Why Should Business Brands Emphasize on Big Data for Better CX?

by May 22, 2020

Big Data

Customer expectations from a brand or enterprise are increasing every day and are no longer merely a value receiver. Contrary to their conventional roles of being at the end of the service cycle, they now influence the whole business of a brand in the market. Since it is the era of customers, businesses, and industries need to understand these expectations and act on them. This is possible by harvesting the customer data, gain actionable and decisive insights, and plan the next campaign accordingly with improved features that align with such demands. Customer Experiences (CX) are the new pivot in the business market.

The cycles of customer optimizations are getting faster and short among the business brand due to a competitive market for better business success. Therefore the data tools and system need to be updated as per the rapidly changing market shifts. The abundance of data, allows the customer to test and choose from the plenty of services or products offered in their niches, both from your and your rivals’ brands. This impacts their purchase behavior. According to a 2019 report, 86 percent of customers are eager to pay a higher price (up to 18% more in some cases) for a better experience. Therefore, 89 percent of companies will compete primarily based on CX soon. So to set one’s business brand apart from others, implementing data analytics on the customer data is the key.

The plan is to identify which data needs to be analyzed and for what. For example, transactional data in the form of orders records, invoices, methods of payment, and timing of payment helps to understand customer purchase history. Behavioral Data and Customer Service Data enable us to interpret the customers’ brand interaction patterns from their view. While data from social media platforms can be used to personalize sales outreach, provide engaging content, and more in-depth audience segmentation. Furthermore, providing an enhanced CX is essential for retaining the customers, mapping their journey, and expanding the leads too. Hence it is important to determine what sort of data one needs.

Using technology resources like Big Data, one can boost CX by learning the purchase history and behavior patterns of the target audience. By personalizing the services, business brands can expect to see a growth in engagement, revenue, conversions. This is because personalization saves time, recognizes interests, and delivers a unique fitting experience. It sheds light on what is working in the business market and what is not and why. This means it helps to figure out which services, apps, campaigns are reaping benefits due to excellent customer experience, and it is crucial to study this if the company does not want people to leave your site, store, or app. Besides, BigData allows brands to focus on the previously unused data and therefore help companies in deciding if that unused data is beneficial or another waste of resources. Streamlining the data analytics process speeds up the response time with accurate information. Not only that, but BigData can also prove useful to customers to comprehend what business brands offer via the same ratings, reviews, testimonies, and survey results used by enterprises to derive value. Apart from the advantages as mentioned above analyzing the customer data can help build frictionless experience by connecting with customer touch-points and delighting them through offers, discounts, and thank you emails.

Data is omnipresent! So, instead of being overwhelmed or ignorant, it is better to harness it to enable the sort of innovation that builds a clear distinction between one’s brand and its competitors in the eyes of the customers. Define the customer needs by asking questioning and analyze the answers while making sure to connect disparate data sources so that the digital experience platform can access them all in real-time. Maybe before the BigData age, providing better CX was a challenging aspect. However, now it is important to uncover relationships among multiple variables as well as to capture data, transform them into valuable, actionable insights and outline plans and strategy, drive positive reviews, implement company improvements, and increasing customer loyalty. Remember, the customer is the new holy-grail for business market dominance!