Customers are an important part of every business, they play a crucial role in the survival and sustainability of businesses. While interacting with businesses, customers will get an experience which forms their perceptions towards it. A good customer experience is needed to drive revenue growth; in fact there is significant difference in revenue growth for companies who leads in CX and those who don’t, 17% to 3% in 2010 until 2015 (Forrester, 2016). Knowing this it is not surprising that a Gartner study found that customer experience has become a top priority for CEOs by 2020.
Due to the importance of customer experience, data analytics can be used to ensure it happening. Data analytics is a process where millions of data produced by the company is inputted and analyzed to result in meaningful information. The information provided insights on customers’ preferences; such insights are useful for businesses to make decisions in regards to making sure that every customer has a good experience.
Customers today expect a pleasant experience while interacting with businesses; an experience which is easy, personalized, fast and useful, in turn such experience will leads to higher satisfaction and loyalty in the long haul. With the use of data analytics, such customer experience can be achieved. According to an article published in Knowledge at Wharton, more than 85% of mobile marketers report success with personalization through the use of data analytics, which means higher engagement, revenue and conversions.Additionally, analytics allows you to respond to customers much faster and efficiently.
Implementing data analytics for the sake of customers has occurred in various industries, including transportation industry. A low-cost air carrier Southwest Airlines is adopting data analytics to improve better service for the customers. The airline uses speech analytics to better examine customer interactions and search for ways to improve one-to-one communication. Southwest also uses social media data to offer customized deals to individual customers, leading to not only better rating, but also increased customer satisfaction. Another real-life instance where data analytics is useful would be the streaming and on-demand services, Netflix, where it create personalized content recommendations, and even create its own shows geared toward viewer interests, such as House of Cardsand Orange is the New Black.
Data analytics is an important component to ensure a positive customer experience, which is crucial for businesses to drive revenue growth so that they can thrive and be successful. As your IT Solution partner, CTI Group is committed in assisting you to analyze your customer’s specific needs and wants through data analytics to guarantee that each customer get an excellent experience.