May 14, 2021
“Data alone has no value—it’s just masses of numbers or words.” ― Steven J. Bowen, Total Value Optimization.
Data optimizing means managing the massive numbers or words collected through touch points: e-commerce site, social media, email, chat, or any other channel. Successful data optimization extracts the most relevant information which can speed up your business processes and thereby the business itself.
In the age of digitization, a company should try to match it’s goal to it’s customers goal. That means accurate understanding of customer experience to improve customer relation and maximise customer lifetime value (CLV.)
A customer journey revolves around four main phrases:
The challenge is in mapping the road of the journey ahead. This is where data optimization offers great help.
Data Optimization Unifies Customer Insights
Data Optimization offers a unified view of the customer insights and turns data into action. This is crucial to a best-in-class customer journey.
Customer-centric goals are drawn from customer data which helps organizations focus on metrics and proactive engagements to add value to the customers. Through this, the phases of the customer journey can be understood and worked upon.
Customer journey optimization brings business success by:
Let us see how it helps the four main customer journey processes:
Customer journey never ends; however, the journey must be extra smooth and hassle-free until they have integrated a product or service with their requirement. They should feel supported and have access to advise and assistance whenever required during this time. Data optimization helps in:
Acceptance (Product) or Adoption (Service)
By this time the customer would have become comfortable in using a product or service. The optimized data provides knowledge about customer engagements and feedback. The matrices based on this can be used to:
Renewal or Continuation of Usage
An optimized customer experience reduces customer churn. The metrics derived from the on-boarding feedback, or buying trends of old and new customers can give you early warnings regarding probable churn and proactively ensure customer satisfaction.
Handling Feedback & Escalation
There is always a chance of something going wrong in a business relationship. Optimizing escalations and feedback data help businesses keep up with good products and services, and also keep customers informed about it. It is not the issue but a positive resolution to a problem that creates brand loyalty. The optimized data helps businesses:
To summarise, the customer understanding with optimized data helps in:
DBP’s customer success solutions help create a value-driven customer journey leading customers to become loyal ones.
Interested to discuss more, please feel free to contact the author at email@example.com
About Ashish Bhalla
Ashish has almost 30 years of industry experience in a wide range of business solutions primarily focusing on end-to-end customer experience management. He is the founder and CEO of Digital Business People (DBP), an omni-channel customer experience management company headquartered at Singapore with it’s development and delivery centers in India.