Enterprises are overflowing with customer data, whether banking, telecom, healthcare or any other industry. With all this information tying them down, currently there are very few possibilities to connect it all together, and Customer Journey Analytics is one of them. It has been about five years since Big Data and Analytics has emerged as a powerful catalyst in the world of customer experience.
Now, Customer Journey Analytics has become a game-changer for enterprises looking to build long-lasting and meaningful customer relationships.
What exactly is Customer Journey Analytics?
Gartner defines Customer Journey Analytics as a way of tracking and analyzing how customer use combinations of channels to interact with an organization, and it covers all channels – present and future – which interface directly with customers.
A completely data-driven approach, it helps connect millions of interactions into customer journeys. It benefits enterprises, marketers and CX professionals to identify opportunities and understand customers at a personal level.
Customer Journey Analytics software makes it easy to plan and strategize the end experience. It acts as a reference that organizations can rely upon while developing operational strategies and setting experience goals. It simplifies personalization of customer interactions by leveraging data sciences to analyze touchpoints.
Before getting to the crux of what Customer Journey Analytics really is, it is important to understand the difference between journey analytics and journey mapping. And how they can be put together to drive superior CX.
Understanding the role of Customer Journey Analytics
For real-time customer engagement, integrating Customer Journey Analytics and Big Data is key. The analytics component should combine advanced analytics, big data technology, and functional expertise. This can help in mapping the customer journeys and understanding the buyer mindset, and the actions each one takes at every step of the journey. With this, organizations get a unified 360-degree view of the customer.
In order to define the customer’s journey, customer’s journey should be clearly mapped, from start to finish. This detailed structure is an informative way of understanding how a customer becomes aware of a brand, and how the interaction progresses across the purchase possibilities.
This pathway strategically allows organizations to put forth ideas and plot the kind of information (how, when and why) that must be supplied to the customer to achieve a purchase decision from the customer.
Here are the steps that a customer’s journey includes:
- Search: User starts on a path by looking for products or services that suit his or her use cause
- Discover: User narrows down the results to a set of services or products that meet his or her needs
- Consider: User then evaluates the short-listed set of products and services based on various factors
- Decide: User proceeds to make a decision on a particular service or product
- Sign up: User moves on to complete the sign up process that is required to begin using the chosen product
- Personalize: User/buyer personalizes the service or product to suit his/her requirements
- Act: User now uses the service or product
- Engage: User spends a remarkable amount of time using the service or product. This is when they try to recommend the service or product within their personal/professional networks
- Abandon: During this stage, User exhibits diminishing usage of the service or product
- Exit: User ceases to use the product or service entirely
Apart from this, customer journey analytics also focuses on servicing the customer throughout the engagement with the service provider. There may be negative and positive behavioral trends that surface during the human-to-system, human-to-human or system-to-system interaction. With the data that is collected during the communication, organizations can calculate – with the help of reporting tools – the right channels and reasons behind the spike of complaints, revenue or opportunities for new customer acquisitions.
Equipped with the knowledge, they can realign functions to deliver superior customer experience across channels, and not just limited to the contact center.
Customer Journey Analytics vs Customer Journey Mapping
On one hand, journey analytics gives a unified picture of customer demographic data based on age, geographic location, types of services availed, etc. The journey map, however, is a detailed visual representation of the individual customer’s engagement on any channel of communication with the organization.
While the two have a common goal – customer satisfaction, customer journey analytics gives the bigger picture as it based on big data of individual interactions.
Unlike an individual or micro customer journey, customer journey analytics is macro by nature. It significantly empowers organizations to categorize customers, for example, on the basis of their ideal way to stay in touch with the brand.
How does Customer Journey Analytics help improve customer experience?
The Customer Journey Analytics software is a marketer’s dream fulfilled. With its support, they can spot opportunities to launch targeted promotional campaigns that can increase ROI and cross-sell/upsell products. This can also maximize the organization’s exposure with personalized and customized communication.
For the contact center
The contact center is responsible for most of the customer’s journey. The heart of day-to-day interactions occurs as interactions where the middlemen are agents or self-service systems and processes from the enterprise’s side.
Contact center and analytics technology have evolved because of omni-channel customer interaction.With this comprehensive view of data that is collected across channels, Customer Journey Analytics is assured to work. It is also a strategic asset to the business.
Once data is analyzed, patterns will appear about the challenges faced by groups of customers face before they complete the journey, or move forward to the next stage. For example, it may show that customers prefer using the website as the primary mode of communication over any other channel.
Data that is collected and stored during these stages of customer interaction are vital to the contact center. With this inferences can be made by connecting the dots and discovering the path and strategy to a productive and positive customer experience journey.
For the enterprise
According to Garner in the next three years, 60% of digital commerce analytics investments will be spent on journey analytics. For enterprises, the importance of CX will only continue to grow and journey analytics is a powerful weapon that your enterprises can use to keep their customers loyal and happy. For the customer
Journey analytics will benefit the customer. Even though there may be hiccups on the way to end of the customer journey, it is with the help of the customer data that those problems will be solved and further help more customers along the way.
Gain competitive advantage with Customer Journey Analytics
Customer Journey Mapping & Visualization
Get a visual representation of every interaction a customer has had with the enterprise, showing every step the customers have taken on their journey. Infused with digital analytics into customer journey map it elevates and enhances the experience.
Integrate Data, Gain a 360 Degree View
Integrate, connect and visualize data from all channels and touchpoints. With it, organizations can classify who the customer is, what they own, what channels they prefer and know what they are trying to achieve, and more importantly their frustrations.
Leverage data to gain actionable and precise insights on what customers are likely to do, what CSAT problems are likely to face, and what campaigns are likely to succeed.
Gain an accurate understanding of the types of products and customer types that are most profitable. From basic transactional insights about who bought what, when and through which channels to what is likely to happen.
Customer Intent Mining
Customers want a personable and seamless experience. One where they don’t need to say time and again who they are or why they are calling. Identify their intent based on behavioral, transactional and event history.
Discover hidden customer journey patterns, slice and dice to perform trend analysis. Tap into trends, and gain new perspectives based on segments, and use multidimensional analysis to improve agent performance.
Customer Journey Analytics allow organizations understand both the quantitative and qualitative data in each step of the journey. While the journey map is essential, it is only one part of the picture. Journey analytics is what brings it to life.
Today, enterprises are constantly thinking of end-to-end customer journeys and how they engage with the brand. Keeping this in mind, it is the perfect time for the enterprises to began investing and implementing a customer journey analytics strategy. With it, you can focus on the highest impact journeys and deliver real-time and personalized customer experinece.
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