What Is Customer Experience Analytics?
Customer Experience Analytics – Definition
Customer experience analytics is the systematic examination of a company’s customer data to understand the customers, their pain points, and their experiences which will, in turn, give you the confidence to update and optimize existing customer experience solutions.
Customer experience analytics provides useful insights that enable brands to make data-driven, informed decisions that could enhance the shopping, care, and service experiences of their customers. Furthermore, the data gathered will aid in the development of optimized marketing campaigns, Go-To-Market strategies, product creation, and more.
Many companies hit a roadblock when it comes to getting real insight from customer experience due to poor systems that do not help in gathering and processing customer feedback.
What if I told you how I felt about a pizza’s taste without ever eating one? You’re not going to trust me if I told you. Similarly, without looking under the hood, we can’t say how well our customer experience plan is performing.
Taking a closer look at customer data allows marketing teams to determine whether or not their strategies are successful. They are left to work under the presumption that the team is on the right track without it.
Customer experience analytics is a form of customer experience technology. An organization can only use the true power of customer experience analytics to boost customer experience if it has the right technologies. To conduct customer experience analytics a company should have access to real-time customer data to resolve customer problems.
Benefits of Customer Experience Analytics
Customer experience analytics offers valuable consumer insights that enable brands to make data-driven, intelligent decisions, potentially enhancing the customer experience. Furthermore, the customer data gathered will go a long way in the development of successful marketing campaigns, market strategies, understanding competition, and product innovation.
For example, one of the top banking brands used customer experience analytics to adjust their strategies so their stakeholders are able to make important decisions based on customer data. The consumer experience analysis results for the bank were astonishing and they were surprised to see how customer priorities were changing month on month.
The top customer priorities of the first month had changed drastically within a span of 1 month. Surprisingly the ease of UPI payments which was the second top driver in the first month was no longer a priority in the second month. Continuous tracking of customer experience was important for the bank to focus on the right priorities and shift away from priorities that no longer had the same importance for customers.
For a long time, the bank was performing well on interest rates as it offered one of the best interest rates. But when it made certain changes to interest rate, it was tracked quickly by the bank using customer experience analytic. Within a month the bank noted the change in consumer behavior as the customer feedback came back sharply on the changes.
Thus the bank made several changes based on the customer experience analytics. The search for a better customer experience is never-ending, not only for the benefit of your customers but also for the benefit of your company.
Customer Experience Analytics Solutions
So far, we’ve gone through what customer experience analytics is, why it’s relevant, and how to use it to your advantage.
But how do you go about conducting such a thorough and effective investigation? Not every business has the financial means, resources, and skills to pursue such a project.
And this is exactly where Customer Experience Analytics Solutions come into the picture.
A customer experience analytics platform is used by businesses to gather, process, and analyze humongous customer data, and using artificial intelligence converting it into actionable insights.
Customer feedback is the backbone of such a CX analytics platform. Customer data is available either online sources or through the internal data maintained by the business. These CX analytics solutions can monitor a host of data sources and are not limited to a defined set of sources.
Online data sources supported are social media, eCommerce websites, review websites, blog comments, domain-specific sites, and peer-review forums. These platforms have self-learning algorithms that can analyze customer reviews and segregate based on the positive and negative sentiments as well as identify the market trends.
As a result, the CX analytics platforms will offer highly accurate and granular analysis of customer reviews used for making highly effective and data-driven marketing decisions thereby taking the company’s image to new heights.