Customer journey analytics involve the data associated with a customer’s multiple interactions with a company. McKinsey found that 56% of all customer interactions occur during a multi-event, multi-channel journey, while 38% of all customer journeys involve more than one channel of interaction. The customer journey itself includes a “discrete beginning and end across time” and tends to be cross-functional in nature. The implication for businesses and enterprises is that data silos cannot accurately capture all of the customer journey data, making it necessary for organizations to implement a solution that captures customer journey analytics rather than segmented customer data.
Companies that utilize customer journey analytics see a 15-20% reduction in calls and visits and a decrease in customer churn. Indeed, McKinsey found that journeys are 30-40% more predictive of customer satisfaction and churn, and that organizations that analyze the customer journey win in customer experience and growth.
Implementing customer journey analytics is core to improving the customer experience and driving brand loyalty. By visualizing and mapping the customer journey by persona, optimizing the right journey attributes to increase yields, enabling marketers to identify journey bottlenecks and leveraging actual customer behavior data, organizations are better equipped to make data-driven decisions and personalize the experience for each individual customer. The right solution gives you insight into your customers, in terms of the big picture, so that you know where your customers are, what their goals are and which channels they are utilizing to interact with your company at every step of their journey.
The right solution eliminates the fragmented customer data that sets back companies and gives them instead the necessary visibility into the entire customer journey to put the customer at the center of decisions and actions. You need to be able to communicate with an entirely customer-centric approach and engage with your customers at every stage throughout their lifecycles.
How does your organization make sure that the entire customer lifecycle is being optimized?
For further interest:
NGDATA helps data-rich companies in financial services, media/publishing and telecom to drive connected experiences. The company’s next generation customer data platform, Lily Enterprise™, puts people at the center of every business via Lily’s Customer DNA, which continuously learns from behavior to deliver compelling experiences.Learn More...