Customer Experience (CX) can be seen as a paradox. It is something that all companies have to deliver yet it is also looked at as a powerful differentiator that makes one stand out from the rest. Considering the generational mindset these days, brand success lies in creating an experience that is proactive, personal and purposeful. As CX has become a core business strategy, how do you really engage your customers? Are customer insights the special sauce you need to sweeten (or spice up) their experiences?
Well, here’s another paradox for you. The answer is very simple, yet extremely complex. You need to understand their expectations and then, you should deliver on it. But as the saying goes, “knowledge is half the battle”. Here is what you can be sure of, though. Customer insights is not just a powerful catalyst that can get you to the hallowed grounds of superior experience, in these fast-paced digital climate – it is a survival kit as well.
Most organizations have access to mountains of data based on past purchases, trends, interactions, behavioral patterns, and user needs. However, they don’t always know how to harness true value from it. But, with insights from multiple sources, you can share, analyze and work together to offer a seamless journey for your customers.
Why are customer insights so important?
The goal for any organization is to turn customer data into service, sales and marketing insights.
They are the Eureka moments that you can use as sources of engagement to run targeted marketing campaigns, and social posts. This will be helpful in improving operational efficiency and building a strong user base.
With customer insights tools, you can:
- Focus on what’s working for different demographics
- Ensure faster problem-solving and decision-making
- Better understand customer wants and expectations
- Refine CX at specific touchpoints to drive growth
- Build better connections
- Build better experiences for your customers and prospects
Collecting and analyzing insights from various customer touchpoints gives companies a clear picture of how their brand is perceived. While it bridges the gap between prospective customers and attracting new ones, it unlocks the power to deliver the experience that they are often craving. Therefore, it is essential to deliver a consistent and seamless CX at the right place, the right time and with the right message at every step of the lifecycle.
The four Ps of customer insights
During every interaction, a customer leaves a footprint. This may include website visits, social media interactions, calls to contact centers or email exchanges. This information is collected in a database which becomes an integral part of its experience ecosystem.
Here are the four ways to use insights and transform the way your brand is seen in the future:
Personalize experiences: Create an emotional bond
Automation has taken over how businesses run both on the B2C and B2B end, nonetheless, customers of today expect an element of human touch in all of their interactions. A report by the Journal of Consumer Research shares that more than 50% of an experience is based on an emotion as they shape the attitude that drives decisions.
Emotions play a major role in a brand-customer relationship. With a holistic view, you can understand how they feel, track their preferences and deliver a highly-personalized experience. According to Forbes, more than 85% of mobile marketers are successful because of personalization. This leads to higher engagement, revenue, and conversions.
So, if you wish to create that personalized service, move away from that one-size-fits all approach and connect with them on an emotional level to win over their loyalty.
Proactive monitoring: Identify areas for improvement
The metrics of measurement is crucial for interactions to evolve into more meaningful conversations. For example, extended email conversations or longer average handle times may indicate issues that need resolution. The questions that arise might include, are agents well-trained to handle issue resolution? Are there delays when accessing CRM or toggling between different systems? Can supervisors be contacted in case extra help is necessary?
To continually improve the existing experience, it is critical for companies to listen to both the customer and employees to detect the pain points within the journey and develop solutions to overcome them. It could be small corrective measures like updating self-service FAQ’s on a website or hosting videos that resolve simple but repetitive problems. This could be the difference between losing and retaining a loyalist.
Preempt actions: Develop new opportunities
Using the big data and analytics engine, you get a 360-degree view of the customer’s journey. With this single view, you can address and analyze the data from all channel applications and deliver Next Best Actions. For example, introducing a point-based loyalty system to target a new audience.
In order to increase the chances of introducing the product line to customers, a cross-sell or upsell strategy can also be fit into the rule engine. Determined based on insights, the products can be arranged according to an optimal pattern of product associations. This will lead to an increase in the number of purchases per visit. For example, while making inquiries for hotel bookings, a pop-up can prompt a list of places to visit in that city.
Predict: Fix issues before they happen
In the digital world where everything is recorded in real-time and mishaps happen in split seconds, it is important to stay cautious about delivering an unpleasant experience. Through customer insights tools, you can spot and fix those problems.
For example, if agents are receiving frequent calls on a product bug, the machine learning engine can quickly identify the problem across the calls log and raise an alert to investigate the problem and release an update to rectify the bug. Alerts can also be raised for machinery that are showing signs of wearing out or that require the attention of technicians for a fix before it begins to create quality control issues.
Turn customer insights into perfect experiences
The value of experience is rising. Corporate giants are revolutionizing how they handle customers experience by jumping onto new technologies as and when they emerge. Likewise, users are comfortable interacting with brands at their own pace and within favorable environments. With real-time interactions carried out via self-service engines, and artificial intelligence platforms like chatbots and virtual assistants, the demand for the perfect experience has elevated.
As customers are spoiled for choice, it is necessary that companies are always on their A-game because a poor experience is enough to drive away even their loyalists. And customer insights simplifies this process. It helps them think like a customer and find the right fit by adapting strategies to changing expectations, even millennials. Thus, you can deliver breakthrough CX today, to stay relevant tomorrow.
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