In a recent article, we talked about the widening gap in Europe in customer experience maturity. In this piece, we thought it would be helpful to decode the strategies that CX leaders use to break away from the pack.
Our focus in this article is on how leveraging real-time customer data can provide insights on identity, interactions, behaviour and attitudes that can help you identify and predict CX issues and opportunities.
Why now, and why in real-time?
Brands have unprecedented access to customer data and digital footprints. In our always-on world, customers expect businesses to do something with this knowledge that’s in their interests.
They know what their data is worth. And they want something tailored, meaningful and relevant in return for sharing it. This is the value exchange that underpins informal ‘data contracts’.
Customer fatigue
Customers are also growing tired of surveys. Think about the number of surveys you’re asked to complete each week. As a leader, you may diligently complete all of them. However, you are also aware that the information you provide has its limitations – it’s reactive and high-level, with minimal real-time application.
Customers and leaders are sick and tired of surveys.
Fortunately, there are a few organisations that stand out in their utilisation of this information and in incorporating customer feedback into their products and services. Data latency in any form can pose a risk to your business, but it can also be a tremendous advantage.
The companies setting the standards on analytics are listening, hearing and reacting in real-time. They gain immediate insights into customer preferences, behaviour, and purchasing patterns to enhance their experience.
CX pioneers boost their capabilities by investing in customer data platforms (CDPs) to give them a unified, 360-degree view of customers – across devices, channels, locations, cultures and time.
Agile, cross-functional teams – marketing, sales, customer services and contact centres, operations, product teams, tech and PR – have access to instant, actionable insights. They are driven by rapid data-oriented factual decision-making.
Leaders go beyond meeting the functional and emotional needs that are the hallmarks of a good experience. Insights from real-time data enable them to offer a unique, personalised experience: tailored messages, offers, recommendations, and interactions – in the moment and at scale.
This is the hallmark of a great customer experience. This level of personalisation increases customer satisfaction, loyalty and advocacy – resulting in sustained growth.
Real-time data analytics and CDP adoption are gaining traction in Europe and across the globe
IT leaders last year told IDC that investing in technology to achieve real-time decision-making was a top priority. This year is no different.
Start where you are. You’re already collecting masses of data to give you actionable real-time insights. You probably already have a 190-degree view of your customers.
If you’re thinking about how a CDP solution could help you work towards a unified, 360-degree view to give stakeholders across your organisation insights at the moment, read on.
Later on, we highlight some aspects to think about when doing your research, and four examples of the types of solutions on the market. First, let’s explore some of the ways real-time data can transform your CX.
Personalisation at scale
Businesses are improving their data analytics capabilities. But, by their own admission, many still have work to do to add personalised value at scale – both in the moment and over the course of a customer’s life. This is at odds with customer expectations.
As we mentioned earlier, customers know the value of their data. They want to be seen as individuals. They want companies to demonstrate that they know them and understand their individual detailed preferences.
Customers know the value of their data; they want to be seen as individuals; they want companies to demonstrate that they know them.
AI, automation and machine learning mean solutions are available to meet these expectations – at scale. It’ll be worth it. According to McKinsey, organisations that leverage real-time data to personalise customer interactions can improve revenue and retention by 10 to 30%. Marketing becomes 10-20% more efficient and costs are reduced.
Minimise scattering loss through personalised real-time offerings
Scatter loss keeps marketers awake at night. Minimising the number of contacts that aren’t in a target group and not interested in your products and services is another top priority.
Personalised real-time offerings significantly reduce wastage. Scatter loss is a major drag on the effectiveness of your campaigns and communications, and ROI can be diminished.
Improve the omnichannel experience
Real-time data enables businesses to provide a seamless omnichannel experience for customers. By collecting and analysing data from various touchpoints, such as website visits, mobile app usage, social media interactions, and customer service interactions, companies can ensure consistent and personalised experiences across channels.
Leverage predictive modelling
Leveraging predictive models helps you anticipate customer behaviours and preferences. By analysing real-time data, organisations can identify buying patterns, predict churn, and optimise their marketing strategies.
Predictive analytics also means preempting and predicting issues or upsell and cross-sell opportunities. The more complete the customer view – the more accurate the predictions (more on this in a moment).
Serve and react in the moment with a CX mindset
By capturing real-time data, you can proactively and promptly, identify and resolve customer issues. If there’s one thing that makes customers frustrated it’s having to repeat their information every time they speak with a customer service representative on the same channel.
