The sole purpose of every business is to make profits. How do you do this? The first step is gaining traction by providing outstanding customer services. Satisfied customers translate to an influx of new and potential buyers while retaining already existing clientele.
Nonetheless, how do you come up with a strategy that lets you do all this? What do you need to understand what customers need, their behavior and pressure point to anticipate their future needs? You got it: experience analytics.
Customer analytics is the assessment of a company’s customer-related data and information to observe customer behavior to retain or enticing profitable customers. According to a research, 60% of business enterprise leaders claim that customer analytics is very important today. It’s expected to hit 79% by 2020 with a key reason being personalization at scale. Also, 70% of buying experiences are based on how the customer feels they are being treated.
Roadmap: Why experience analytics is important
Picture this; John is a product and sales manager at a well reputable company. He has a vast knowledge about customer experience and also knows that customers are an integral facet in the success of any business. However, John is not sure if his amazing customer service strategies work fine. He is not sure how many customers use their website, how many customers go to their store and how many do both. Basically, he has no idea which particular features and aspects need finessing.
Therefore why would John require customer experience analytics? For what it’s worth, examining data will provide John with a platform to review several metrics related to customer experience, therefore allowing him to learn what has been done right and what needs more attention.
Customers come with different needs in mind which warrants them to behave differently. However, their behavior pattern toward a specific product campaign, for example, is similar. Effective analytics records enable you to distinguish different customer interactions, shift to a particular product or service, and reasons for their interest to a specific product.
How such analytics will double your income?
To be a top seller in your niche you need all the information you can get about customer preferences and their behavior throughout their journey. This can help your business command the top position by examining several performance indicators methodically and in detail. Some of these performance indicators include:
1. Social proof
Such analytics employs social listening tools which thoroughly sort consumer interactions; therefore you can stay informed on what customers are saying on social media and forums about your company or a specific product you offer.
2. Bounce rate and pages per session
Bounce rate refers to the number of individuals who steer away from your website after visiting just one page. You can also get in-depth analysis of the average number of pages a user visits per session.
3. Number of visits on your site and conversion time
Typically, frequent visits from an individual are an indication that they are probably interested in, or are doing more research on your product. You can also obtain information about how long it takes an individual to convert after visiting your landing page.
Also, you can know the average cart desertion rate. This is an essential aspect in analytics since it alerts you to problems in your site. It can be due to odd pricing or customers having a cause to mistrust your website’s security.
All these are perfect indicators that your business could thrive faster than ever, come out much stronger and command the top spot in no time, courtesy of experience analytics.