CX Analytics: Unlocking the Potential of Customer Experience Analytics

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Mark is a customer experience professional and sales manager working in a reputed company. Being in a customer-centric role, he handles customers on a regular basis and is well-versed with the aspects of customer experience. Despite knowing the importance of good customer experience, he still is unclear about the results of his customer experience strategy. How can he improve his current situation?

Does the situation above sound familiar? If not, you can be certain there is someone in your company who definitely feels the same way. CX professionals are never satisfied with the level of customer experience they can provide, no matter how amazing they are.

If it makes you feel any better, Mark can easily solve all his customer experience measurement worries using the power of customer experience analytics.

Analytics has a long history. Although its widespread adoption has largely been a part of the modern computing revolution, however, analytics was also used by the likes of Henry Ford during the 1900s. He used the power of analytics to improve quality control in his assembly line. But it was widely popularized in the 1960s with the introduction of decision support systems in computing.

Since then, Analytics has found its way into CRM and ERP systems to provide valuable insights and help make better data-driven decisions. In the modern digital era, Customer Analytics (or Customer Intelligence) is used to better understand customer behaviour and anticipate their future needs.

Define: What is Customer Experience Analytics?

Customer Experience Analytics, or Customer Experience Data Analytics, is the systematic discovery, collection, and analysis of customer data to gain intelligent insights for smarter decision making.

Many companies don’t get any real insights from customer experience measurement. There is always something that holds them back – either poor feedback processes, disjointed systems, or opeartional inefficiency.

What if I told you how I felt about riding a particular sportscar just with its looks? You probably wouldn’t believe me. Similarly, we can’t tell how well our experience strategy is performing without getting under the hood.

Getting a closer look at data gives marketing teams the chance to understand whether their efforts are working or not. Without it, they are left to work with the assumption that the team is heading in the right direction.

We always talk about the experiences we share with market leaders of the industry. But do you ever stop and ponder what’s holding your company back? Why can’t you deliver that level of customer experience? It all comes down to three things – the right people, the right processes, and the right technology.

Customer Experience Analytics falls in the right technology of customer experience. Only with the right technology can a company leverage the true power of customer experience analytics to improve customer experience. To do it right, they need:

  • Real-time reports to resolve customer problems
  • Predict and Forecast business results
  • Create, manage, and report historical business results
  • Proactively implement measures to monitor business KPIs

Benefits of Customer Experience Analytics

To provide a consistent customer experience, it is important not to neglect customer experience analytics. Here are the many benefits of customer experience analytics:

  • Connects the dots and easily identifies patterns, trends and problem causes
  • Empowers the team to visualize the entire customer journey
  • Eliminates guess-work in marketing
  • Can pin point specific interactions and link it back to customers
  • Allows teams to check the effectiveness of their future produc campaigns well in advance by using similar ‘mock’ campaigns
  • Does not consider departmental and interaction silos
  • Takes into account the entire customer journey
  • Facilitates elimination of obstacles in the customer journey
  • Showing how well your analytics is intergrated along the entire journey impresses customers if they are shown insights from their personal usage.

Customer Experience Metrics
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Still stuck on choosing the best metric for customer experience? To effectively track, analyze, and measure CX, it is important to decide on a few CX metrics you’re going to track. You can use a variety of customer experience metrics to measure customer experience, including churn, NPS (Net Promoter Score), CES (Customer Effort Score), CSAT (Customer Satisfaction Score). Defining the set of trackable customer experience metrics is one of the first factors to a successful customer experience measurement strategy.

Using Predictive Analytics in Customer Experience

Many experts believe predictive analytics is future of customer experience analytics. Predictive analytics applies the power of statistical analysis and complex Artificial Intelligence (AI) / Machine Learning (ML) algorithms to customer data to help forecast and predict future business outcomes. It gives the power of analyzing data across multiple channels, and target the right person with the right message at the right time.

How to Design a Customer Experience Scorecard

The hardest part about customer experience analytics is mapping your touchpoints to actual customer interactions. The most optimum way to do this is to create a CX scorecard. It will give you an idea about the most important parts of the customer journey. We actually have a great guide on creating a customer experience scorecard for customer experience measurement.

Do you know the quality being delivered in your contact center? Does it depend on the Voice of Customer and the Customer Journey? If you’re not leveraging the power of an integrated CX Platform, we’ve got you covered with FusionCX – the all-in-one Customer Experience Management  Platform you need in your arsenal to succeed!

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