Analytics to Better Understand Your Consumer
According to a recent study, more than 78% of the companies, globally make data-driven decisions. The majority of the analytics used is for Customer retention and acquisition (around 69%), thus making it a major field of study. Giving a better consumer experience by engaging with the audience on all levels was given 60% weightage in this study.
Consumers are becoming more than faceless with the way they interact with brands and the organizations now have rich channels to communicate with their prospective clients and convert them into consumers. The consumer behavior driven markets is projected to grow 10 times faster than the developed economies by 2016. So, it becomes imperative that the brands understand the current needs of the market and act accordingly.
The big question is why should you focus on User Journey? With the present era many of the consumers interact with a brand on an average of 3 or more devices and consume more than 50 hours of digital content per week. The majority of the consumer’s engagement happens through Journeys. According to Mckinsey 2013 report, 56% of the customer interactions happen during a multi-event, multi-channel strategy.
There is a wide gap in the consumer experience and the services that the companies provide. Around 69% of the companies say they offer a superior experience but 51% of the customers unfollow the brand blaming the companies for giving a bad online experience. Understanding the customers can only happen when the brands are able to map the entire journey of the customers by properly connecting the dots.
The other challenge that the companies face is that the organizations are fragmented and different departments don’t interact with each other, thus giving the consumers a disjointed customer experience. The marketing tools that are available in the current market is completely siloed as they are not able to map from which channel did they use, how the customers have interacted with the brand and with each other. This makes it difficult for brands to understand what is happening across multiple channels. The Customer Engagement Framework should be such that it accurately describes the creation and delivery of integrated Omni-channel customer engagements. Even if your organization is using an analytics platform, it becomes imperative that the platform provided gives accurate results. The analytics platform should be such that it gives a detailed digital analytics report from where the user has registered, has engaged with the brand and how he has shared his experience. The platform should be easy to understand and provide a seamless experience to the user and he should be able to monitor the website performance anywhere, anytime and from any device.
The analytics platform should deliver a complete solution for integrating data ‘fast’ which means moving data continuously, pervasively and accurately across technologies as well as the integration of 3rd party systems and applications. It should combine all the elements of data integration- real-time and bulk data movement, data synchronization, big data transformation, data quality and data services into a unified platform. The platform should deliver maximum performance with a lower cost of ownership, ease of use and reliability.