Young Leaders Programme (YLP)
Management Development Institute ,GurgaonOpen For Admission
The pandemic has proved that creating a customer experience, also referred to as CX, is the greatest game-changer in business. Customer experience is all about a brand’s interfacing with the customer. It is this interaction that decides whether the customer decides chooses to swipe his/her card and buy the product or decides to at least explore the offerings from the brand stable. While these are positive possibilities, one very pertinent negative outcome of a negative customer experience can be that the customer makes a firm decision in her or his mind to never explore the brand offerings. The key is to really manage the customer expectation from brands. The brands that managed to even touch base, if not completely live up to, with this expectation have survived. It would be mind-boggling to note that the global customer experience management software market is pitted to reach USD 23,835 million by 2027 from USD 7,571 million in 2019. This rapid traction has resulted from increasing customer demand for unique experiences through online channels, which proliferated due to COVID. One of the most recognized and proven ways to transform the customer experience is by engaging in CX Analytics. Now CX analytics is all about monitoring and measuring the customer data to understand what works well with the customer right from the first interaction to customer support post-purchase.
Let’s deep dive into the How's and Why's of CX Analytics
Can experience be really quantified? This has always been a question that has baffled marketers across the globe for decades. Previously, it was just customer profiles and demographic details available as touchpoints based on which campaigns were crafted and responses were measured. In the last ten years, the customers have gone digital in herculean proportions thereby, turning over all marketing dynamics. Adapting to the changing expectations and experience demands of the customer, brands across the globe have adopted tools that would capture customer behaviour in real-time across apps, emails, and webpages. This data has empowered millions of marketers across the globe to take personalization and customization to a whole new level.
Today, Customer analytics tools and dashboards offer great insight into the customer sentiment, retention rate, email open rate, Customer Acquisition Cost, and NPS score. These are not just about culling tonnes of data; it is about delivering business-critical insights that help businesses tailor and measure customer experience. The role of analytics tools is twofold, and these are:
• Convergence of data: The analytics platform offers interactive dashboards that unify the granular data received from both online and offline channels. This unification of data revolving around customer behaviour does the most important thing- create an ID of a customer with multiple data patterns converging to give a unique identity.
• Turning on the data in real-world scenarios: The analytics platform offers tools and mechanisms to measure and manoeuvre experiences across data touchpoints concerning the customer. This helps businesses craft significant customer experience programs based on the insights derived from analytics.
In a nutshell, the analytics enable the marketer to exactly quantify what really matters to the customers and identify the probable roadblocks. The benefits of the CX analytics are not just limited to boosting ROI, the benefits are far-reaching. The insights derived from the analytical tool enable each department within the organization to join the dots between their individual KRAs and the 'north star' of the organization.
For a marketeer today, CX is the lynchpin on which the entire marketing endeavours rest. Hence, a marketer today must possess all the know-how to identify the apt tool to boost the brand's customer experience. One of the significant ways to derive such meaningful insight is by undertaking academic pieces of training. Executive Program in Digital Marketing and Social Media Marketing Strategy (EPDSMMS), offered by IIM Calcutta in conjunction with Hughes Education, is one such executive program that aims to enable marketing executives to master analytics, traditional marketing analytics, search marketing, and social media listening so that they can robustly create enjoyable experiences for the customer.
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