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Customer Journey Analytics
- 1. Customer Journey Analytics Jamie Renehan Customer Analytics Manager April 2018
- 3. Customer Analytics Life Cycle
- 4. Agenda • Customer Journey Mapping • What is Customer Journey Analytics • Why? Understanding your Customers • Visualize a Customers Journey • Journey of a Retail Banking Customer
- 5. Customer Journey Mapping • A customer journey map is basically a visual illustration of the steps of a customer journey.
- 6. What is Customer Journey Analytics • A data-driven approach to discovering, analyzing and influencing your customers journeys that connects millions of events into journeys from your customers point of view. • Ability to deliver a personalized customer experience consistently across all channels and points of interaction. • Process of tracking and analyzing the way customers use combinations of channels to interact with an organization.
- 7. Why? Understanding your Customers • Customer Experience is Driving the Need for Customer Journey Analytics. • Journey analytics lets organizations understand both quantitative and qualitative data about each step in the journey. • Understanding your next best action to achieve enterprise goals such as driving cross-sell opportunities and higher customer loyalty. • Understanding your customer preferences and information needs so you can proactively address them. • In a cross-vertical study entitled Customer Journey Analytics and Big Data, McKinsey found that customer journeys are 30% – 40% more predictive of customer satisfaction and churn than data from individual customer touch points.
- 8. Visualize a Customers Journey
- 9. Journey of a Retail Banking Customer • Complex involving multiple touchpoints. • Most customers start their journey in a digital channel when opening a new account. • Important to examine the customer journey by generation (ie Millenials tend to prefer digital channels).
- 10. Journey of a Retail Banking Customer
- 11. Journey of a Retail Banking Customer
Editor's Notes
- visualize and analyze the paths customers take, over time and across multiple channels to drive intelligent, personalized customer engagement
- Customer Segmentation allows analysts to understand the landscape of the market in terms of customer characteristics and whether they naturally can be grouped into segments that have something in common. Customer Acquisition is used to acquire new customers and increase market share, and often involves offering products to a large number of prospects. Upsell/Cross Sell aim to provide existing customers with additional or more valued products. Upsell is the practice of selling more expensive products, upgrades or add-ons to an existing customer. Cross sell is the practice of selling additional products to existing customers. Next Product/Recommendation: When a company has many products to offer they have to determine which of those should be offered to a customer based on the existing products the customer owns. Next Best Communication Channel: Determine the optimal communication channel to reach prospects. Increase response rates, customer satisfaction and ultimately customer retention. Customer Retention/Loyalty/Churn aim at maintaining and rewarding customer loyalty and reduce customer defection. Reducing churn and building loyalty with retention strategies can significantly help grow your business. In the case of churn, we are looking for customers who will cancel a product within a certain time frame. Customer Lifetime Value models are used to design programs to appreciate and reward valuable customers. Customer lifetime value represents the expected revenue that is to be earned from the customer over her/his lifetime considering all of the possible products that this customer could purchase. Product Segmentation allows you to optimize product bundles using product affinity, in most cases using Market Basket Analysis. Market Basket Analysis is used to find product bundles.
- Understand and Optimize the Customer Experience across every channel and touchpoint
- Gartner defines customer journey analytics as the process of tracking and analyzing the way customers use combinations of channels to interact with an organization and covers all channels present and future which interface directly with customers.
- Interactive voice response (IVR) is a technology that allows a computer to interact with humans through the use of voice and DTMF tones input via a keypad.
- Source: ForeSee Banking Research, January 2018 “The Financial Brand”
- Source: ForeSee Banking Research, January 2018 “The Financial Brand”