In today’s competitive business world, having a clear understanding of customer journey and how, when, and where customers connect with your brand plays an important role in company growth and business development. Customers demand experiences that are seamless, secure, and personalized. However, according to a study by IBM, nearly 80% of the consumers state that brands don’t understand them as individuals, which leads to poor customer experience. Traditionally, companies have looked to improve customer experience results by focusing on individual touchpoints. But it is only when you look at a customer journey across channels and time, you identify the impactful areas for improvement. This is why organizations today are investing more in customer journey analytics. So, what exactly is customer journey analytics and how can it benefit your organization in 2023?
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What is Customer Journey Analytics?
Customer journey analytics is the process of analyzing the customer experience across every touchpoint in the customer journey. It is the solution that helps you understand and transform your journeys in a way that can benefit your organization. It enables enterprises to manage, measure, and improve experiences across touchpoints and time. A customer journey analytics solution can provide a complete view of the customer as opposed to segmented departmental data.
Difference between Customer Journey Analytics and Customer Journey Mapping?
A customer journey mapping differs from customer journey analytics in a few distinct ways. Customer journey mapping is standard practice within almost all areas of business including customer services, user experience, product management, and IT. A customer journey map is a visual illustration of a customer’s experience with a business. These customer journey maps lack enough detail to illustrate the unique behaviors of all your customers.
But in the case of customer journey analytics, it is a data-driven process. Unlike the static insights that journey represents, customer journey analytics provide data-driven real-time analytics that allows you to see how journeys change over time and helps measure and optimize the effectiveness of your customer experience.
For example, a customer journey map for a specific customer is the series of steps that he/she takes starting right from the first interaction with your brand. Whereas, customer journey analytics validates customer journey mapping. It can tell marketing teams if a certain step in the customer journey is resulting in low conversions and improving it can help gain and retain customers.
How can customer journey analytics benefit your organization?
Provides real-time insights
Customer journey analytics provides real-time insights that align every member of your organization on journey performance. It combines data about customer behaviour with marketing metrics. This way companies can gain a better understanding of customer needs and wants.
Predicts customer behaviour
Customer journey analytics is data-driven. It enables companies to predict customer behaviour based on data obtained through historical interactions. Companies can also gain actionable insights that enable better decision-making.
Improves customer experience
Today’s market demands companies to differentiate themselves by providing an exceptional customer experience (CX). With customer journey analytics, customer experience (CX) teams can test and track the success of journey improvements in real-time, which in turn paves way for more improvement.
There are several ways in which companies can increase their revenue using customer journey analytics. By identifying enhancements and implementing improvements throughout the customer journey, companies can reduce costs while growing sales.
Boosts customer acquisition
Since customer journey analytics enables businesses to respond in real-time with relevant communication, they can eliminate sales challenges which in turn boosts customer acquisition.
Most companies today understand the importance of customer journey analytics and are confident that improving journey efficiencies and solving customer problems leads to better revenue. Thus, it’s imperative to provide a customer with a unified experience across all devices and platforms. Speridian’s customer experience services help you achieve a balance between form, function, and usability. Our Customer Experience engineers will collaborate with your teams to design and craft a meaningful digital experience optimized for end-user experience, creating a loyal customer base for years to come.