4 insights to unlocking value from customer knowledge - with data from econsultancy

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4 Insights to Unlocking Value from Customer Knowledge With data from Econsultancy’s report The Secrets of Elite Analytics Practices: From Customer Knowledge to Growth

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4 Insights to Unlocking Value from Customer Knowledge

With data from Econsultancy’s report “The Secrets of Elite Analytics Practices: From Customer Knowledge to Growth”

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 2

The customer journey is the other side of the coin to customer experience. If the journey is obscured from view, then the experience can’t be fully optimized.

Most brands have failed to keep pacewith the rapid changes in how customers and prospects interact with them.

Only 3 in 10 companies report that they have a thorough and up-to-date view of the customer journey.

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 3

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 4

Understanding Customers’ Struggles

E xtrapolating from Individual to Audience

Product and Categor y Analysis

Customer Journey Analysis

Here are 4 areas where the returns on customer knowledge are tangible:

Decoding the Customer Journey

Today, the constantly connected consumer interacts with brands across a variety of devices and channels in ways that aren’t linear or constant.

Yet marketing channels and analytics remain siloed, ignoring the reality that few customer interactions happen independently in a single visit or are influenced by a single channel.

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 5

Companies with sophisticated customer journey analysis

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 6

H I G H E R C O N V E R S I O N R A T E S

104%E N J O Y A N A V E R A G E O F

H I G H E R A V E R A G E C U S TO M E R S AT I S FAC T I O N

2 7%R E P O R T

What’s going wrong?Understanding customers’ struggles.There are dozens of variables that together form the customer experience, but any one of them can increase the friction to puchase and lose a sale.

A moment of doubt, mistrust or confusion is a moment too long.

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 7

Companies with a strong capability in customer struggle analysis

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 8

H I G H E R A V E R A G E C U S TO M E R S AT I S FAC T I O N

5 4%R E P O R T

H I G H E R C O N V E R S I O N R A T E S

188%E N J O Y A N A V E R A G E O F

Is an issue unique to an individual or is it broadly applicable? It’s important when any customer encounters a problem, but it’s potentially devastating if that issue is a sign of a widespread issue.

Individual to AudienceLevel Extrapolation

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 9

Companies with a powerful capability to translate individual issues

to an audience level (and vice versa)

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 10

H I G H E R C O N V E R S I O N R A T E S

136%E N J O Y A N A V E R A G E O F

H I G H E R A V E R A G E C U S TO M E R S AT I S FAC T I O N

2 9%R E P O R T

Product and Category Analysis

Real-time data is at the heart of how some retailers take their analysis – and actions – to the next level.

Every retailer has access to how well products and categories are selling, but that’s only the visible tip of what’s happening below the surface.

Only 1 in 4 companies are able to maintain a complete and current view of product and category performance, with “current” the word that truly distinguishes this group from the rest.

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 11

than those with less sophisticated capabilities.

143%E N J O Y A V E R A G E

C O N V E R S I O N R A T E S T H A T A R E

H I G H E R

Companies with a complete and current view of product & category performance

THE SECRETS OF ELITE ANALY TICS PRACTICESPAGE 12

IS YoUR bRAnd bEnEfITIng fRom THEFULL VIEW OF THE CUSTOMER JOURNEY?

d ow n l o a d t h e f u l l Ec o n s u l ta n c y re p o r t “Secrets of Elite Analy tics Practices: Translating Customer Knowledge to Growth”