Every business is different—from the smallest mom-and-pop store to the largest multinational conglomerate, companies and organizations cover the full range of industries, products, services, and goals. But there is one thing that unifies every business under a common banner: the need for customers.
And along with that, the need to address the needs of customers.
Customers are the lifeblood of your entire business. And whether you operate within the B2B or B2C markets, building your brand and growing your business means meeting the needs of your customers better and with more consistency than your competition. Unfortunately, there’s a difference between understanding the importance of customer satisfaction and knowing how to make it happen.
To understand who their customers are, what challenges they face, what they expect in terms of service and products, and what their overall customer experience entails, successful businesses make customer analytics a top priority.
On the surface, customer analytics is fairly straightforward: using data to better understand your buyers. But there is more to this mandate than meets the eye. Understanding customers means knowing them on a personal and demographic level, grouping them into behaviors, and identifying the trends that they follow. In essence, it’s about decoding customer actions so that businesses may gain actionable insight into what strategies can best ensure a favorable customer outcome.
To do this, an effective customer analytics framework will generally consist of three primary processes:
Data without a goal is just a waste of time. As such, it is essential to determine what objectives and outcomes you want to gain from your customer analytics strategy. Data analytics outcomes are typically divided into four distinct categories:
What are the benefits of customer analytics? Possible advantages have the potential to affect nearly every aspect of your business—customer facing and otherwise. This is because a deeper understanding of customers and their buying habits allows you to predict the future of your business more accurately. And the more detailed and successful your analysis, the better prepared you will be to address upcoming trends and deliver relevant interactions at the right time to drive business.
More specifically, the benefits of customer analytics include the following:
Finally, the data is collected and refined and ready for analysis. Proper customer analytics depends heavily on how complete your customer personas are. Customer personas help you know who your idea buyers are. You can then cross-validate your data with available customer use cases to build a predictive model of how your current and future customers are likely to behave in any given situation. Properly implemented, data analysis helps you identify and define the customer variables that have a direct impact on your business, such as how customers discover your product, what features they prefer, and why they leave.
Data analysis is a many-faceted process that may include machine learning and AI-enhanced automation solutions to identify patterns and create scalable workflows.
Every business depends on its customers, and in this increasingly digital society, those customers are always generating data. Customer data offers insight into how customers act and what they value, but with so much data available, creating a customer analytics strategy capable of finding the patterns in the chaos can be extremely difficult. ServiceNow offers the solution.
ServiceNow Performance Analytics puts the power of data in the hands of those who are responsible for delivering successful customer service. Built on the industry-defining Now Platform®, Performance Analytics brings all your analysis tools together in one place, and offers a unified, central location for your business to analyze, report, and act on the data in real time. It’s powerful, intuitive, and secure, and makes customer analytics a natural fit for any business.
Learn more about how ServiceNow can help you get the most out of your customer data; click here to talk with an expert, and see how the right data at the right time can make all the difference.