When Walker Info conducted a survey on purchasing habits, they found that 86% of customers rate the experience they had as the most important reason for choosing that company to make a purchase. With access to large pools of goods and services through technology, most purchases are no longer price-driven, but rather hinge on the experience that the consumer has while shopping. If a customer finds it difficult to access information, obtain pricing or shipping discrepancies, or cannot get the help they need when trying to make a purchase, they simply go elsewhere to find a similar product at a similar price with a more enjoyable experience.
In order to optimize a customer’s experience, it is critical to use data and analytics to create a product or service journey that is more responsive and personalized. Power BI Reporting offers solutions that help collect and distribute valuable customer data to help businesses improve these critical touchpoints.
What is Customer Experience?
Customer experience is the way a customer interacts with a brand or business. This experience can encompass any of the ways the engagement is made. These touchpoints, (the points where the consumer has interaction with your company) can be things like visiting your website, using your app, getting ads through social media, or even walking into your storefront. You can even include things like hearing about your brand or product from others, getting coupons through texts or emails, or actually buying and using a product.
At each of these touchpoints, your customer has the chance to evaluate, not only your product or service, but also the experience they had during that contact. For example, if your checkout is difficult to navigate, they may not want to repeat the experience. On the other hand, if there was a question or problem, and the matter was resolved easily and efficiently, the customer experience may be pleasant enough to repeat a purchase. By creating a data-driven customer experience, you will be able to better understand your customer’s needs and preferences to enhance the opportunity to increase sales and prompt return visits.
What Role does Data Play in Designing and Refining the Mission Critical Approach?
Data collection enables you to personalize the customer experience based on prior habits, and future needs. You can create approaches to advertising and marketing that will be the most suitable for your consumer. Learn how your customer purchases, when they purchase, and how many times they visit your site or brick and mortar before buying.
Data can also alert you to any issues that your customer encounters with the experience. Find out if certain marketing strategies are successful, and if not, what was the impact. What are your customer’s touchpoints? If you offer multiple avenues for purchasing, is your customer getting the same information at the storefront as they get online? By determining the process of your customer’s purchasing, you can hone your marketing efforts to provide the most impact.
With all the analytics available, use can use the data you collect, not only to improve your customer’s experience, but to provide an optimal experience for future customers as well. You may find that you have neglected or omitted a segment of potential customers that you have never before considered. By selecting and capturing the right data, you will be able to more fully understand and identify your consumer.
Collecting the right data may have another positive effect on your brand and your company. It may help you to remain flexible. Customer’s change. Their demographic changes. Their tastes change. Their needs change. If you want to retain your current customer, use the data collected to reflect and accommodate those changes. And then use that data to help determine trends to be a step ahead in providing your customer with products or services that they may need in the future.
In addition to giving your customer a better experience, you will also be able to use data to make your business better and more profitable. Instead of spinning your wheels (and spending your dollars) on marketing tactics that are not impacting your consumer, you can put your resources where they are needed the most.
Who Needs the Data?
The goal for BI (Business Intelligence)reporting is to get the data to the company decision makers. The data can be used for many things besides marketing and improving the customer experience. It can also provide metrics that will help improve areas of sales, forecasting, inventory, and trends in customer purchases. Decision makers in many departments can use this data and can tailor it to their own specific needs.
Examples of company decision makers who can benefit from Power BI Reporting:
- Sales managers and their teams
- Other company decision makers
Why is BI Reporting Essential?
Research has shown that a majority(84%) of the economic value of customers comes from retention. With such a high importance placed on customer retention, data from Power BI Reporting is essential. The data can reveal the economic behaviors of your customers, including what they buy, how they buy it, and how often they buy. This makes customer retention and the data collected to enhance it, the driving motivation for any successful organization. Power BI Reporting can:
- Eliminate blind spots that deter from the customer’s optimal experience
- Centralize record management
- Provide a comprehensive and thorough review of the customer’s touchpoints.
- Will reveal the progressive milestones that lead to future and continued success.
Data collection and automated reporting is the essential component to sustaining and improving customer retention and profitability within your company. ChristianSteven Software provides software that will automate the scheduling and distribution of reports and dashboards.
You can download a 30-day trial at the PBRS product page at the ChristianSteven website.