We’ve all heard the common term ‘knowledge is power’. But when it comes to delivering excellent quality customer experience the saying could not be more true.
Today, CX is being driven by the collection of customer data, with more and more organisations realising there is a serious competitive advantage to acquiring such information, in that it essentially crafts a hyper-personalised customer journey. In turn, this creates better customer loyalty. CX is the driving force behind big businesses today. This is due to a huge number of organisations and brands operating online solely following the COVID-19 pandemic. Companies who fall behind in the CX race and fail to acknowledge it or adapt to improve it, will evidentially suffer in the long term, particularly as new research shows more than half of consumers will cut ties with a business if they have a bad CX. With that in mind, we take a closer look at the advantages of data in driving CX.
Getting Personal
A staggering 85% of mobile marketers report high success with the simple act of personalisation. This can be higher engagement, revenue and conversions. It’s no longer enough to have an app that just functions. Customers want the app to give them a highly personalised experience as well. Examples of this could be just recognising the customer’s interests and preferences. Netflix and Spotify have paved the way for these functions and work by suggesting music customers might like similar to an artist or band they have just listened to, or documentaries and TV programmes akin to the one they have just watched. Amazon also achieves this by listing items they may well be interested in following a recent purchase. This would not be possible without obtaining audience data.
What Works vs What Doesn’t
Of 1.6million available apps, 200 of them are responsible for 70% usage. What does that tell us? The majority of the others have failed the CX test. What’s worse is that these organisations have not solved the CX issue either and as a result, the company lost a substantial amount of customers.
Improving the Business Journey
Data can only boost the customer experience journey if companies are open to being led where the data takes them. Those focused on holding on to old-fashioned business structures will not garner as much success in CX enhancements due to their resistance to adapt. Those willing to succeed in the new post-COVID market should embrace data and follow the path it leads businesses down.
To summarise, the importance of data cannot be overlooked. Customers are very much driving the success of the business, but organisations are very much on the journey with them.
