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4 Insights to Unlocking Value from Customer Knowledge - with data from Econsultancy

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Most brands have failed to keep pace with the rapid changes in how customers and prospects interact with them.But companies with elite analytics practices go from customer knowledge to growth.

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4 Insights to Unlocking Value from Customer Knowledge - with data from Econsultancy

  1. 1. 4 Insights to Unlocking Value from Customer Knowledge With data from Econsultancy’s report “The Secrets of Elite Analytics Practices: From Customer Knowledge to Growth”
  2. 2. THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 2 The customer journey is the other side of the coin to customer experience. If the journey is obscured from view, then the experience can’t be fully optimized.
  3. 3. Most brands have failed to keep pace with the rapid changes in how customers and prospects interact with them. Only 3 in 10 companies report that they have a thorough and up-to-date view of the customer journey. THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 3
  4. 4. THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 4 Understanding Customers’ Struggles Extrapolating from Individual to Audience Product and Category Analysis Customer Journey Analysis Here are 4 areas where the returns on customer knowledge are tangible:
  5. 5. Decoding the Customer Journey Today, the constantly connected consumer interacts with brands across a variety of devices and channels in ways that aren’t linear or constant. Yet marketing channels and analytics remain siloed, ignoring the reality that few customer interactions happen independently in a single visit or are influenced by a single channel. THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 5
  6. 6. Companies with sophisticated customer journey analysis THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 6 H I G H E R C O N V E R S I O N R A T E S 104% E N J O Y A N A V E R A G E O F H I G H E R A V E R A G E CUSTOMER SATISFACTION 27% R E P O R T
  7. 7. What’s going wrong? Understanding customers’ struggles. There are dozens of variables that together form the customer experience, but any one of them can increase the friction to puchase and lose a sale. A moment of doubt, mistrust or confusion is a moment too long. THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 7
  8. 8. Companies with a strong capability in customer struggle analysis THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 8 H I G H E R A V E R A G E CUSTOMER SATISFACTION 54% R E P O R T H I G H E R C O N V E R S I O N R A T E S 188% E N J O Y A N A V E R A G E O F
  9. 9. Is an issue unique to an individual or is it broadly applicable? It’s important when any customer encounters a problem, but it’s potentially devastating if that issue is a sign of a widespread issue. Individual to Audience Level Extrapolation THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 9
  10. 10. Companies with a powerful capability to translate individual issues to an audience level (and vice versa) THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 10 H I G H E R C O N V E R S I O N R A T E S 136% E N J O Y A N A V E R A G E O F H I G H E R A V E R A G E CUSTOMER SATISFACTION 29% R E P O R T
  11. 11. Product and Category Analysis Real-time data is at the heart of how some retailers take their analysis – and actions – to the next level. Every retailer has access to how well products and categories are selling, but that’s only the visible tip of what’s happening below the surface. Only 1 in 4 companies are able to maintain a complete and current view of product and category performance, with “current” the word that truly distinguishes this group from the rest. THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 11
  12. 12. than those with less sophisticated capabilities. 143% E N J O Y A V E R A G E C O N V E R S I O N R A T E S T H A T A R E H I G H E R Companies with a complete and current view of product & category performance THE SECRETS OF ELITE ANALYTICS PRACTICES PAGE 12
  13. 13. is your brand benefiting from the FULL VIEW OF THE CUSTOMER JOURNEY? Download the full Econsultancy repor t “Secrets of Elite Analytics Practices: Translating Customer Knowledge to Growth”

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