What this blog covers:
- What is customer journey analytics?
- Challenges faced by businesses due to growing data volumes.
- Impact of customer journey analytics on different business teams.
- Transform customer journey analytics with Kyvos.
What is Customer Journey Analytics?
Today, customers use multiple channels to reach out and engage with their brands; they have SMS, chat, social media, videos, apps, etc. Therefore, brands need to adopt an omnichannel approach to track the digital trail left by every customer. They are turning towards customer journey analytics to understand their customers better, create a consistent buyer journey, surpass market competitors, and boost revenue.
According toÂ research, the global customer journey analytics market was valued at $8,285.00 million in 2020 and is projected to reach $46,680.00 million by 2030, registering a CAGR of 18.8%. The pandemic has increased the customer journey analytics market. Businesses are becoming more customer-focused and are concentrating on understanding the context and clarity of the complex multichannel customer journey.
Analyzing the customer journey is the most significant path to see the bigger picture of how well your product is doing in the market, what the customers feel about your product, and many more such pertinent questions.
Customer journey analytics simply means following your customer’s every move. It is the process of analyzing the customersâ€™ actions, connecting all the dots, and using the insights to improve business.
However, despite having plenty of historical and real-time data, businesses find it challenging to leverage customer data effectively and use the insights to build personalized customer journeys that lead to more pleasing experiences.
Challenges Faced Due to Growing Data Volumes
The biggest challenge of customer journey analytics is getting a unified view across hundreds of thousands of customers. As customers interact with the brand at multiple touchpoints such as website visits, in-person stores, online forums, social media channels, etc., data from all of these sources need to be connected and thoroughly analyzed. Unfortunately, companies find it challenging to consolidate enterprise-wide data due to the lack of time and resources, or they simply ignore reviewing it. They face issues such as:
- Addition of multiple channels makes it difficult to pinpoint and track the impact of a specific touchpoint on the customer.
- Capturing customer activities from cross-channel and responding to the customers with personalized content becomes challenging.
- Identifying the point of abandonment in the customer journey is tough.
How do Business Teams Benefit from Customer Journey Analytics?
Today, businesses use disparate data sources to log operations data, product usage data, etc. And then, they find it difficult to align their efforts and gain valuable insights from all the available data. According to research,Â 50%Â of marketers say that they struggle to consolidate data from up to 4 to 10 data sources when trying to reach their audience.
As businesses grow, it becomes critical for them to understand customer behavior, and to do so, they need a 360-degree view of their entire journey. Journeys can be long and often spread across multiple touchpoints and channels. However, it is critical to discover the context of everything that happens before, during, and after the customer experience.Businesses need to collect, stitch, and understand every detail of their customer journey right from inception when they check out products as anonymous visitors, sign up or make the purchase, leave a review, click a display impression, view an email, all the way down to product click-level information.
Business teams can use customer journey analytics to create a more customer-centric approach. They can align their roadmaps and strategies when they have access to data across systems. Let’s see how different teams can utilize customer journey analytics for the greater good.
Customer journey analytics delivers valuable information in events like a new product launch or when they are trying to improve an existing one. A persuasive customer journey mapping helps product teams understand what’s going on with their customers at every stage. They can get answers the questions such as:
- How do buyers come to know about the product?
- What marketing obstacles are keeping prospects from having product demos?
- What all features of the products need tweaking?
These questions help product teams gain insights into the product from the user’s point of view.
Sales teams have been using historical customer data to create traditional journey maps and improve the sales funnel. With customer journey analytics, they can understand patterns and create strategies to achieve even greater results. They can increase sales and revenue by:
- Identifying loyal customers who qualify for personalized offers.
- Determining the best time of the month to offer upsells, cross-sells, or discounts.
- Analyzing the channels generating more revenue and increasing customer engagement by sending product nudges, push notifications, etc.
- Understanding why prospects dropped off at a particular point and re-targeting them with a better strategy.
Simplifying workflows and reducing the cost-to-serve is always a priority for the operations team. Effective customer journey mapping is built on behavioral patterns from support channels such as FAQs, knowledge base, etc. It can help minimize downtime by pursuing patterns, finding out the root cause of what most customers face, and reducing customer support calls.
Customer journey analytics help marketers visualize journey maps to see each unique customer flow and review how the flow changes over time. It can also help marketers to optimize their spending on ads and increase retention by:
- Identifying the content that is most appealing to customers.
- Analyzing historical data to determine the best time, channel, etc., suitable to conduct marketing campaigns.
- Determining emerging trends and applying them to make better marketing strategies.
- Identifying how marketing campaigns are affecting customer interactions and many more.
How can Kyvos Help Transform Customer Journey Analytics?
Every day, businesses gather massive data from multiple channels, which will only grow in the future. They need a solution that can help them get a unified view of all their data and deliver quick insights into customer behavior.
Kyvos is a cloud BI acceleration platform that helps you scale your customer journey analytics across millions of customers. You can analyze years of customer data on modern data platforms using any BI tool of choice and get instant answers to your business questions.
Customer journey analytics, when performed at a massive scale, can help you identify failure points and reveal the scope of improvement. You can use these insights to improve business processes, develop a customer-focused perspective and increase your revenue.
Download our eBookÂ to learn more about how Kyvos provides instant insights into trillions of customer interactions.
In today’s data-driven world, the understanding of customer journey is critical for businesses. Knowing how, when, and where customers associate with your brand can help you deliver personalized and seamless experiences. With Kyvosâ€™ self-service analytics layer on your data platform users can:
- Access enterprise-wide data seamlessly.
- Improve customer experience by predicting their behavior.
- Identify cross-selling opportunities and retain existing customers.
- Enhance the quality of the product.
To learn more about how customer journey analytics can transform your business with instant analytics