How focused are you in leveraging big data to improve customer experience?

How customer experience is getting better with the rise of big data

As an organization, how often do you assess your business competitiveness? It depends on how sincerely you want to know about the ways your business is forging ahead. When we address competitiveness, what are the areas we always want to thoroughly scrutinize? To win and gain the customers, companies always follow innumerous practices. It gets to newer heights when companies adopt fresher mediums to overhaul their existing systems. Big data analysis has been brought into the picture as part of turning customer care, a significant component of marketing process. Big data has been creating a lot of commotion for the past few years. Companies have always been seeking ways to fit the big data into their marketing efforts and it is interesting to see that now their focus is getting stronger in customer care using big data.

Data & Analytics
Source: Driving Performance While Managing Risk, KPMG

Leveraging big data to assess customer experience

Companies cannot depend only on the traditional means for keeping their customers happy. Folks know that there is a dire need to leverage the latest technology in their business. Data is one of the essential components in business now and it grows exponentially. Google’s Eric Schmidt has stated that “every two days we create as much information as we did from the beginning of civilization up until today.” We gravely need useful data to find our feet in the future endeavors.

Big data is one of the major technologies every company is told it must adopt for competitive advantage because it helps to evaluate customer preferences and identify what made the customers to stick to them. Companies find it easy to leverage this informative data to take their customer care to the next level. Segmented and classified analysis makes big data analysis effective as they can be utilized to derive various customer behaviors, customer groups, etc.

Gathering data from all channels

We talk ceaselessly about leveraging big data and utilizing predictive analysis; however, we are largely clueless about how we can cash in on it. We surely need a palette of data sources and different analytical approaches to predict customer issues. A company who wants predictive analysis should collect customer data from all the possible sources. Other than the customer contact center data, they need to collect data coming from their marketing channels. Predictive analysis needs all possible data to predict how the customers are reacting to their services. It is important to analyze customer engagement happenings in other channels too. This leads the organization to have easy segmentation of their data and implement their predictive analysis strategy effectively.

Industries Monetizing DataProactive customer care through big data analysis

The idea of providing customer care using predictive and real-time analytics is gathering momentum at the moment.  If the company is so dedicated to customer centric management, using predictive analytics is the way to go. Applying big data analytics to customer centric activities will give deeper understanding of the customer behavior. The insight derived from data allows the companies to provide what exactly customers want before they are asking for it. The data in the contact center is a great source to predict customer behavior and trends, which can surely help in taking preventive measures. This can make the following things in order:

  • Predict exactly what customers want before they ask for it
  • Get customers intrigued and fascinated about their own data
  • Improve customer service interactions continually
  • Identify and resolve customer pain points quickly

Bring the inactive customers back to your business

Sometimes no amount of marketing strategies would work to keep the customers hooked to your brand. They might have come to your business once or twice and stop coming again. This is a situation where you can utilize the power of big data as it can give you better understanding of the conversion paths and find remedies. If you know why the customer is not returning for the third time by analyzing this data, you can certainly plan out a new strategy to bring him or her back on board.

Big companies realize that there is more to big data than simply collecting customer data. Look at the way big companies utilize big data to understand their customers and provide them with the exact services that they seek. They take big data analysis seriously and filter out the relevant information to draw valuable insights on business. The organization gets a deeper insight about a particular customer based on the profile, loyalty card data, and predictive analytics modeling, etc. This benefits them to target the customers and offer them personalized offers to provide a highly acceptable user experience. This way companies can utilize big data and gain actionable insights.

While companies from all industry verticals are scrambling for big data to better understand their customers and provide better service, more focus should be given to collecting customer data. If you want to give your customers more, you need to know them more personally and for that you need accurate data, which we call big data, to make smarter predictions about their needs and proactively enable them with what they exactly want.