How important is customer service? If you asked this question ten years ago, the answer would be different from the answer you would get from business executives today. In today’s consumer-driven economy, customers have so many options it’s imperative that marketers are able to understand customer behavior and be adept at consumer orientations.
The reality is that e-commerce has altered the market landscape. From the traditional shopping in brick-and-mortar stores, a larger population has relied on online shopping and interactive media to source all the products and services they require. Moreover, there are substantial changes in buying patterns where things like word-of-mouth recommendations, online promotions, and the lack of a geographical barrier have changed the way consumers shop.
In the delicate world of client servicing, there is a need for organizations to have a deep understanding of both existing customers and prospective clientele. This is precisely why more businesses are making a move towards developing their customer service solutions.
One of the most vital parts of support solutions is the collection and processing of data and information about your clients. Given the shift in how consumers shop, businesses must be able to adjust the way they research customer wants and needs.
Fortunately, information technology has equipped companies with power analytical tools, one of which is customer analytics.
According to Gartner, “Customer analytics is the use of data to understand the composition, needs and satisfaction of the customer. Also, the enabling technology used to segment buyers into groupings based on behavior, to determine general trends, or to develop targeted marketing and sales activities.” IDC has predicted that from $103.1 billion in 2016, big data and business analytics will continue to grow to more than $203 billion by 2020.
Customer Analytics in Action
Many business not only struggle with accessing such valuable data but translating the massive amounts of captured customer data into relevant and actionable information.
Customer analytics has made the processing of digital information easier and more efficient. By recording a customer’s online experience, technical teams can identify patterns and issues encountered, as well as monitor platform interactions; all these can ensure you can adjust to your customers’ needs and provide them with a seamless and enjoyable experience.
Studies have shown that companies with analytics have been more successful than their counterparts who haven’t adopted the technology. In one study, the Harvard Business Review noted firms with customer analytics are likely to have enjoy a productivity and profitability rate that is five to six percent well above their competitors.
Customer analytics is the key to creating a unified and accurate view of the customer audience and learning how to proactively interact with them. Through these support services, executives can better position themselves to deliver the most relevant products and services to the interested market.
The value of correctly utilizing this data lies in the actionable insights you can derive from the information you can extract. The strategic use of customer analytics lies in your ability to identify patterns of behavior, emerging trends, as well as other pertinent lessons that can aid in proactive decision-making.