Today’s customers have more choices and more channels than ever before. They can easily be influenced by others, a fact which is out of your control. But how can you regain some of that control?
What if there was a way you could stop guessing what your customer’s next move would be? And were able to reach your customers and prospects at the moment that most influences their decisions. Sound interesting?
Looking into the Past
The Holy Grail for most marketers is to be truly able to understand the customer journey, but to do this we have always looked at past interactions. What have they bought? What have they browsed? What sparked their interest and got them engaged?
Being able to delve into all of these past interactions is no mean feat, especially in the modern world where the number of touch points available is increasing by 20% annually! Being able to derive context from your customer data is vital, it helps you get to know your customer and form rich and relevant segments. But is this still too generic? Is it really helping you to deliver the right customer experience?
By creating segments, we only focus upon a few factors which are assumed to influence customers, making it difficult for us to take an objective approach.
But we don’t just look at past data to form customer segments, we try to predict the future by forecasting key trends in our business. How will this campaign perform year on year? By adding an incentive will this increase conversion?
By making these assumptions are you targeting customer correctly though? Are you confident in your decisions?
Get Your Data up to Scratch
It’s time to take control!
On average, your customers are using up to seven different channels throughout the purchasing decision, with 90% of transactions starting online and 75% ending in store. To make it even more complex, 90% of customers hop between devices throughout the purchasing decision, making the customer journey even more fragmented. On top of this you need to take into consideration the fact that your VIP customers behave very differently to your new customers. It’s enough to give anyone a headache!
The first step in taking control is to consolidate all of your customer data into a Single Customer View. If you don’t connect all of your customer data you are just making life harder for yourself!
By creating a Single Customer View you can be sure you are:
Not treating loyal customers the same as new ones
Providing appropriate personalisation
Increasing customer satisfaction
Improving conversion rates
Correctly attributing revenue
Making Informed Predictions
We can’t always have full control. Unfortunately bad news travels fast, social media has provided customers with a voice and a loud one at that! 42% will tell friends about a positive experience but 53% will tell their friends about a bad one. How do we ensure we are minimising risk and influencing the customer with the voice?
It’s time to take the guesswork out of targeting those customers and influence what they will say and do today and tomorrow. Predictive Analytics offers the opportunity to create a significant step change in addressing the customer experience. It’s not about discovering if your customer had a good experience last year, it is about knowing the next best action to take, by providing your customers with the right message at the right time, across each touchpoint, on every channel.
Finally, to reach your consumers at the moment that most influence their decisions there are three key steps to consider:
First you need to build context from your customer data, understand who your customers are and why they are engaging with your brand.
Take control of the customer journey by tracking your customers as they engage across each channel, progressing through the customer lifecycle.
Stop guessing what your customers want and become empowered by data driven solutions. Influential factors no longer need to be assumed, the behaviours and characteristics that influence what a customer will do next is chosen for you through Predictive Analytics. This, in turn, will improve customer metrics linked to conversion, churn and customer lifetime value.