Why Analytics is the New Way Ahead to Better Customer Engagement

Analytics-and-Customer-Engagement.png

The everyday evolving customer expectations with brands is increasing with the availability of services at your doorstep. Today’s omnichannel customer service has enabled organizations to capture, consolidate, and analyze interactions. In order to survive the competitive environment and outshine in all respects, brands need to constantly build new strategies and strive towards betterment.

This arouses the need for serving customers with with level par excellence at each stage of the customer journey.  One of the ways to provide excellent customer service is by knowing the in and out of your business. At present, analytics in customer service determines the future of a business. The compelling reason for using analytics is to evaluate the ongoing and future trends & patterns of customer behaviour.  

Analytics in customer engagement is the best way forward for businesses to gauge predictions as it helps in better approaching customers. In the digital age, the time has ripened for business models to apply predictive and real time analytics in transforming the way customer service departments work.

Here are a few ways in which right analytics can strengthen customer engagement model for businesses:

Categorize Buyers: In today’s cut throat competition in business environment, it is necessary to understand the needs and requirements of customers. Creating ‘WOW’ experience is a difficult task but once you know your buyers like nobody does, it will help your business to achieve the desired goals. Segmenting buyers on the type of trend and behaviour being followed provides one with the flexibility to cater to the demands of customers. Organizations can begin with setting real time goals. They can also use customer service software solutions to capture speech and text interaction. The recorded data further provides insights to go beyond the traditional customer service programs. This develops a granular understanding of segment behavior, needs and expectations, buying preferences, and opportunities to attract new and existing customers

Reduce Journey Cost: Analytics in customer engagement acts as a cost cutter and is usually used to increase revenue and profits. Businesses use analytics to improve their efficiency with optimized cost at each level of interaction. With the help of customer engagement technology, organizations can design their churn modelling strategy and can then take smart decisions on the type of discounts and offerings to be made. For instance – there is no point wasting time in building extensive retention offers for the customers, who you know will not stay anyway.

Personalize Engagement: Organizations can optimize customer service by personalizing interactions at each level for stronger customer engagement. Brands can develop deep insights from buying behaviour and different campaigns by analyzing the real time data gathered through different sources. These insights can be further used to create personalized offerings to customers depending upon their needs and requirements.

Measure Omnichannel Performance: The real winners of omnichannel customer experience are those who begin with measuring their customer service effort with the amount of satisfaction gained at each level by customers. With analytics captured through the customer engagement technology, organizations can measure the weightage of the most popular or convenient channels being used by customers to communicate with a brand. For instance: Customers that have busy schedules mainly opt for email or social media to communicate with the service department instead of communicating through phone calls. Once the brand is aware of the most popular channel being used on the basis of requirements, they can design their customer engagement strategy to ensure optimal utilization of each channel involved.

Build Ongoing Relations: Every customer expects certain level of communication with your brand. With the word of mouth tool, customers have the power to share positive and negative feedbacks about your brand. Therefore, brands need to monitor customer sentiment by boosting their competency in real time analytics which is only possible with the help of customer engagement technology. Building ongoing relations is the key is to maximize sales over a customer lifetime, not just a single purchase. Optimizing conversational strategy with right analytics can help brands in gaining loyal customers over a lifetime.

Impact Brand Advocates: Organizations should always understand the importance and should take good care of their brand advocates as these people influence prospective buyers to purchase from your brand. Brand advocates and influencers can dictate the way in which customers interact with your brand. Thus, it is the duty of organizations to seek for new methods and collaborate with advocates and influencers, to ensure profitable relationships with future customers. Analytics with the help of customer service software solutions can positively provide useful insight and data to engage with them.

Therefore, brands should make a move towards the new business model backed with analytics, to stay ahead of competition.