Providing an amazing customer experience has become a top priority for companies today. Facing ever-increasing competition, companies must focus on their customers’ experience and provide them not just great service, but an unexpected experience that creates strong advocates for their brand. The ease with which customers can choose to leave one company and buy from another company is a threat even to businesses that have a long-standing customer-base. With the power on the buyers’ side, it’s more important than ever to keep current customers happy. It’s critical to understand who those customers are and what they expect from your business.
A business intelligence (BI) tool enables business leaders to identify any number of customer attributes. It enables dashboards and reports that demonstrate things like the median time of your average customer lifespan with your business, what customers find most important, which products are most successful in certain regions, and any other variables that you choose. You can also drill down on customer stats for deeper analysis.
Improve Customer Satisfaction
Most companies have a wealth of information in their customer databases. Traditionally, the trick has been extracting it in an effective manner and format that is useful for analysis and decision-making. BI tools enable you to dissect your customer data in the way you need it. For example, analyzing supply chain information regarding delivery time, fulfillment rate, etc. may enable you to make needed changes to speed delivery and improve customer satisfaction.
Provide Timely Offers
Tracking results from marketing campaigns gives you data to better understand your customers’ desires. The analysis can identify information regarding the value placed on different marketing assets like case studies, ROI calculators and videos, so you know where to spend your marketing funds and effort. You can also test multiple promotions by customers segment to learn what type of customers prefer what kind of products or services and offer them more of what they want.
Churn rates are an important indicator of the health of an organization. With BI, sales teams can analyze factors that lead to customer exits and identify trends to look for on a regular basis. Identifying this information early provides representatives with an opportunity to correct problems, talk through issues and potentially save customers from leaving before it’s too late.
By tracking call center data, you can see spikes in call volume or notice when customer usage declines. This additional knowledge allows customer services reps to improve their conversations during customer retention efforts as they can talk more specifically about each customer’s experience vs. only focusing on the contract renewal date.
With a robust BI solution, you can easily customize your dashboards and reports to suit your needs, whether that be predicting customer behavior, improving forecasting, identifying buying trends or something else.