If you restructure your marketing to utilise an omnichannel ecosystem, big data and analytics effectively, you can expect to better target your new and existing customers. However, it is one thing to get your customers on the hook, and another to keep them in your net.
With competition being so intense and across all channels, from television to internet and mobile, it is extremely important to:
- Firstly, reach out and engage your prospects and customers.
- Secondly, give them something that differentiates you from everyone else.
- Thirdly, keep them involved and feel like an integral part of your business.
This process essentially describes the customer journey, which involves every interaction a customer has with your company, product and service. Analytics helps this entire process by allowing you to better target your customers, and deliver your products to them in ways that they prefer.
The five components of the Customer Journey
Every prospect or customer will go through these 5 stages of their journey:
The customer experience “is the sum totality of how customers engage with your company and brand, not just in a snapshot in time, but throughout the entire arc of being a customer”. This entire process is cyclical, so if you engage your current customers and keep them coming back, the journey of your customer will not simply stop at purchase. Your existing customers are your biggest asset, not your prospective customers. This is one of the biggest elements that many unsuccessful companies will overlook, as they only value trying to get new customers rather than engage and maintain the relationships their previous customers have built with their products and services.
Those that have bought your products before are 50% more likely to purchase yours again compared to customers purchasing for the first time and these existing customers will also cost you 80% less to keep as compared to acquiring new ones. Furthermore, your existing customers will be the ones who can advocate your products better than you can to potential customers.
Thus, the entire customer journey in terms of investment should be weighted correctly towards pulling customers to your products. However, once customers have bought your products, your business will still have to invest in keeping these existing customers. Elements of the journey do overlap and if you incorporate omnichannel ecosystems and concepts of brand loyalty, you can both pull customers to your products and maintain their loyalty.
Value-Adding with Analytics
Value-adding is also integral to this journey and if you can offer your customers a loyalty program or additional benefits to your products that your competitors do not have, you will both attract new customers, as well as maintain them.
For example, Poket is a brand loyalty scheme that connects local stores in Singapore. If your business was able to tap on such an asset, it would be a value-add for your customers as they would then be able to earn points for purchases and gain cashback.
Analytics can value add your business. Data collected about your customers can provide you with insights on their preferences and behaviour. It can tell you everything about their customer journey, from the time they open your emails, to what their preferred method of advertising is, to what products they like or things they tend to look at. This allows your business to customise content accordingly so that you can provide your customers with what they want and hence add value to their customer journey.
Analytics tells you the entire journey a customer makes from browsing to purchasing and how satisfied they are with your products after purchase, thus it is a critical tool to use to improve your business and customer purchase intentions.
Understand your Customers' Journey with Analytics Tools
Given that the customer experience is a long journey, and one that businesses need to funnel towards the purchasing of your products, understanding this journey and what it means for your business is vitally important.
With analytics tools such as A7 IoB® , your business can also lay out all the data and visualise it easily in a manner that is best suited to them. Visualising data is crucial as it greatly enables businesses to pick out trends and patterns occurring in their operations and in their customers' behaviour. These can then help businesses better understand their market and how to attract and interact with customers. These insights aid businesses in making more effective and efficient decisions on how they should optimise and improve each process in the customers' journey.
Retaining and engaging your existing or previous customers is just as important as attracting new ones, and using analytics can significantly improve business' effectiveness at understanding and targetting its customers, and ultimately value-adding to the customers' journey. Try A7 IoB® now to gain valuable information on your customers' journey and start growing your business!