Customer data analytics could be a genuine game-changer for any enterprise looking to build individual customer relationships, but to make the most of it, businesses need to invest in the right platform and the right partnership.

For most enterprises, the reality is there are more contacts coming into their business than ever before. And the challenge they face is two-fold. How do they service these contacts as efficiently as possible yet also, as personally as possible?

There are clear, proven methodologies for contact deflection, contact routing and for building out self-help and self-service functionality. But personalization is about more than tools or processes.

Do you really know your customers?

Getting to know that customer, understanding the dynamic of that individual, goes beyond a profile or persona. It’s about understanding what the customer has been purchasing; how much have they been purchasing; and where he or she is within the lifecycle of the customer relationship.

Maybe the customer is just graduating from university. That means if you can maintain the connection as their career develops, the likelihood is this person’s purchases are going to become more frequent and more complex in years to come. If by using customer analytics you can recognize this and align your customer experience with these changing circumstances, there is every possibility of gaining that individual’s long-term brand loyalty.

But if an enterprise can’t pull the right types of analytics from the right sources they will neither be able to understand the customer nor the state of the relationship the individual has with the enterprise.

Why customer analytics is a genuine game-changer

Make no mistake; customer analytics is going to change everything. It gives enterprises all they need to understand where they are in each customer relationship and to deliver a personalized, transparent service.

However, there are analytics and analytics. There is broad data collection and data interpretation, but the real game changer, as far as I’m concerned, is getting into analytics that really come down to knowing the end consumer. This is ensuring you know what consumers’ preferences are based on past buying history, and then targeting the right products and services towards that consumer.

Organizations are underinvested

At the end of the day, this is the real differentiator and is why no enterprise can be without a good customer analytics platform. However, the reality also is that there are so many enterprises that are really underinvested in these types of analytics platforms. In the 10 years since the financial crisis, many organizations simply haven’t had the buying power or the investment power to go out and genuinely source and adopt the best platforms for customer data analytics. And this is why so many enterprises – regardless of industry – are finally looking to third-party outsourcing.

Analyzing the science of CX

Because they are aware of how the economic environment is impacting on business, leading outsourcers have moved into a position where they don’t simply provide these types of platforms, they are also in a position where they understand what individual enterprises need from this technology.

Even the best analytics fall short if it is simply data collection and number crunching. Outsourcers understand the science of customer experience and when you marry customer analytics with the science of CX, the game changes.

And it is at that intersection where enterprises now need to focus as we move into this new decade.

Are you interested in learning how speech analytics can revolutionize your customer experience? Check out Sitel Group’s Turning Insights into Action webinar in association with CallMiner and Forrester Research.

Sitel Group