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Whether its a large enterprise or a small business operating locally, focusing on customer experience (CX) is necessary for gaining a competitive advantage. Customer experience analytics can play a key role in identifying customer preferences and improving CX across your organizations.
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CX or customer experience can be described as all interactions a customer or potential client has had with your organization. It includes a range of actions – from them interacting with your websites, to clicking on your advertisements online, to having personal interactions with your sales staff or customer service. Each action taken by your company has the potential to change your customers’ perception about your brand, thereby impacting their Customer Experience.
An excellent customer experience is now a prerequisite to your success.
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CX analytics can be termed as the collection and processing of data from your customers with the aim of getting a better understanding of your customers pain points, their motivations and their experience with your products or your brand as a whole.
Customer experience analytics can provide useful insights that help businesses make decisions which are data driven. These decisions have the potential to positively impact your customers’ sales, support and purchase experience.
CX analytics can also help get data which helps in creating more effective marketing and sales strategies. This data can help create more personalized campaigns which help acquire more customers.
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Depending on the business, vertical, or industry, there are several analytics which can help track CX analytics. However there are few which transcend verticals and find almost universal relevance.
In customer experience analytics, this metric tracks whether customers are engaging with your marketing and sales efforts. These can be for emails, blog posts, social media posts and more. Open rates are a fair indicator for judging if customers wish to interact with your brand.
Whether it’s their physical presence in your stores and shops, or visitors on your website, traffic is an important metric which customer experience analytics should cover for your business.
This is an excellent measure of how long it takes for your business to get the customer what they need. It could be getting them the right info before they make a purchase, or are raising an issue with your customer service team. Ideally you’d like this time period to be on the shorter side.
Let’s take your website for example – with customer experience analytics, you can determine on which sections visitors are spending the most amount of time, i.e their heatmaps. This also works for companies that need to check heatmaps for their stores.
An extremely important statistic- resolution rates determine your organizations’ ability to solve a problem or issue faced by your customers. First contact resolution tracks if their issues are solved during the customers’ first call, email or text itself.
There are a few dedicated metrics for CX which form a key part of customer experience analytics as a whole.These metrics can help discern different attributes about a customers’ overall experience with your brand, and help determine important factors like customer churn and advocacy rates.
Many factors have contributed to making customer acquisition costs higher than they have ever been. Increased competition, and a younger target audience have made it difficult to foster brand loyalty. This has resulted in the average lifetime value of acquired customers to be lower as well. Utilizing customer experience analytics tools can help identify factors which help in customer experience management. Managing CX helps retain customers over the long term, negating the need to focus solely on acquiring new customers.
CX analytics help enterprises understand drivers behind customer satisfaction and experience. These analytics are quantitative and can be aligned with your typical customer journey. They can be adapted to changing customer journeys over time as well.
Poor customer experience often has a domino effect: a miffed customer seldom keeps their opinions to themselves and often does their best to turn people away from your brand. A positive or even an improved customer experience is one that makes a lasting impact, and Customer experience analytics can help identify, track and improve issues in your existing customer experience.
Predictive analytics as well as analytics based on customer feedback help track customers which are likely to churn, giving your business the opportunity to be proactive and prevent such an eventuality.
In a world where most industries and verticals are filled with competitors vying for the same customer base, CX remains one of the few surefire ways of differentiating your brand from your customers. With customer experience analytics, businesses have the opportunity to personalize CX for their customers.
This will come in handy in developing your brand identity and play a key role in retaining customers.
Every touchpoint with your customer, every channel they can use to interact with your brand is a potential source for actionable insights. Which is why businesses need to consider Customer experience analytics software like Voxco. With Voxco, one can reach out to their target audience for feedback across multiple channels (mobile/face-to-face, telephone, online) and sync the data from each channel into a single study or project.
Another reason to ensure that your CX analytics tool has omnichannel capability is that the accuracy of your survey data can depend on the volume of your feedback. Being able to approach customers across any channel ensures that there’s no point of view that is not heard.
Voxco’s customer experience analytics software comes equipped with a powerful suite of analytics tools coupled with intuitive dashboards. Analytics is what helps uncover insights from the data you’ve collected.
Dashboards help relay collected feedback and insights to relevant stakeholders in your organization. They help visualize your findings and help understand important data. Voxco’s reporting features ensure that you can easily export your data and share with interested parties. One can also use a secure portal which shows people in your organization only data which they have the credentials for.
Customer data needs to be kept secure, and in a manner which is accessible to CX teams whenever they need it. Which is why Voxco’s customer experience analytics software allows businesses to store their data in a location of their choosing. You can store feedback data in secure cloud servers or on your own premises, to better fit in with your IT infrastructure and security protocols.