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What is Customer Journey Analytics?

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Customer Journey Analytics is the process of gather data for every touchpoint a customer has with your business. This will reveal the entire process and provide bountiful insights if appropriately used. Know more: – PowerPoint PPT presentation

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Title: What is Customer Journey Analytics?


1
What is Customer Journey Analytics?
2
  • Let us explore Customer Journey Analytics, a few
    essential items to consider, why this process
    matters, and how this affects the retail
    industry. After reading this article, you will be
    able to understand Customer Journey Analytics and
    begin asking your teams tough questions on the
    status of your Customer Experience (CX). Youll
    start to accelerate your organizations growth
    towards meeting its objectives.

3
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4
What is Customer Journey Analytics?
  • Customer Journey Analytics is the process of
    gather data for every touchpoint a customer has
    with your business. A customer is on their work
    computer shopping for an item. They go to lunch
    for an hour and continue researching that same
    item or variations while out. Then go home at the
    end of the day and jump on their couch with a
    tablet to finalize a purchase they found
    throughout the day, thats information you need
    to know. Every single touchpoint is part of the
    Customer Journey.

5
  • The information provided throughout the entire
    cycle the customer took is critical. It
    establishes a specific behavior vital to
    businesses and especially retail when looking to
    evolve their CX and turn more profit.
  • The entire customers point of view must be
    understood and analyzed for the effective
    delivery of messages, advertising, and promotions
    for continued success in todays marketplace.
    Customer Journey Analytics will reveal the entire
    process and provide bountiful insights if
    appropriately used.

6
Why Do Customer Journey Analytics Matter?
  • Now that we understand what Customer Journey
    Analytics are, we need to know why they are
    essential for our businesses. In a report
    conducted by Gartner concerning digital commerce
    trends Effective customer journey analysis can
    result in reduced customer pain points across
    channels, better continuity between channels,
    more accurate revenue attribution, and better
    customer segmentation and personalization. This
    equates to an increase in revenue and customer
    satisfaction.

7
  • As you effectively provide your customers with a
    more efficient method of interacting with your
    Brand, you can lower the distractions and build a
    more cohesive and persuasive message across
    multiple channels. The deeper you dive into the
    customer journey, the more personalized you can
    be with your marketing and sales outreach
    efforts, which ultimately converts into more
    opportunities and results in more sales.
  • Another great reward is that the quality of your
    leads increases. The more personal the
    experience, the higher the quality of
    communication and level of understanding. This
    allows your customer to feel they are heard and
    communicated at their stage in their customer
    journeys. Hyper-Personalization is a valuable
    concept for any business and something in which
    Group FiO is an industry leader.

8
  • Clearly understanding Customer Journey Analytics
    and the value it provides your business can be
    the differentiator between your business and that
    of your competition by 30-40 in growth and
    customer satisfaction according to a recent
    McKinsey report.
  • Furthermore, McKinsey also found 56 of all
    customer interactions occur during a multi-event,
    multi-channel journey, while only 38 of all
    customer journeys involve more than one channel
    of communication. This study provides fierce
    support in the need for organizations to
    understand customer analytics and the value of
    gaining deeper insights into the customer journey.

9
Customer Buying Behavior and The Loyalty Loop
  • At this point, we have covered what Customer
    Journey Analytics means and why this concept for
    customer analytics is so important. We will dive
    into two areas to take this a bit deeper and
    provide you with a couple of starting points for
    you to begin developing your strategy. Let us
    Discuss two different items Customer Buying
    Behavior, or sometimes knowns as triggers or
    buying triggers, and the Customer Loyalty Loop.

10
Customer Buying Behaviors (Triggers)
  • Customer behavior is altered in todays retail
    landscape and the pursuit of understanding that
    change and its effect on businesses current and
    future state is paramount. Every moment is a
    pursuit to discover how and why companies are
    being affected by online and offline retail.
  • When we discuss customer buying behaviors or for
    a simpler term, buying triggers, we want to
    focus on the why and when. Why did a customer
    make the decision, and when did they make that
    decision? The crazy thing about triggers is they
    can be subjective per individual, carry common
    themes, and spiral out into various life events.
    Now that could sound chaotic, but let us explore
    the common theme through an example.

11
  • John is at work and looking to purchase a new
    lawnmower. So, he begins his journey on his work
    laptop. As he looks in between calls, time runs
    out, and it is time for Johns lunch break. While
    carpooling with friends to a restaurant, John
    continues his search through social media but
    ends up back on the same website. Lunch ends, and
    John gets back to work but does not have time to
    continue his research. Already at this point,
    John has been on two devices and three channels
    searching for his new mower. Later that evening,
    John realizes he needs to get the grass cut and
    jumps on his tablet to continue looking. Finally,
    he lands on the item he wants and notices there
    is one mower discounted for in-store pickup. The
    very next day, he drives to the store, finds the
    mower, and completes his purchase.

12
  • Let us quickly evaluate. John has used three
    devices, a work laptop, phone, and home tablet.
    Then he searched the internet and social media.
    He ended up going to the store to purchase in
    person. First, this speaks to the highly
    important fact of Omnichannel Marketing. It is
    critical to keep the same consistent Brand and
    messaging for each stage of the customers
    journey.
  • But the most vital component is Johns behavior.
    He used two mobile devices and still ended up in
    the store to purchase the lawnmower. Throughout
    the entire journey, John had different options to
    choose from, such as online purchases and
    in-store discounts, both with their advantages. A
    Customer Journey Analysis provides you deep
    insights into every area of Johns interaction
    with the company.

13
  • What areas in your customer journey are you
    missing? Are you thinking about the lifestyle and
    events of your customers lives or compiling them
    into a large bucket of buy or no-buys? There are
    many questions you can ask when you examine the
    customer journey and begin to decipher what
    customer buying behavior triggers are leading
    your customers CX.

14
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15
Customer Loyalty Loop
  • Understand your customer and the process they go
    through. This is essentially the essence of the
    customer journey we have been discussing and
    focuses on post-sale objectives. What does the
    customer go through? From starting their journey
    to purchasing their product, and the continued
    interaction with your Brand? The Customer Loyalty
    Loop is defined as a concept that illustrates how
    consumers decide what they buy and their
    continued purchases in the future from the same
    company. The key here is consistent measuring and
    nurturing. Customers will always be re-evaluating
    your Brand, and whether or not they should
    purchase from you again in the future.

16
  • This is why its so critical that you
    continuously work on your Customer Loyalty Loop
    by continually understanding your customer and
    working to eliminate customers consideration of
    other brands. Read more about Customer journey
    analytics https//www.groupfio.com/customer-jou
    rney/
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