To stay ahead of the competition and on the path of sustained growth, you need clear line of sight to both risks and opportunities through the customer lifecycle. Gaining better insights on customers is critical to achieving that, so you can make all the right decisions, big and small, about your customers and business clients.
Based on the conversations we have with our clients, we have noticed that most executives are paying a lot of attention to measuring customer experience and reducing friction across digital touch-points through the lifecycle.
For customer acquisition, for example, businesses like yours look at time spent on each micro-step (e.g. data field), dropout rates at each of those steps, and do A/B testing at a very granular level. The idea is to understand all points of friction including points of confusion, frustration, etc., so you can learn from those and improve the experience.
But this is not an easy task. The various challenges involved are making sense of the vast quantities of data and the immaturity of that data as well as the construct of that data.
Given the fast pace at which data analytics change and evolve, our recommendation is that you invest in tools that are data and/or analytics agnostic.
Thinking ahead: leveraging data analytics and cloud-based decisioning platforms to design the right customer treatment
There is a largely untapped opportunity to leverage data, analytics, optimisation and decision management solutions – such as cloud-based decisioning platforms – to design the right customer treatment and identify the next best action for that customer.
Selecting the appropriate timing, medium, and channel for those actions lead to greater consistency and contribute to having more relevant communications with your customers.
The more relevant you are, the more precise you are with the offers and the treatments leading to improved response rates, greater connectivity and interaction with the customer. This results in memorable experiences that enhance loyalty and drive profitability.