What is Customer Journey Analytics?

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What is Customer Journey Analytics?
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• Let us explore Customer Journey Analytics, a few
  essential items to consider, why this process
  matters, and how this affects the retail
  industry. After reading this article, you will be
  able to understand Customer Journey Analytics and
  begin asking your teams tough questions on the
  status of your Customer Experience (CX). Youll
  start to accelerate your organizations growth
  towards meeting its objectives.

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What is Customer Journey Analytics?

• Customer Journey Analytics is the process of
  gather data for every touchpoint a customer has
  with your business. A customer is on their work
  computer shopping for an item. They go to lunch
  for an hour and continue researching that same
  item or variations while out. Then go home at the
  end of the day and jump on their couch with a
  tablet to finalize a purchase they found
  throughout the day, thats information you need
  to know. Every single touchpoint is part of the
  Customer Journey.

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• The information provided throughout the entire
  cycle the customer took is critical. It
  establishes a specific behavior vital to
  businesses and especially retail when looking to
  evolve their CX and turn more profit.
• The entire customers point of view must be
  understood and analyzed for the effective
  delivery of messages, advertising, and promotions
  for continued success in todays marketplace.
  Customer Journey Analytics will reveal the entire
  process and provide bountiful insights if
  appropriately used.

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Why Do Customer Journey Analytics Matter?

• Now that we understand what Customer Journey
  Analytics are, we need to know why they are
  essential for our businesses. In a report
  conducted by Gartner concerning digital commerce
  trends Effective customer journey analysis can
  result in reduced customer pain points across
  channels, better continuity between channels,
  more accurate revenue attribution, and better
  customer segmentation and personalization. This
  equates to an increase in revenue and customer
  satisfaction.

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• As you effectively provide your customers with a
  more efficient method of interacting with your
  Brand, you can lower the distractions and build a
  more cohesive and persuasive message across
  multiple channels. The deeper you dive into the
  customer journey, the more personalized you can
  be with your marketing and sales outreach
  efforts, which ultimately converts into more
  opportunities and results in more sales.
• Another great reward is that the quality of your
  leads increases. The more personal the
  experience, the higher the quality of
  communication and level of understanding. This
  allows your customer to feel they are heard and
  communicated at their stage in their customer
  journeys. Hyper-Personalization is a valuable
  concept for any business and something in which
  Group FiO is an industry leader.

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• Clearly understanding Customer Journey Analytics
  and the value it provides your business can be
  the differentiator between your business and that
  of your competition by 30-40 in growth and
  customer satisfaction according to a recent
  McKinsey report.
• Furthermore, McKinsey also found 56 of all
  customer interactions occur during a multi-event,
  multi-channel journey, while only 38 of all
  customer journeys involve more than one channel
  of communication. This study provides fierce
  support in the need for organizations to
  understand customer analytics and the value of
  gaining deeper insights into the customer journey.

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Customer Buying Behavior and The Loyalty Loop

• At this point, we have covered what Customer
  Journey Analytics means and why this concept for
  customer analytics is so important. We will dive
  into two areas to take this a bit deeper and
  provide you with a couple of starting points for
  you to begin developing your strategy. Let us
  Discuss two different items Customer Buying
  Behavior, or sometimes knowns as triggers or
  buying triggers, and the Customer Loyalty Loop.

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Customer Buying Behaviors (Triggers)

• Customer behavior is altered in todays retail
  landscape and the pursuit of understanding that
  change and its effect on businesses current and
  future state is paramount. Every moment is a
  pursuit to discover how and why companies are
  being affected by online and offline retail.
• When we discuss customer buying behaviors or for
  a simpler term, buying triggers, we want to
  focus on the why and when. Why did a customer
  make the decision, and when did they make that
  decision? The crazy thing about triggers is they
  can be subjective per individual, carry common
  themes, and spiral out into various life events.
  Now that could sound chaotic, but let us explore
  the common theme through an example.

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• John is at work and looking to purchase a new
  lawnmower. So, he begins his journey on his work
  laptop. As he looks in between calls, time runs
  out, and it is time for Johns lunch break. While
  carpooling with friends to a restaurant, John
  continues his search through social media but
  ends up back on the same website. Lunch ends, and
  John gets back to work but does not have time to
  continue his research. Already at this point,
  John has been on two devices and three channels
  searching for his new mower. Later that evening,
  John realizes he needs to get the grass cut and
  jumps on his tablet to continue looking. Finally,
  he lands on the item he wants and notices there
  is one mower discounted for in-store pickup. The
  very next day, he drives to the store, finds the
  mower, and completes his purchase.

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• Let us quickly evaluate. John has used three
  devices, a work laptop, phone, and home tablet.
  Then he searched the internet and social media.
  He ended up going to the store to purchase in
  person. First, this speaks to the highly
  important fact of Omnichannel Marketing. It is
  critical to keep the same consistent Brand and
  messaging for each stage of the customers
  journey.
• But the most vital component is Johns behavior.
  He used two mobile devices and still ended up in
  the store to purchase the lawnmower. Throughout
  the entire journey, John had different options to
  choose from, such as online purchases and
  in-store discounts, both with their advantages. A
  Customer Journey Analysis provides you deep
  insights into every area of Johns interaction
  with the company.

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• What areas in your customer journey are you
  missing? Are you thinking about the lifestyle and
  events of your customers lives or compiling them
  into a large bucket of buy or no-buys? There are
  many questions you can ask when you examine the
  customer journey and begin to decipher what
  customer buying behavior triggers are leading
  your customers CX.

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Customer Loyalty Loop

• Understand your customer and the process they go
  through. This is essentially the essence of the
  customer journey we have been discussing and
  focuses on post-sale objectives. What does the
  customer go through? From starting their journey
  to purchasing their product, and the continued
  interaction with your Brand? The Customer Loyalty
  Loop is defined as a concept that illustrates how
  consumers decide what they buy and their
  continued purchases in the future from the same
  company. The key here is consistent measuring and
  nurturing. Customers will always be re-evaluating
  your Brand, and whether or not they should
  purchase from you again in the future.

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• This is why its so critical that you
  continuously work on your Customer Loyalty Loop
  by continually understanding your customer and
  working to eliminate customers consideration of
  other brands. Read more about Customer journey
  analytics https//www.groupfio.com/customer-jou
  rney/