Companies are catching on to the fact that delivering personalized customer experiences really does create competitive advantage. And every marketer knows that the best customer experience strategies are driven by data. So smart marketers are collecting data at every touch point across the customer journey to better understand what customers want and need. And they use that data to create data driven customer experiences.
Customer Experience Is Everything
In today’s commoditized marketplace, people buy experiences not products. In fact, according to Walker Info, by 2020, 86% of customers will consider experience as the most important factor before making a purchase. The secret to achieving positive customer experiences is leveraging your data to make interactions easier for customers, and to use that data to personalize the customer experience.
Data Driven Customer Experiences Deliver Positive
Creating data driven customer experiences provides a real payoff. According to Forrester Consulting, early leaders are seeing real results. Year over year performance improvements include:
1.6 X Brand awareness
1.9 X Return on ad spend
1.6 X App downloads
1.9 X Average order value
1.7 X Customer retention rates
1.6 X Customer life time value
These significant lifts are driving superior revenue growth, as much as 15%.
How Is Data Used To Deliver These Eye-opening Results?
Data enables personalization. Marketers use data to develop segments and to tailor or personalize offers, content and timing.
Data clarifies customer journeys. Customers no longer follow a linear path to purchase. With multiple digital channels at their disposal, customers Google, compare, read reviews and ask for recommendations on social media before they make a purchase. Data allows marketers to get a better understanding of customer journeys to create meaningful content at every step of the purchase process.
Data yields better ROI understanding. Data provides the facts related to attributable outcomes for your marketing efforts. Data helps marketers understand what’s working (and what’s not) so they can optimize and better manage their budgets.
Your Data Comes Alive With The Right Technology Stack
How can all this data be harnessed and leveraged to advance data driven customer experiences? Investment in the right technologies are needed to build the capabilities that deliver outstanding value to your company as well as your customers. Here’s a capability short list:
- The ability to ingest all types of customer data, structured and unstructured, and attach it to a customer record for a 360 view of your customers.
- In line analytics/machine learning to increase content relevancy during each customer interaction.
- Real time orchestration to provide the ability to create journeys across multiple channels in a single workflow.
Looking for more inspiration? Download How to Implement Personalization Across All Touchpoints. This fast-read e-book will provide you with a framework for utilizing your data to develop your own data driven customer experience strategies.
About VeraCentra: We’re a team of experts here to help you implement and execute the capabilities your company needs to make real personalized connections with your customers.