How data drives the customer experience
I read an interesting article recently on www.forbes.com. It focused on how, in marketing, big data is providing fascinating and revenue generating insights into which content/interactions are most effective at each stage of a sales cycle, and how investments in Customer Relationship Management (CRM) systems can be instrumental in increasing conversion rates, prospect engagement, revenue generation and customer lifetime value.
Basically, it all comes down to customer experience (CX)
Anyone in a sales and marketing role reading this post will be targeted on increasing the quality and quantity of sales leads, conversions and ROI. The best way to do this is by improving your CX and thereby developing long and strong customer relationships. Improving the quality of customer and prospect data is vital to this objective. The right data can make all the difference in developing engagement from decision makers, refining CX and increasing win rates.
Used cleverly, the right data can revolutionize how companies attain greater customer responsiveness and insights. A Forrester study found that 44% of B2C marketers are using big data and analytics to improve responsiveness and 36% are actively using analytics and data mining to gain greater insights to plan customer-centric strategies and improve the customer experience. Source: Marketing’s Big Leap Forward Overcome The Urgent Challenge To Improve Customer Experience And Marketing Performance
Market leaders in ten industries recently tracked by Forbes Insights are gaining greater customer engagement and customer loyalty through the use of advanced analytics and big data.
Customer Value Analytics (CVA) based on Big Data is making it possible for brands to deliver multi-touch omnichannel customer experiences. CVA is emerging as one of the most valuable Big Data-based technologies that can accelerate sales cycles while retaining the personalized nature of customer relationships.
Why was this article of particular interest? Because data matters.
As the reports by Forrester and Forbes suggest, data is the lynch pin of any successful campaign. It provides targets and prospects, in provides insight and intelligence and it enables you to connect with potential customers and to develop and nurture relationships. It enables brands to deliver the type of CX that keeps customers coming back. Not only that but it creates brand advocates.
One of the 3 main focal points of CX is each customer’s interactions with the brand, category and environment before a purchase decision. Great CX at this point in the sales process really matters. If you create a superlative initial customer experience you are well on your way to delivering an exceptional buyer journey. It’s not just about single interactions and one off purchases. People buy people. You must consider every touch point, every interaction and the experience that provides the customer. Get the interactions right at this initial stage and you will turn customers into fans. Brand loyalty and brand advocacy will follow.
Turning customers into fans starts with your initial approaches. The data you have and the intelligence this provides shapes the way you approach the customer. The more you know about their previous buying history, installed technology, renewal dates etc. the better positioned you will be to build a relationship. Show you understand their needs, requirements and pain points. Be well versed in the products your campaign is focusing on and advise prospects how these will either add value, reduce costs or improve ROI.
Delivering quality multi-touch marketing campaigns, which use the approach described above, allows you to create a CX which strengthens relationships and build brand loyalty, not to mention customer advocacy.
Using excellent Big Data gives you the focused, targeted intelligence you need. Combine this with well thought out campaigns to create the very best initial human interactions, and the best possible chance of conversion.