When most marketing efforts are virtually identical, the best way to grow a business is to improve the customer experience. Today, there are more channels than ever for customers to use, besides multiple devices; and that’s not even considering the offline channels of marketing and customer service that are still relevant! Omnichannel analytics can help with streamlining the customer experience across channels.
A customer-first business faces many challenges in enhancing and personalizing CX. Capturing Voice of Customer (VoC) data is difficult due to its siloed nature. This further leads to customer insights not being visible because a unified picture from touchpoints like calls, social listening, chats, etc. is missing. There is also the challenge of adhering to data regulations in every location.
Understanding the customer is a never-ending task as they evolve and change preferences over time. Businesses have steadily adopted omnichannel analytics because it solves the above pain points. It makes customer journey mapping simple and cost-effective across multiple devices and channels.
Personalizing Each Customer’s Journey
Personalized experiences are so integral now, that though 79% of people don’t like the volume of data with companies, over 80% will only shop from brands that offer a personalized customer journey. Omnichannel analytics integration helps you provide a great customer experience, resulting in the sustained growth of revenues by 4-8% above the market.
Omnichannel marketing analytics platforms process and streamline VoC data from all the different points in the journey. It enables building a profile based on how the customer has interacted with the brand. It facilitates retargeting of customers and identifying relevant upselling or cross-selling opportunities. You can aggregate the omnichannel marketing findings to recognize the best product fits for different customer profiles.
Reducing Cross-Channel Friction
With many third parties involved in lead generation and customer service, customers should be identifiable in any channel with a high degree of precision. The analytics data can do that and help identify areas to improve customer satisfaction. Data integration tools reduce friction and allow better customer engagement.
A frequent complaint from customers of customer-facing industries like banking is that multiple agents attempt to sell to them, often contradicting each other in the process, while the same enthusiasm is missing in resolving problems after the sale. Omnichannel analytics makes it easier to collate and classify such data in an organized and actionable manner for personalized customer service.
Timing for Optimal Results
Timing matters in business- whether in launching products or choosing the right time to target customers or addressing their complaints. Omnichannel marketing analytics tools distill insights from voice and non-voice data throughout the customer lifecycle. You can identify when the customer is most likely to buy the product/service and send relevant deals to nudge them without coming across as aggressive and pushy.
An important area where omnichannel analytics makes an impact is e-commerce. Companies use omnichannel feedback to streamline logistics. Detecting the most common delivery time issues and deciding the allocation of support agents and delivery partners become easier using analytics insights.
Lowering Customer Churn Rate
Satisfied customers stay with the brand. Increasing customer retention by just 5% can increase profits by anywhere between 25% to 95%. Customers prefer to shop again from brands or subscribe (as is more relevant for many B2B firms) if they had a seamless experience. Churned customers move to brands that offer better service quality since they feel safer about their money. They value quick problem resolution so much that they voluntarily give testimonials online.
Industries like Banking, Insurance, E-Commerce, and even entertainment powerhouses (Disney is a famous example) have gained from the early adoption of omnichannel analytics. Predictive analytics has been transformational because of these industries’ highly service-oriented nature and KPIs that depend on customer sentiment.
Powerful analytics capabilities are fast becoming a game-changing necessity to gain success in modern marketplaces. Plug your Contact Center CRM with aura365 Omnichannel Analytics to prepare your business to ride out the operational challenges and equip customer-facing staff to deliver a delightful CX.