The Role of Big Data in Customer Experience
The establishment of customer-centrism, which is marked by a power shift from seller to buyer, has required businesses to do everything with customer experience in mind. The customers now have the ultimate control over their engagement with brands and companies. Based on a report by Harvard Business Review, 73% of business leaders say that delivering a relevant and reliable customer experience is critical to their company’s overall business performance. Businesses who don't take CX seriously can lose because with one click and within seconds customers can move away from your site and seek out a competitor. To avoid that, companies should understand the role of Big Data in truly enriching customer experience.
Big Data plays a key role in today’s digital economy. It provides valuable insights and helps a business run smoothly. Based on a research by McKinsey Global Institute, data-driven organizations are 23 times more likely to acquire customers, 6 times as likely to retain customers, and 19 times as likely to be profitable. In an Econsultancy and Adobe survey of client-side marketers worldwide, 65% of the respondents said that improving data analysis capabilities to better understand customer experience requirements was the most important internal factor in delivering a great future CX.
Understand customer sentiments to connect on an emotional level
Showing empathy and understanding customer emotions drive a significant impact to build a strong connection and relationship between businesses and their customers. If you want to win your customers and have their loyalty, you need to know them as individuals. Implementing Big Data analytics to process information from surveys, call transcripts, social media comments and other data sources can help your company make improvements to your products and services.
Tailor your customer service to the buying preferences
Big Data can help you tailor your CX strategy to the customers’ buying preferences. It can help you recognize specific customer attributes that can help you market your products more effectively, including methods and timing of payment, frequency of purchases, and even budgets. When you understand your customers’ buying patterns, you will be able to over-deliver, thus improve customer satisfaction and loyalty.
Predicts customer needs & preferences to serve them better
The rapid development of Big Data technology has now allowed businesses to use data in real time, therefore enabling companies to not only use data to look backwards and analyze the past, but also predict what certain customers will want in the future. Many leading companies, especially in the e-commerce sector have already applied this technology to collect customers’ online behavior and use it to recommend them with products that the customers might be interested in. Predictive analysis like this requires large volumes of customer data to predict customer needs and improve their experience by personalizing it.
In order to succeed in the age of customer, businesses need to look for every opportunity to better understand their customer’s expectations and deliver the best CX. From purchase history to social media commentary, customer insights can be processed through Big Data analytics Indonesia to help you better understand your customers. Through close examination across channels, companies can use those valuable information to provide a great CX that will drive satisfaction, increase retention, and turn customers into advocates. Good companies use their instinct and experience to fix their CX, but great companies integrate that expertise with Big Data to exceed customer expectations and win the competition.