since the COVID-19 pandemic hit us like a wrecking ball. This unprecedented situation has prompted drastic changes in customer purchase patterns and experiences. It has also posed a huge challenge before the business community on how to navigate these troubled waters and deliver exceptional customer experiences.
After the pandemic hit, most businesses moved online and have been since charting unfamiliar territory. It has become difficult to predict customer demand patterns. For example, has there been a change in customer attitudes towards in-store shopping? If yes, how drastic are these changes? Are these temporary or permanent changes? These are questions only relevant data can answer.
COVID-19 forced businesses to become more digitized, which means the amount of consumer data available has increased exponentially in a very short time. From data about mobile app usage and location data to chatbot interactions and social media feeds, the data is enormous. That combined with data from phone calls, transaction histories, chats, email conversations, and more have made it almost impossible to derive insights that really matter.
Breaking through the data silos and delivering value with data-driven CX
Gone are days when marketers could concentrate on one stage in the sales funnel or focus on one area like lead generation or email marketing. Marketers today, especially in the pandemic-ravaged world, don’t have the same luxury. It’s essential for all customer-facing teams to have a unified understanding of a customer’s journey to ensure a consistent end-to-end experience.
Key questions businesses need answered.
Can data analytics and visibility of data optimize their internal processes?
Does data analytics offer comprehensive visibility into day-to-day operations?
Can data analytics help reduce risks and transform customer experiences?
The answer is yes! Data analytics provides real-time situational awareness and customer experience monitoring. When problems around quality service emerge, they move through the customer experience at a large scale quickly and definitively. With the power of end-to-end traceability of parts through the supply chain, in and out of global warehouses and customer sites, businesses can utilize vast amounts of historical and real-time service parts data to ensure this doesn’t happen.
Furthermore, predictive analytics can be leveraged to improve the daily operations of large product volumes. With real-time and historical data on customer purchases, future sales can be predicted quite accurately. Predictive analytics also narrows and personalizes products focused on the customers’ needs. It helps detect risk and provides insight into new product categories.
While we’re discussing data, it’s important to note that not all data is relevant. Data hygiene practices need to be in place to get only relevant insights. This will involve purging all bad data from the CRM, automating data cleansing and removing duplicate records, and integrating data across departments to create a single, unified view of customers.
Data analytics can analyze all available customer data, including objectives and important life events, to provide customers with a highly personalized journey. With complete customer journey maps and customer tracking capabilities, businesses can ensure customers are always being guided along the path to better experiences and personalized interactions.
The bottom line
Data analytics may not always have all the answers, but the right tools can help your sales and service teams go a long way. AI-powered data and insights have changed the way brands connect with customers, making it easier to create tailored experiences and nurture long-term relationships.
Monitor Pro helps you navigate the complex data landscape and delivers valuable data that helps you create superior customer experiences. Data-driven customer experience is key to getting ahead of your competition. A combination of factors like organizational readiness, open data, and well-refined composition of people and processes are crucial to delivering superior and highly interactive customer experiences and Monitor Pro helps you achieve exactly that.
Need more information about what Monitor Pro can do for your business? Book a free demo with our team and find out!