Today’s customers demand various new things and their purchase journeys have become more complex than ever. Consumers interact with various products and services through different touchpoints, thus leaving footprints. This has obviously made it easier for companies to gather information about their clients.
For instance, if a person walks past a billboard and sees an advertisement for a product, then reaches home and logs in to his desktop, he sees a popup of the same ad. He eventually makes the purchase through a post on a social media platform. So imagine the number of touchpoints he goes through before finally making the decision.
A customer journey is unique, and involves several phases such as acquisition stage, activation stage, adoption stage, etc.
Brands might be missing the opportunity to attract consumers as many of them are unable to connect the disparate interactions. This requires studying consumer behavior in detail. As per a Mastercard-sponsored executive study by Harvard Business Review, 37% of surveyed people said that the inaccessibility to data acts as a barrier to generate actionable insights with analytics.
Companies need to map customer data and weave it together to acquire and retain customers. The customer acquisition and retention processes are way more complicated than in previous decades. The route or the process involves plenty of non-linear touchpoints.
You have to understand that every interaction changes or influences the consumers’ perception of brands and their decision-making. If you do not approach the customer in his or her preferred way, then he or she might end up having a negative idea about your brand or not engage with the brand at all.
To address this challenge, companies are now using sophisticated customer journey analytics platforms to get a clear picture of the customers’ journeys. Brands can now measure and analyze the information that they get by pulling the journeys together.
They can improve customer engagement by studying the data. Customers will also be impressed as they would be approached in a personalized way.
Reaching the customers at the right time through the right channel can contribute to the growth of your business. Companies can identify the journeys that lead to the best outcomes and even understand how these outcomes can be enhanced to their benefit.
Turning Data into Action
Although measuring and mapping consumer journey data is not a walk in the park, it is worth the effort it requires. Brands must take action to gain value from the information.
For instance, brands might discover that their consumers are engaging with new account offers through mobile applications but are not opening new accounts. The company can then arrange a campaign across channels or create new journey parts to influence the customers to take action. There are various ways to boost your business once you know what is missing or what you are failing to provide.
After monitoring the customers’ actions through different touchpoints, brands can test and measure the results. The results can actually help a company take the right steps in order to rectify what is wrong and/or maximise effectiveness.
A customer’s journey analytics and business experimentation can lead to the development of predictive models, which in turn help understand the customer segments that are likely to respond to different offers and approaches. If you need to boost your digital channel, then you need to take the aforementioned steps to attract high-value customers.
If a company sees increasing digital transactions by following customer journey analytics, then they will prioritize reaching out to the right customers through the correct digital channels.
Customer journey analytics not only help in optimizing investments and reducing costs, but it can also help in retaining consumers. By analyzing and studying customers’ experiences, brands can fix the problems easily by identifying the gaps in the approach that they take. For instance, a company may measure call center performance based on customer satisfaction and can attribute low scores to the customer’s last touchpoint. The brand can then take the necessary action to rectify the issue.
If a brand has a clear view of a particular consumer journey, it can obviously see which touchpoint has influenced the customer the most. It could be a poster, a website, or a mobile app. It could also be a live chat. A customer journey can help you identify the cause of low satisfaction level as well.
In short, customer journey analytics help you discover the answer to some complex questions such as:
What is leading to the customers behaving this way? What is the customers’ goal? Will he or she purchase it? Does this journey impact business outcome at all? What other parts do consumers take? These are some of the questions that get answered when traditional analytics approaches fail and you take the help of a single, unified view of the customer.
Customer journey: The bridge between customer behavior and the business
Traditionally, companies have always looked out for ways to boost the customer experience by focusing on some touchpoints and not others. However, this can lead to several misleading results.
In today’s world, customers engage with companies through various touchpoints and channels. By studying how the consumer has reacted to a past offer or an email or their clicks on pages and tweets, you can obviously connect the dots and provide better services to them. It provides the quantitative information that you need to improve customer experience.
Creating Value with Customer Journey Analytics Platforms
To wrap it up, companies can become analytics driven by measuring and analysing customer journey data. They can then take actionable measures to boost their customer engagement level. If you combine customer journey analytics with business experimentation, you can gain insight to critical data which will enable decisions that help to improve the customer’s journey with brands. Using customer journey analytics is vital to increase customer lifetime value, improve customer loyalty, and drive better revenues.
One must invest in customer journey analytics if you want to drive revenues by enhancing customer experience. If you provide them with the right approach and services, potential customers would most likely stay loyal to your brand.