5, September 2017
Each time you visit a restaurant, what matters the most to you? Is it just about the food? Or the service? Perhaps, you are a stickler for the logistics behind the process of eating out.
For instance, how long does it take you to pick a restaurant? From narrowing down a restaurant and factoring its cuisine preference to the location’s proximity and the estimated bill amount. A lot of these factors are often taken into consideration. Although, these seem like siloed interactions, when tied together using big data and analytics – it connects the dots to map your interaction journey with the restaurant.
What is Customer Journey Analytics?
Gartner defines journey analytics as tracking and analyzing the way customers use combinations of channels to interact with an enterprise and covers all channels which interface directly with them. It combines all the events in the journey from the customer’s point of view.
Journey analytics is used to discover and understand individual customers through real-time data for offering personalized experience. The derived insights can also help you determine critical customer journey and identify opportunities to sharpen your business goals.
Journey analytics vs Journey mapping
The journey map is a visual representation of an individual customer’s step-by-step engagement with your enterprise on email, chat, branch, message, voice or any other touchpoint over time.
Customer journey analytics and journey mapping take very different approaches even though they share a common goal – customer satisfaction.
For instance, restaurants use approaches like the feedback form to track customer satisfaction. The foundation of measuring immediate experience, they get a definite opinion from every individual which can be compared alongside other forms to form a bigger picture.
While a journey map tracks an individual customer’s engagement with a brand, journey analytics is based on big data of individual interactions.
In comparison with the micro customer journey map, journey analytics is a macro journey. It empowers your enterprise to identify the most significant paths of a large group of customers from a wide variety of paths that they take across a multi-channel ecosystem.
Unlike journey maps that can be seen in real-time, journey analytics are time-based and allows changes in the journeys to be seen over time. This allows CX professionals to engage customers in the future based on behavior through the best possible channel, and in a personalized way.
1) Pace of real-time insights
Enterprises are moving from a gradual and siloed approach to a more centralized and efficient system that combines all elements of the customer journey in one environment. To bring together a real-time context, previous journey and purchase information along with immediate insights in one single window, will increase experiences of pleasing customers faster.
2) Increasing competition
Reaching out to prospective customers through the channel of preference, at the right time, ensures higher conversions. With journey analytics, it becomes easy to unearth the high-impact journeys in a purchase. Information on product preferences, lifestyle patterns, and behavior can be used as a foundation for acquisition campaigns.
3) Personalized service
Journey analytics helps enterprises like you identify cross-sell/upsell opportunities. By triggering timely communication, it can help increase the revenue per customer. It also helps to uncover the highest impact segments to grow revenue and identify places of strategic enhancements to reduce costs and boost sales.
4) Speedy interactions
Journey analytics is the most predictive form to gauge customer satisfaction. It determines specific blind spots in the journey that can improve overall experience.
5) Integration of touchpoints
Using customer personas, channel preferences, and other factors, journey analytics can help predict behavior, understand preferences, and recognize which actions work best in any situation. This allows enterprises to build an effective content strategy to reduce churn by identifying and engaging with at-risk customers.
Gartner research predicts that in the next three years, 60% of digital commerce analytics investments will be spent on journey analytics. And traditional analytics and reporting methods are moving to real-time behavior-driven engagement reports with improved customer experience.
So the next time you visit a restaurant, you know it won’t be just about the food or the service for you, but also about the interaction journey.
Similarly, for enterprises and CX professionals, the importance of customer experience will only continue to grow and journey analytics is a powerful weapon that your enterprises can use to keep their customers loyal and happy.