A positive customer experience puts your business in the spotlight. It creates an army of loyal consumers who keep returning to your products or services. According to research, customers are willing to spend more for a good experience.
Creating a great ride throughout the entire customer journey is, therefore, a must. Consumer expectations are higher than they were ten years ago. But companies can’t know what kind of experience their consumers want without analyzing their needs.
Here comes customer experience analytics. Accurate, reliable and detailed data ensure you take the customer journey to the next level. They put your finger on the pulse of consumer expectations.
Read on to learn about customer experience analytics, how to use them and more!
What is customer experience analytics?
Customer experience analytics is a process of gathering and assessing customer data from different touchpoints. These touchpoints can include every platform you interact with consumers on—from social media to call centers.
The goal of CX analytics is to help you boost customer loyalty, improve your customer journey and discover weaknesses that hinder your company’s growth.
For instance, customers might not be happy with your call center. You won’t know that if you don’t analyze data. Use every piece of technology that can help you improve your service.
Take Ender Turing as an example.
Our speech recognition solution helps companies track and analyze customer interactions with contact centers. Empowered by artificial intelligence, Ender Turing enables you to measure and improve agent performance by translating every call into searchable text. You can then understand and enhance the customer journey.
Using customer experience analytics’ actionable insights also help you create a more personalized experience. This results in greater customer loyalty, according to Gartner.
Customer experience analytics relies on numerous metrics to improve your service. We’ll go over them below.
Customer satisfaction score (CSAT)
The Customer Satisfaction Score (CSAT) is among the valuable CX metrics. As its name suggests, the CSAT quantifies the degree to which consumers are pleased with a product, service or experience. In most cases, companies use it to understand whether or not their customer journey needs improvement.
You just need to ask a question, e.g. “How satisfied are you with the delivery,” and propose a scale:
- Not satisfied at all
- Partly satisfied
- Very satisfied
After analyzing the responses, you’ll know whether or not you have satisfied customers.
Net promoter score (NPS)
Just like CSAT, the NPS also wants to know the degree of customer satisfaction. The only difference is that the NPS mainly focuses on your products or services.
It collects customer feedback to determine how likely they are to recommend a product or service to others. Remember, over 90% of consumers trust recommendations from friends and family. CX analytics tells you if there’s positive word of mouth circling around your brand.
Customer effort score (CES)
Another metric you should use is the Customer Effort Score (CES). It measures how easy it is for a consumer to do business with you. It looks at different stages of the journey to determine this. For instance, it considers how much effort a customer had to make to:
Resolve an issue with contact centers
Make a purchase
Use a promotional code
Sign up for a free trial
According to Gartner, 96% of customers who had to put in a lot of effort were disloyal to a brand. Creating a seamless experience should be your top priority.
Voice of the customer (VoC)
Customer experience analytics also collect customer data regarding VoC. This metric directly asks consumers to summarize their expectations, preferences, needs and wants.
By focusing on the Voice of the Customer, you can better understand what every individual expects from you. You can then tailor your services to meet their demands.
Customer journey analytics
The modern consumer doesn’t only base their opinion on your physical store. They communicate with your business on different channels, including social media, customer support and your website.
This means that customer interactions must be extraordinary on every channel. Customer journey analytics allow you to track and assess customer interactions across numerous touchpoints.
Customer lifetime value (CLV)
If you’re wondering how much revenue you can expect from one consumer, the CLV can help you figure out the answer.
The Customer Lifetime Value predicts the net profit an individual can generate as a paying customer. Knowing this figure helps you focus on high-value customers. You can create online ads and strategies that better target this group.
Average handle time (AHT)
The Average Handle Time has to do with customer service interactions. It measures the average duration of one interaction with your company. Given the nature of call centers, it is one of the key performance indicators (KPIs).
Customer churn rate
Your business won’t grow if you only worry about new consumers. You must take care of the current customers as well.
This is where the customer churn rate comes in handy. The rate calculates how many consumers stop doing business with your company over a specific period of time. Your priority is to reduce customer churn and devote your efforts to customer retention.
After call work (ACW)
A customer interaction doesn’t end when the line disconnects in the call center. It also includes the period after the interaction. The After Call Work analyzes that period. Agents use it to enter notes or complete any task connected with the call.
If you want to improve your customer experience, you should consider all customer data. You can’t grow if you don’t leverage the information you have.
We now know which customer data customer experience analytics brings to the table. But, why is it important to collect and use this data? Let’s find out.
Why is customer experience analytics important?
Customer interactions are useful in that they help you understand your consumers’ pain points and expectations. They also shed light on the areas your business must improve.
You should analyze every customer data you collect during the interactions. One study found that customer-centric businesses are 60% more profitable than those that aren’t.
You should use CX analytics as well to:
Make informed decisions backed by customer insights
Track important metrics to develop strategies that increase customer loyalty
Map out and understand the customer journey
See how customers interact with your brand across different touchpoints
Discover the main issues and their causes
Learn about customer needs and expectations
Customers are more likely to make a purchase when they see your business is making an effort. CX analytics help you show that you care!
Who benefits from customer experience analytics?
The answer is—everyone. Customer experience analytics make a more enjoyable experience for every customer. This generates great results for companies, including revenue growth. According to a Bain and Company study, businesses that improve their customer experience can increase revenue by 4-8%.
Customer experience analytics is especially useful for various employees in your company:
Business leaders – executives must make hard decisions about sales, marketing and product development. It’s easier to reach those decisions with customer feedback and data. Their key CX metrics are the Net Promoter Score, Customer Lifetime Value and Customer Satisfaction Score.
CMOs – marketing executives know how important it is to deliver an extraordinary experience across the full customer journey. They need customer experience analytics to understand a company’s strengths and weaknesses.
