Use Big Data and Customer Experience Analytics to Increase
Revenue and Much More
The big data market is massive in today's corporate environment. The sourcing
of projects, within the global big data industry, has grown to a 42-billion-dollar
market. Big data and business intelligence give companies the missing puzzle
pieces to complete a cohesive past, present and future strategic vision. While
the power of big data can be harnessed for a multitude of things, my favorite
by far is using disparate data to measure, manage and enhance customer
experience.
If you hadn't already heard, customer experience is extremely important. But
why, you ask?
A study published by Forrester Research reported that company experience
leaders grow revenue 14 percent faster than companies who are customer
experience laggards.1 A study by Walker projects by the year 2020 customer
experience will reign above price and product as a key decision factor when
purchasing a product.2
Customer experience has become so important, in fact, Gartner predicts that
more than 50 percent of organizations will redirect their investments to
customer experience innovations. By 2020, more than 40 percent of
implemented projects for data analytics will revolve around customer
experience. 3
Why has big data and analytics become such a big deal in customer
experience?
Business intelligence and disparate data solutions compliment customer
experience data well; there is a lot to learn by analyzing customer satisfaction,
customer effort and customer retention. These actionable-insights allow
companies to make organizational changes with quantifiable data on their
side.
So what is the catch?
Getting the right type and amount of data can be difficult in measuring
customer experience. Often companies start to gather customer experience
data, but some don't gather enough, some don't gather the right data, and
some don't invest in a solution that ties all the data together.
Customer effort, customer satisfaction and customer retenti