How to Leverage Customer Experience Insights to Improve Omnichannel Experience

Every marketing professional in the retail and ecommerce space think they know what their customers want: their job keeps them so close to the market that they develop a lot of instincts about what the customers are looking for. However, in today’s times, that’s simply not enough!

If said instincts are not backed up by the right data, they can turn into useless clues over time.

Capturing the right data at the right time will determine how smart the product strategies can be. It’s especially relevant if one is facing long development cycles. Data defining the customer requirements, what they want and why they shop a certain way may also impact greatly how brands decide to talk to the target audience.

Customer data needs to be turned intocustomer experienceinsights to help marketers imagine their next move to meet the market’s demand, and elaborate the most effective communications strategies. These type of insights are also often referred to as actionable insights, as they are insights that enable you to confidently take action.

In this article, we’ll take a closer look at relevant customer insights (cx insights) and how to measure their impact on your marketing strategy and customer experience.

What is a Customer Insight?

Customer insights refers to all the data a company has about its customers, usually aggregated in one view. We can distinguish different types of customer experience insights and in particular:

• Sociodemographic data which allows to know the objective characteristics of its customers: name, first name, age, gender, country, region, city…
• Transactional data that is to say all data related to customer purchases: date of last purchase, average basket, number of purchases. Tell me what you buy and how you buy, I will tell you who you are: transactional histories are a gold mine for most companies keen to push personalized offers to their customers.
• Navigation data generated by customer interactions on the website or mobile application. The bulk of what is known as behavioral data is browsing data. With the rise of digital channels, behavioral data has taken on tremendous importance and it is more important than ever to understand customer behavior.
• Interaction data is all of the customers’ touch points with your brand such as customer engagement activities like social media engagement or messages, email interactions, customer service, refunds, etc.

The goal of all this data is to gain a better understanding of its customers and to be able to answer those questions: who are they? What are the needs of my customers, customer expectations, their areas of interest, their objectives, their motivations, their level of satisfaction, their preferences? In other words, what are their personas? These are all various types of customer experience insights.

source: speechsilver.com

Customer experience insights can also refer to the strategy itself of gathering customer data and all the processes put in place by a company to enrich, organize and prepare this data:

• The collection of customer data via the various sources (such as a customer data platform) and points of contact of a company.
• The organization of this data and their centralization in one or more databases. When the data sources and tools used by the company are numerous, it is ideally advisable to set up a single customer repository, that is to say a reference base that centralizes, standardizes, and deduplicates all customer data in order to have a unique consolidated customer view.
• Preparation / processing of customer data for use by marketing, customer service software, CRM, etc. (segmentation, scoring, etc) often within a customer data platform.
• Business intelligence (BI), which aims to identify patterns from customer intelligence and generate customer experience insights from the analysis of customer databases available.

An Essential Practice For the Success of Omnichannel Marketing

Customer experience insights aims to strengthen the performance and quality of the company’s marketing & CRM actions. Customer segmentation and the scoring systems that make it possible to adapt the offers and their content, but also to trigger activities upon customer profiles, levels of maturity, needs, customer expectations, and motivations.

Customer experience insights is key for a smart personalization and targeting of the customer relationship, as opposed to traditional mass marketing-which consisted in distributing the same campaigns, the same messages, the same offers to the same people and at the same time.

They play an essential role in the construction of relational programs & scenarios. By relying on customer experience insights, you’ll be able to set up a more relevant customer dialogue, to adapt the messages, the moments and choose the right channels for the dialogue to take place with each customer. This will result in a positive customer experience generating greater adherence to your brand, more customer retention, longer lifetime and customer satisfaction.

That’s why customer knowledge must be a priority. And this is especially true in the case of e-commerce businesses where digital channels are at the fore to promote and deliver the message and the service.

On the one hand, unlike offline channels, online channels make it easier to collect more customer data – in particular the behavioral data we were talking about earlier. On the other hand, the possibilities for personalizing campaigns, messages and offers are greater on digital channels.

BI Can Help Making Sure You Are Doing It Right!

Getting better customer insight is a great way to improve customer experiences as you’ll get a better understanding of what matters most to them. That’s the impact that we will focus on.

Customer experience is the impression you leave on your customers, which translates into how they perceive you as a brand, and which ultimately creates brand and customer loyalty.

Let’s go over the top metrics you can use to measure your customer experience and how much your customer experience insights have impacted the picture.

4 KPIs for Meaningful Customer Experience Insights to Improve Customer Experience

1. The NPS Net Promoter Score

One of the primary methods of measuring customer experience is the calculation of the Net Promoter Score (NPS).

The Net Promoter Score is a customer satisfaction criterion that measures the likelihood that your customer will recommend your business to a loved one. Your NPS lets you know the percentage of customers who like, are neutral, or aren’t fans of your brand.

Source: trustmary.com

To calculate this percentage, you will send customer surveys and ask them how likely they are to recommend you to a friend, on a scale of 0 to 10.

With this score, you can instantly tell how many customers are happy enough with their experience to become your brand ambassadors. Once you have this information, you can work to improve the customer experience strategy and overall experience for those who are passive or detractors.

2. The termination rate

The termination rate is the percentage of your customers or subscribers who cancel or do not renew their subscription during a given period. While termination is inevitable, it is important that you know why it is happening in your business so that you can reduce it as much as possible.

Termination rate = Total Customers Acquired / Total Customers Lost x 100 (during a specific period of time)

It is essential to do a regular analysis of your lost customers to determine if the attrition rate is increasing or decreasing, the reasons why customers did not renew their subscriptions or continue to buy your product or service and the measures that your team may take in the future to prevent a similar customer from walking through the door.

This metric should help you determine the reasons why consumers are leaving. It is also a good way to measure the customer experience: is it because of a lack of commitment? Bad user experience? Bad customer experience? Or maybe it’s a lack of customer support?

Either way, measuring and analyzing your attrition rate should help improve your customer experience.

3. Trends Customer Service Logs

Another metric that can help you learn more about your customer experience is the evolution or trends of customer service logs.

Are there recurring issues that annoy and tire your customers like delayed delivery, or unavailable products? If so, try to resolve them as they arise. You can take immediate actions on your website, with your suppliers or with your store managers to fix the issues and turn unhappy customers into delighted customers!

Additionally, other trends in customer support logs to analyze are the time it takes for a customer to get a response from customer service team or the average processing time. These indicators can help you measure and improve the customer experience from a customer support perspective.

4. Customer Satisfaction Score

One of the easiest ways to measure your customer experience is the sustomer satisfaction score. It measures customer satisfaction with a business or purchase.

To calculate it, all you need to do is send a survey immediately after a purchase, in-store visit or interaction, depending on your business. This survey can ask the customer to what extent he was satisfied with the outcome of their purchase or their visit in your store.

This indicator is the average score of this survey. Customer satisfaction is a great way to get immediate customer feedback on whether a customer has enjoyed their experience. If your customer satisfaction score is low, you can collect feedback and start to implement a strategy or immediate actions based on customer feedback to improve your results.

Wrapping Up

Customer experience or gathering customer experience insights may seem like an abstract concept to some. But while it may seem difficult to measure, metrics like brand engagement, brand loyalty, or those mentioned above can help make its abstractness more understandable and concrete. Plus, you won’t be able to decide or learn how to transform your customer experience into a superior customer experience until you start measuring it.

Turn your customer data into meaningful and actionable customer experience insights with ClicData’s business intelligence platform. You can learn more about our product or book a demo with our team and see your customer satisfaction KPIs turn green!

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