It doesn’t matter what the business is, what field the industry is in or even if it is on-line or off-line, the importance of the customer can never be ignored. Ever heard the saying “The customer is always right”? It’s parroted by business all around the world for a reason. Without customers buying, businesses do not make profit.
Ensuring customers purchase your products or complete the targeted conversion is the very lifeblood of every business. Now, in the technological age that we live in, there are so many digital channels to utilize and capitalize upon, the need for business intelligence and data analytics is greater than ever before. To make things more complex for businesses and their ability to understand and process big data, customers are more empowered than ever before. The choice is greater and customer expectations higher. This makes the online customer experience a key to success.
In 2016, McKinsey published a report on why digital customer analytics matter. It found that data from these customer analytics records are being produced at an extremely fast rate, and is also being synthesized at an incredible rate, as well. As time goes on, this wealth of information becomes more and more valuable, and more and more translatable into analytics that can help transform the website’s design, form, and functionality, among many other features.
Using these metrics will undoubtedly improve the online customer experience. Digital customer analytics records can tell you exactly who your customers are, what they want, what they are doing, and when and how to reach them. Using this artificial intelligence will allow you to create personalized experiences that will enable you to drive loyalty and ultimately win more business.
Prevention Better Than the Cure
Analysing such a vast quantity of data, although rewarding, comes at a cost. The management, processing and implementation of digital customer analytics means that for most organisations, the traditional analytical models are less viable. The combination of big data with automation, digital advertising and any offline and in-store experiences facilitates the need for huge amounts of work and a skilled marketing team, technical people and a good sum of money to spend.
However, a new generation of digital analytical solutions that utilize machine learning and artificial intelligence, allow businesses to learn the behavioural patterns of customers and systems and detect anomalies early on. This could mean eradicating errors before they reach too big a scale and put into place process that will achieve the desired effect from the very outset.
More often than not, being proactive achieves a greater rate of success than being reactive. Digital customer analytics offers companies the ability to leverage data to discover consumers’ intent. This “always-on” analysis identifies trends and patterns of behaviour. It will find errors in marketing strategies, in interface usability or in network performance before they happen and allow businesses to understand customers’ needs and eliminate the time and cost it would take to react to issues.
Why is finding errors before they happen so important? As the old saying goes “prevention is better than the cure”. If a person is sick, they are often incapacitated for a period of time. In business terms, if mistakes are being made in digital channels and the online customer experience isn’t optimized, the bottom line is that there will be less sales and customers’ satisfaction will drop along NPS scores. No business wishes to be incapacitated and not maximizing their sales, so the best solution to prevent this is to find errors before they happen. The artificial intelligence and machine learning used in digital customer analysis enables automated identification of anomalies and helps a business optimize the online customer experience, providing prevention as well as the cure.
How Effective Digital Customer Analytics Work
Digital analytics are made smarter not only by the data they collect, but also the data that you inform them as being relevant and effective.
- When a computer begins to collect data, it has to be trained what are normal trends and what are abnormal trends. If it cannot tell the difference, there is no point of comparison for future analysis.
- Correlation is key. If something doesn’t look right, there’s probably a reason for that. Before dismissing an anomaly as a blip of unusual behavior, look at the other metrics and see if anything coordinates as to why it happened at that point in time. Most of the time, unusual behavior will mean more than just a user error.
- Provide feedback. There are two types of feedback you are providing here. The first is to your company, in order to help them build a better site. However, the second form is to the computer is program. Analytics don’t work unless they know what they are looking for. Since machine learning is still in its infancy, it needs to be told what is useful and what is not. If the data is left uninterpreted, it will be useless for anyone who tries to use it.
Your Business Must Be Digital
Digital customer analytics are playing a more and more important role in how businesses operate. They support businesses to make processes more reliable, more accurate, less costly and ultimately more profitable. When digital customer analysis is applied effectively it can provide a massive competitive advantage to your competitors. It will find and rectify errors before they happen and optimize an online customer performance to ensure maximised profits.
In order to get the best analysis, you need the right tools. Glassbox’s suite of digital metrics analysis allows you to view your company’s data from many perspectives and process it in different ways. Machine learning has made predictive analytics an essential part of business operations, whether it’s designing the most effective conversion funnel, figuring out the correlation between different actions on a website, or simply seeing what is not working on your website, and Glassbox is there to help you every step of the way.
To see how Glassbox’s technology can help elevate your company’s digital comprehension, fill out the form below for a free demonstration.