Data Analytics and the 6 Phases of the Customer Cycle : Part 2
Forrester published a report on the Customer Cycle. In it, they proposed that the cycle had 6 parts in two sections. The first; Discover, Explore, and Buy; that we explored in part one; focuses on the customer experience as it relates to the sales funnel. The second part of the cycle; Use, Ask, and Engage; relates to engagement with consumers after the purchase has been made. In part two, we’ll explore the second phase of the customer cycle and further see how data analytics tools can inform decision making for customer experience.
Use, Ask, Engage reveals how the customer uses the product or service, how they gain additional information about it, and how businesses continue to interact with customers after the purchase. Data analytics, especially text based, unstructured data analytics, plays a large role in identifying customer needs in this phase and assessing customer sentiment.
Use - As customers begin to use the product or service, data on product management and customer experience becomes important to gauge customer sentiment. By understanding how customers react to the product, what they like about it, what they don’t like, companies can see the things that are really working and make adjustments to those aspects that aren’t in real time using data analytics tools such as Stratifyd’s platform. Much of this information comes in the form of unstructured data, such as chats, surveys, data analytics tools are necessary to gather and analyze product or service performance.
Ask - Customers will continue to seek out information about the product or service as their usage increases. Gathering information on customer feedback as they engage in asking questions about a variety of issues can be helpful to the customer cycle and can identify problem areas to be resolved. Keep customer experience streamlined through various online channels, chat sessions, phone conversations, or through areas outside the norm creates a serious challenge that unified data collection can help overcome.
Engage - Consistently engaging with customers and creating brand loyalty long after the purchase through social channels and various media can increase knowledge of customer experience expectations and inform better decision making as the cycle repeats. Engagement with consumers can allow companies the opportunity to introduce new products or services that align with their needs and drive them back into the top of the cycle. Big Data analytics can help to create a clear understanding of the entire cycle and affect changes moving forward.
Across the entire customer cycle, data analytics tools will merge all the information gathered on customer experience, customer sentiment, and the customer’s continued needs. Data will provide valuable insights into the customer cycle that can help to drive measureable change and increase revenue by creating brand loyalty, customer satisfaction, and by educating consumers on available products and services. Effectively understanding how data plays into this customer cycle can create a data driven approach to sales and marketing across all stages, while creating the ideal customer experience every business strives to achieve.