In today’s digital era, data analytics plays a pivotal role, transforming how businesses operate and engage with consumers. Its influence is undeniable, yet many companies face challenges in fully harnessing its potential. This article highlights three pivotal areas where opportunities are often missed: bolstering customer loyalty, reducing costs tied to customer dissatisfaction, and leveraging real-time data insights for timely decisions.
Furthermore, we emphasize how managed services seamlessly bridge this divide, merging seasoned human expertise with cutting-edge technology. With insights grounded in thorough research, our aim is to provide an enlightening guide for businesses keen on maximizing their analytics strategies.
Data analytics has now become an indispensable part of any business, big or small. Its impact goes across industries as new solutions are being developed, allowing companies of all types to leverage the power of numbers to bring more value to their customers and shareholders.
But as data analytics becomes more prevalent, more gaps are becoming clear as companies fail to utilize its full potential. In this article, we’ll look at the 3 most pressing areas businesses might miss out on when using their analytics solution.
Using Data to Keep Customers Loyal
The current economy forces companies to go to new lengths and discover new applications for their vast data reservoirs to discover ways to leverage it to keep customers loyal.
One of the most popular ways data is being used with this goal in mind is analyzing customer preferences to offer them products or services that best respond to their needs in a given moment – sometimes even without customers themselves realizing.
Another common way of leveraging data to keep customers on the books is measuring their satisfaction to uncover ways the company might fail to deliver a better experience that will keep customers returning for more.
The Price of Unhappy Customers
Since it can be 7 times more expensive to attract new clients than to keep existing ones, losing customers who once showed you trust can be detrimental. But the financial aspect is only one of the reasons why companies should pay more attention to keeping their existing clients happy.
In the digital era, it’s never been easier to share experiences with others, and the experiences that get shared the most happen to be the negative ones. This means losing one customer might lose even more opportunities as they discourage others from ever using a company’s products or services.
Why Knowing Your Customers Pays off
Knowing what your customers want at any moment gives you the power to better respond to their needs and sell products or services they otherwise wouldn’t purchase. Most importantly, it allows you to create a positive experience that will spread just like a negative one would, only this time, bringing you more business.
3 Things Missing from Data Analytics Solutions
Despite their power, many data analytics solutions lack the core component that allows managers to get the most out of the time and effort spent collecting and analyzing valuable customer data points.
- Measurement system: A good measurement system should be intuitive and easy to use since many stakeholders might not have experience in customer experience, yet their input is just as valuable as CX experts’. An easy-to-navigate dashboard, complete with a simple set of tools, should be the foundation of any business data analytics solution.
- Analysis: After collecting data, many managers wonder what to do next. This is because their data analytics solution doesn’t provide immediate insights and instead forces them to waste valuable time and resources on manual data review, only taking their attention off other essential tasks.
- Implementation: While implementing changes based on the data is essential, it’s even more important to make sure the changes are there to stay. Educating your team and other stakeholders allows you to fully leverage the power of data and focus on addressing new challenges.
Addressing Challenges with Managed Services
Companies can address the above challenges by implementing managed services. Through strategic measurement, they can collect data at key customer journey points and analyze it with a team of customer experience experts. The experts then prepare an actionable plan with solutions a business can implement to see results within a matter of days.
The 3 Components of Managed Services
Managed services allow managers to focus on other tasks by automating the data aspect of the customer satisfaction aspect of their business by working in the following 3 areas:
- Measure: Managed services help managers streamline and optimize the feedback collection process, ensuring high response rates and accurate data across all points where it’s collected.
- Analyze: By utilizing managed services, managers can outsource data analytics to their provider and avoid the costs of having an in-house data analytics team.
- Educate: After analyzing the data, a managed services provider creates a detailed action plan of what should be done to turn data findings into a lasting change.
3 Examples of Managed Services Implementation
Here are 3 examples of how different businesses can find value in managed services:
- Retail: Retail businesses can uncover gaps in their operations, such as those related to the stock or staff, and promptly address them to increase customer satisfaction, upsell opportunities, and shopper loyalty.
- Hospitality: Customer satisfaction elements related to the staff or premises are essential in the hospitality industry. With managed services, businesses can better explore how they respond to customer needs and shift their strategy to stay one step ahead.
- Healthcare: By measuring data across areas such as the wait room, healthcare providers can better understand the patient’s journey and see where they might need extra resources.
Conclusion
Data analytics is one of the most powerful tools at any business’s disposal, but fully leveraging it often poses a challenge. Luckily, managed services come to the rescue, offering answers to the 3 most overlooked areas of data analysis and bridging the gap between humans and technology.