Why Customer Experience is So Important
Data driven CX professionals use data analytics tools to understand the frustrations customers may have with their customer experience. Artificial intelligence and machine learning can provide real time insight into the customer journey and keep the right customers coming back again and again. Big data analytics can help customer experience teams understand what their customers want from end to end, help avoid bad customer experiences, and drive revenue by retaining loyal customers.
Why is it so important to create an impactful customer experience? Digitally engaged buyers understand that they have many choices when it comes to almost any particular product or service. According to a RightNow CX report, 89% of customers say they have stopped shopping at a particular store because of a single poor customer experience. With negative experiences having such a large impact, it is important to gather the right data to meet expectations and create a seamless customer journey.
Additionally, poor customer experience can affect your marketing efforts, as more people engage online to write reviews and post about your company. Consumers are twice as likely to share about their bad customer experience than they are to write a positive review. Data analytics can help to gather all of the existing information from both happy and unhappy customers. Analyzing both segments can provide a clear picture of overall customer satisfaction and identify key areas for improvement.
55% of customers say that they will pay more for something if the customer experience is excellent. With 70% of buying experiences based around how a customer feels, businesses can’t afford to neglect the drivers of positive customer experience. Data analysis tools can identify the issues within a business that might be creating poor customer experience and also reveal the areas where customers are most pleased. With customer retention levels tied directly to customer experience, a 10% increase in customer retention can increase overall company value by 30% according to Bain & Co.
Big Data Analytics platforms, such as the AI powered tool here at Stratifyd, can allow companies to unify all the channels of their customer experience feedback. Analytics can help businesses discover the positive and the negative, make near real time changes, and ensure that the bottom line will never be affected by customers who never come back.