What is Customer Journey Analytics?
Posted by groupfio on November 10th, 2020
Let us explore Customer Journey Analytics, a few essential items to consider, why this process matters, and how this affects the retail industry. After reading this article, you will be able to understand Customer Journey Analytics and begin asking your team’s tough questions on the status of your Customer Experience (CX). You’ll start to accelerate your organization’s growth towards meeting its objectives.
What is Customer Journey Analytics?
Customer Journey Analytics is the process of gather data for every touchpoint a customer has with your business. A customer is on their work computer shopping for an item. They go to lunch for an hour and continue researching that same item or variations while out. Then go home at the end of the day and jump on their couch with a tablet to finalize a purchase they found throughout the day, that’s information you need to know. Every single touchpoint is part of the Customer Journey. The information provided throughout the entire cycle the customer took is critical. It establishes a specific behavior vital to businesses and especially retail when looking to evolve their CX and turn more profit.
The entire customer’s point of view must be understood and analyzed for the effective delivery of messages, advertising, and promotions for continued success in today’s marketplace. Customer Journey Analytics will reveal the entire process and provide bountiful insights if appropriately used.
Why Do Customer Journey Analytics Matter?
Now that we understand what Customer Journey Analytics are, we need to know why they are essential for our businesses. In a report conducted by Gartner concerning digital commerce trends: “Effective customer journey analysis can result in reduced customer pain points across channels, better continuity between channels, more accurate revenue attribution, and better customer segmentation and personalization.” This equates to an increase in revenue and customer satisfaction.
As you effectively provide your customers with a more efficient method of interacting with your brand, you can lower the distractions and build a more cohesive and persuasive message across multiple channels. The deeper you dive into the customer journey, the more personalized you can be with your marketing and sales outreach efforts, which ultimately converts into more opportunities and results in more sales.
Another great reward is that the quality of your leads increases. The more personal the experience, the higher the quality of communication and level of understanding. This allows your customer to feel they are heard and communicated at their stage in their customer journeys. Hyper-Personalization is a valuable concept for any business and something in which Group FiO is an industry leader.
Clearly understanding Customer Journey Analytics and the value it provides your business can be the differentiator between your business and that of your competition by 30-40% in growth and customer satisfaction according to a recent McKinsey report.
Furthermore, McKinsey also found 56% of all customer interactions occur during a multi-event, multi-channel journey, while only 38% of all customer journeys involve more than one channel of communication. This study provides fierce support in the need for organizations to understand customer analytics and the value of gaining deeper insights into the customer journey.
Know more: https://www.groupfio.com/what-is-customer-journey-analytics/
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About the Authorgroupfio
Joined: December 17th, 2019
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