How Can Brands Use Data for Improving Their Consumer Experiences?
Every industry has so many brands fighting for higher market shares! However, how do all these brands succeed in keeping the game active? How do they determine the following objectives, and what should be their strategies in the game? All the answers are there in what customers feel and believe about them. They must carefully monitor customer sentiments to deliver a fantastic consumer experience.
Why are Better Consumer Experiences Required for Businesses?
It’s not surprising that brands pay attention to customer experiences gradually. The primary struggle that businesses experience is to deliver memorable customer experiences through their products or services and make them come back again and again to the business. Therefore, customer experiences have become among the main differentiators for all brands.
Several real-life examples and studies show that positive customer experiences are essential for the success of your business, as satisfied customers will convert into loyal customers who assist in increasing revenue. Better customer experience is significant because of the given reasons:
1. Increase Sales Conversions
A substantial brand experience results in high CLTV (Customer Life Time Value) and high sales conversions. According to an HBR study, customers with past best experiences spent 140% more than those with bad experiences.
2. Improved Customer Loyalty
Maintaining current customer loyalty helps the brands more than getting new customers. Any good experiences delight customers and ensure they keep using your service in the future.
3. Better Client Retention
Providing quick service boosts client satisfaction and inspires them to retain your business. Due to increased customer experiences, customer support problems have been reduced considerably. Happy customers want to get associated with the brands for a lifetime.
Let’s understand how brands are monitoring customer sentiments to improve customer experience. Your customers are a significant and vital data source to which you need to pay attention. Brands have become intelligent in positioning their clients on higher stand and listening to their opinions. This helps in monitoring your customers’ sentiments, amongst other things.
Which Data Can Your Customers Provide you?
Your customers generally know what they want or need. They can assist you in understanding their requirements if you pay attention. Customers produce data about demands and buys and latent data about their decisions, preferences, and journeys using products, brands, and industries.
Customers can be your significant data source spreading over different horizontals. You can utilize this data to monitor sales data, design marketing strategies, customize your products and services offerings, or get insights about the supply chains and operational procedures. Hence, this data generated gives you a 360-degree view of your customers. Some fundamental datasets which you can collect from customers are given:
1. Purchase and Sales Data
Despite the industry you work with, if you get services or products to sell, the customers will make many purchase decisions. While recorded and monitored, these decisions provide you with various trends for geographies, periods, demographics, and products.
You can utilize data in granular formats, i.e., at transaction levels or aggregated or rolled-up formats. You could aggregate data at all levels, like customer, product, store, geography, or time frames. You can use this data to solve different problems, including sales forecasting, product portfolio optimization, and customer segmentation.
2. Customers’ Sentiments Data
Most online retail websites provide sections where customers can give their opinions and product feedback. They share their experiences with services in these sections. They are a natural resource for customers’ sentiments and opinions.
Many service-based companies depend on data on social media. You can utilize this data to improve your service and product offerings. For example, for hotel & hospitality industry, it’s easy to gauge how customers feel about an organization through his decision-making and browsing procedure on aggregators like Goibibo or MakeMyTrip. You may also monitor customers’ journeys using different service aggregators as per their industry.
3. Customers’ Lifetime Journey
You can get customers’ demographic information, devotion, and attraction towards the brand from different resources. The most available data source would be a customer database attached with sales trends from the industry and your customers. You could evaluate the market share with this data.
You may also use that to segment customers depending on their journey and faithfulness for your brand. It can also assist you in identifying the customers you wish to target for the next campaigns or product launches.
4. Customer’s Technical Footprints
Many brands across the industries monitor customers’ technical footprints. It gives them some idea about users’ demographics and their choices and provides you insights into their behavior. If you have an online presence and interact with customers using any online portal, you should monitor these forums’ activities. You should compare the performances of your site and your apps if possible.
How Do Different Brands Utilize Customer Data for Improving Consumer Experiences?
Setting a Data System
The initial step in using client data is to make a data-driven system. Your business should apply data-driven behavior for all operations. It will require a well-integrated info system and IT infrastructure. You have to identify different data elements needed to capture their sources.
You need to classify data elements and recognize which horizontal within your organization requires that data point instantly. It will assist you in making the necessary sections and integrations in the data systems. You need to make sure you are not manipulating your clients’ privacy or disrupting their safety when you do that.
Once you identify these data sources and elements, you must set up essential infrastructure. For example, you have to set up proper servers, gateways, and required information systems to take and store customers’ digital footprints. You require to integrate different systems in the central system having needed authorization protocols.
Utilize Data as a Service- not an entity!
Setting a Data System
You need to utilize data as a service. Data can assist you in optimizing and improving your current procedures and inventing fundamentally innovative operations. It will assist you in knowing about your performance and comparing the market trends and competitor performance. You can perhaps share data elements with companies that offer analytical solutions. This will assist you in scaling customers’ sentiments better and making strategies for improving the average lifetime value of the customers.
You must cooperate with partners and recognize the data resources you can share. In substitute, you may even want access to some subordinate data resources you may require to do your analysis.
Use Data for Getting Action!
You can utilize your data and learn what the customers want next. You could consequently utilize these insights for designing products or content if you are in a related industry. For example, the customers’ profiles and views will tailor content for highest retention or subscriptions if you are in the media, publication, and content creation industry.
Data investment is an excellent option as it offers a competitive edge, elevating customer sentiments and getting new customers. You can utilize customers’ data for inquisitive, predictive, descriptive, and inflexible analytics. You can make recommendation engines personalized for every customer separately. This exercise would help you advance customer engagement practices and position you at top of the industry.
We at Actowiz Solutions can assist you in procuring the required data.
Actowiz Solutions has helped many companies in industries to obtain the required data to assist them in creating strategies to change their customer experience. We will help you set the essential system to streamline necessary data and save it for future usage. We follow a transparent procedure and assist you in solving problems.
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