Do you want to grow your business in Asia? Listen to the customers. That’s right – today, CX practitioners don’t have to guess what people want, their movements in the digital space will confirm what inspires, attracts, excites or even enrages them. The data will tell you the story.
In Asia’s information-driven economy, data is everything. The more customer data that CX practitioners gather, the more strategic the business potentially becomes. The only trick? Finding the right analytics tool to identify which information is relevant. Fortunately, there are plenty of helpful tools that can help gather the required insights.
“In the world of Big Data, it is important to identify the right links and create interfaces in order to make the best possible use of the data,” asserts Indrajit Rana, head of sales excellence and customer intelligence at TRUMPF.
The secret to customer insight
Customer insight is defined as a deep understanding of a target market. It includes identifying the market’s pain points, needs, wants, and motivations. It begins with collecting and interpreting all the data to understand and improve the customer journey.
Customer data analytics encompasses a broad range of information that businesses gather. It can come from a variety of sources such as sales reports, customer reviews, in-store transactions, surveys, and digital analytics, among many others. The definition becomes more varied depending on the goal. But whatever the objective might be, customer data analytics is all about taking advantage of the insights to make smarter and more customer-focused decisions.
But why do businesses need to gather and interpret customer data? There are many reasons why it is essential to every business but let’s focus on the top four benefits that can be harnessed through analyzing customer data.
Acquisition and retention
Analyzing customer data not only allows CX practitioners to profile their targets. It also helps to identify purchasing habits and understand the behaviors of new customers who are likely to be interested in a product or service. This is particularly valuable for new businesses to determine the right positioning for their product or service.
A sales transaction report is one example of valuable customer data that can help businesses track key metrics to increase sales traffic, improve conversion rate, and identify top-performing channels.
Data analytics is equally important to develop strategies to improve customer service or implement customer loyalty and rewards programs for better customer retention.
Improved product and service offerings
Knowing what customers like and dislike about a product is key to improving their experience with those products. CX practitioners need this insight to ensure their business is fulfilling the needs of their customers. This data can help practitioners understand how they feel about a business and identify areas that need improvement. Additionally, understanding the customer base can help to identify opportunities for new offerings and innovations.
Customer reviews and other types of feedback mechanisms are important customer data that every business must gather to improve its products and services.
Effective marketing strategies
Customer data analytics can help businesses identify the right message that resonates with the target, as well as the platforms and channels commonly used by the customers. Some methods used to collect data include surveys, focus group discussions and interviews. The insights gathered from this data are essential for many brands, for example, in developing advertising campaigns.
Many of today’s businesses are using customer data analytics to develop a compelling digital marketing strategy. Social media has become a key marketing channel, and many platforms have built-in analytics tools that can be used to improve content.
Positive CX
Different departments within a company interact with customers. As all the analytical data from various interactions is combined, it is possible to see a more comprehensive view of the customer experience. A holistic approach to understanding these interactions can help to find new ways to better serve customers at every touchpoint.
To further understand how insights and customer data help improve customer experience, let’s look at how these companies put their customers at the core of their businesses.
- Watson Group has launched its O+O platform strategy, an integrated commerce experience “powered by technology, big data, and artificial intelligence”. It aims to serve customers' needs better, allowing them to shop across any channel, anytime, anywhere.
- Agoda has recognized the importance of customer reviews which later say it launch the Customer Review Award, presented to hotel and accommodation partners in recognition of their high-rating customer reviews.
- DBS Singapore has become a top company for customer satisfaction when it became more customer-centric by embedding itself in the customer journey.
These companies have put customer data to good use. No surprise they remain to be competitive in the marketplace. That is why insights are so powerful — if a CX practitioner wants to deliver a truly innovative and valuable solution for customers, they need to know what they are looking for through customer data analytics. Understanding how to use customer data can improve product offerings, develop effective sales and marketing strategies, and deliver delightful customer experiences.