Product managers – these employees focus on improving products, but even they need some suggestions. Customer feedback can tell them which feature to add to a product or what to add to the product development roadmap.
Call center agents – CX analytics tools include features like predictive analytics and real-time reporting that help improve call center agent skills and change their approach. For instance, Ender Turing offers real-time agent performance based on individual KPIs. You can easily discover critical errors and provide real-time feedback through speech analytics. This improves the service and speeds up call scoring by 20x. Sign up now!
Some employees still continue to leverage old survey-based systems. They aren’t enough if you want to take a customer-centric approach. If you work in the marketing, product or customer service department, you need a comprehensive view of the entire customer journey.
Customer experience analytics offer granular customer insight. This enables you to take action in real-time and create unique experiences for every customer. With extensive customer data, you can learn which approach will generate more revenue for your company.
How to use customer experience analytics
You’ll inevitably face many business decisions in your company. It’s easier to make them when they are backed by customer experience analytics. Here are some of the ways you can use CX analytics.
1. Reduce churn rate
Customer experience analytics don’t only tell you what you are doing right. They also point to the things that aren’t going well. Some of those things may drive your customers away from you.
Let’s say that you have a detailed customer retention strategy in place. No matter what you do, however, paying consumers continue to abandon your business. What gives?
There is obviously an issue that you must identify. It’s easier to do that with customer experience analytics tools.
These tools discover trends that show how many customers have left and identify the reasons for their disappointment. Knowing what the pain points are can result in lower customer churn.
Customer churn usually happens when the same issues keep occurring. Consumers get frustrated and they don’t want to do business with you anymore.
When you track customer behavior over time and act on their feedback, they are more likely to remain loyal.
2. Personalize customer experience
Another use case for customer experience analytics is personalization. 80% of customers are more likely to do business with you if you provide a personalized experience. Customer experience analytics tools can help you here.
CX tools shed light on consumer preferences that weren’t clear to brands before. This helps you develop a customer experience strategy that resonates with your target audience.
Analyzing customer service interactions, tracking social media comments and collecting website analytics is crucial. A customer experience analytics solution gathers and presents all the data in one dashboard. This makes it easier to analyze customer behavior and expectations across numerous touchpoints.
You can then segment your audience to find similarities between specific groups. Marketers can use segmentation to deliver targeted ads and campaigns. Consumers will feel like you’re listening to their needs and meeting their expectations.
Your go-to customer experience analytics solution acts as an advisor, directing your attention to the areas that need your attention.
3. Understand and anticipate customer needs
Getting to know your customers is crucial. You want to learn how they like to shop, what their needs are and if they have any pain points. It is easier to have access to this information nowadays.
Businesses can turn to social media platforms to read consumer comments or listen to customer calls, among other things. These channels will tell you how to improve your company, increase customer engagement and retain your target audience.
Actively listen and pay attention to your customers every step of the way. You’ll understand and anticipate their needs by:
Collecting and analyzing insights – customer experience analytics tools will do the work for you. Your job is to connect all channels in one dashboard to eliminate silos.
Get to know your customers – understand what drives customer engagement and interaction. Do they turn to your brand because they need a solution to their pain point?
Identify what your consumers value – your go-to tool should provide data that help you identify patterns and trends. You can then use this information to appeal to your old and new customers by focusing on stories that matter to them.
Customer experience analytics also set you apart from your competition.
4. Stand out from the competition
According to a PWC report, over 50% of consumers believe that many companies need to improve their customer experiences. Customers are more likely to choose you from the competition if you show they are your main focus.
Companies have started to understand this. That’s why 45% of businesses think an amazing CX sets them apart from competitors. They are unable to attract attention without customer experience analytics.
These tools give you valuable insights that can further improve your operations. If your customers need new products, better customer service or improved personalization, CX analytics will tell you that.
Streamline processes with the right tools
CX analytics tools connect consumer behavior with reliable metrics. They save time because companies don’t need to gather customer data manually. Their chosen platform will do the work for them.
Every piece of data is visible in a customer experience analytics dashboard. This makes the process of analyzing data easier. You basically get a bird’s eye view of the experience you offer, ensuring you have the bigger picture.
Using these tools gives you quick access to accurate and reliable information. There’s no place for human error and miscalculations. An AI-powered platform was developed and coded to work effortlessly and flawlessly.
One such tool is Ender Turing. It is a cost-effective and reliable conversation and text analytics platform. Our tool collects and analyzes the information we obtain from your customers. This helps you detect customer signals and know the Voice of the Customer.
Keeping abreast of your customer sentiment and current market trends is easier with Ender Turing!
Our platform is also perfect for call center quality management. Access and review all conversations your customer care agents have with customers. Provide personalized feedback to further improve your service.
Offering an excellent customer experience is not easy. There are many things to consider. You have to analyze customer behavior, know their needs and wants and discover which areas need improvement. All of this is easier to accomplish with a customer experience analytics tool.
Data drives businesses forward. It gives you a clear idea of what you’re doing right or wrong. Leverage data to give your customers the experience they need.
Ender Turing is the right solution for you if you want to analyze conversations, do proper quality management and improve call center performance metrics. Work on your customer experience with our platform – sign up today!
We’ve created a list of frequently asked questions about customer experience analytics. Here are our answers.
What is customer service analytics?
Customer service analytics is a process of collecting, storing and analyzing customer data. The goal is to improve customer experiences and discover how a business can improve.
What is a CX data analyst?
A CX data analyst reviews and analyzes customer experience analytics. Their aim is to help a business become more customer-centric and improve their customer journey.
What are the 3 main components of customer experience?
The three main components of customer experience are:
You have to consider them to understand how a customer perceives your company. This will tell you if a consumer is loyal to your brand and whether or not they will purchase from you again.
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