Data Analytics and the 6 Phases of the Customer Cycle : Part 1
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 focuses on the customer experience as it relates to the sales funnel. The front end of the journey is the primary goal of sales and marketing teams looking to drive revenue. The second; Use, Ask, and Engage relates to 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.
In order to provide the best customer experience possible, businesses need to understand what motivates consumers during each phase of the cycle. By capturing as much data as possible during each stage of interaction, companies can tailor their processes to best serve their customers as they progress through the cycle. Here in part one, we’ll look at the first phase of the cycle; Discover, Explore, Buy; and how data analytics tools can provide greater insight into what customers expect from the sales experience.
Discover - Data already gathered from multiple consumers who have gone through the cycle informs the discovery phase. Here marketing and sales look to draw attention to products, brands, and services that potential customers might be interested in. Data analytics software helps to drive this phase by informing marketing and sales about customer preferences, habits, and needs. With the right data, marketing teams can identify who is most likely to purchase their product or service and more effectively use the right channels to show it to them.
Explore - Here the customer knowledge gained through data mining can help provide the right information about products and services that speaks to the target customer base as they weigh the different options available, assess pricing, and research locations most convenient to them. As more individuals explore via mobile devices, this process has become more difficult as all relevant information is expected to be easily digestible and right at hand. Companies that use the best data analytics tools, such as the platform here at Stratifyd, can make this phase more efficient for consumers and businesses.
Buy - When the customer has decided to purchase, the transaction should be easy. Either in person or online, the steps between the decision to buy and the purchase should be seamless. Data collected on customer preferences can help businesses identify how to make that process as simple as possible and create a clear path to buying by using data analytics software to do the heavy lifting. By unifying data from structured and unstructured sources, businesses can create a clear picture of customer experience for online and offline transactions to avoid poor customer experience that could affect dissatisfaction with the brand.
Continue to Part 2.