Are you in the surge of finding better business results using customer data? This is the demand of every business leader, which helps them understand their customer experiences, journey, and interactions with their online platforms. Peeping into customer insights is the way to better conversion rates and faster revenue growth.
However, there is an issue associated with it that most companies are data-enriched and have poor insights. At this point, they need an experienced analytics platform to unlock the true value of customer data.
This will help the organization turn information into actionable insights to improve the overall customer experience and business outcomes. Remember: Without the right analytics, businesses are flying blind.
Therefore, this article explains how analytics solutions can help businesses transform traditional concepts and achieve better outcomes.
KEY TAKEAWAYS
- What Sets Experience Analytics Apart?
- Why Business Outcomes are More Important Than Vanity Metrics
- The Value of Real-Time Customer Insights
- How Experience Analytics Drives Revenue Growth
Unlike other data collection tools, experience analytics works as a holistic system designed to uncover the “why” behind customer actions.
When most analytics solutions tell you what happened, the experience analytics digs deeper to discover why.
See the difference…
It’s important to know the reason behind customers abandoning their carts. It could be a frustrating checkout flow or even slow load times. Maybe, confusing the product information?
84% of tech leaders expect to push up the expenditure on data and analytics software in the next 12 months, according to Forrester. The growing popularity of experience analytics platforms is proof that decision-makers are acknowledging just how critical data is to their success.
But do you know what sets the best platforms apart from the rest?
Beyond a single data source, there are leading digital experience analytics solutions. To visualize and understand customer journeys, they integrate multiple tools that offer Analytics Dashboards Software solutions.
The customer pain points and optimization opportunities are revealed by these dashboards in real-time, empowering teams to act on issues immediately rather than waiting weeks for traditional reporting.
Again, see what’s more, which many companies are missing….
Tracking vanity metrics like pageviews and average session duration will not lead to better business performance.
Instead of vanity metrics, business outcomes should be the focus of every analytics initiative.
All analytics should revolve around responses to the question, “How does this impact business value?”
For example, time on page is an interesting metric to track. But how engagement with a particular page impacts your conversion rates is a much more valuable metric.
These are the capabilities that are required by the most successful experience analytics platforms:
Shifting the focus from vanity metrics to business outcomes may shift the way organizations approach data analytics.
Traditional analytics tools analyze previous reports from the past week, month, or quarter. Teams make changes based on stale data that no longer reflects customer behavior.
Real-time analytics is a game-changer.
Business teams can watch customers struggle in real-time and identify issues as they happen with real-time experience analytics.
They can see bug reports pop up instantly and deploy solutions to measure impact in a fraction of the time. After that, they fixed that it once took days to test and iterate can now be completed in hours.
And because real-time data enables rapid response to change customer behaviors…
Businesses can solve issues before the loss of revenue stacks up. Let’s consider– One prominent retainer identifies a checkout bug that was costing them $50,000 an hour through real-time experience analytics. They remedied the issue within 90 minutes.
Without real-time insight, they might not have even kept an eye on the problem for days.
Did you know that 70% of customers say it’s essential to them that brands understand who they are and their history with the brand? Real-time analytics enable this level of personalization at scale.
Do you know the secret sauce to get analytics and revenue growth?
Understanding customer behavior deeply enough to optimize every customer journey touchpoint leads to compounding revenue growth.
Check out a few ways that experience analytics directly relates to growing revenue:
Boosting conversion rates by even small percentages generates enormous revenue growth.
The right experience analytics solution will show you exactly where and why customers are dropping off and not completing desired actions.
Missing product information? Confusing checkout processes? Slow load times? Whatever the reasons are, experience analytics can identify them.
The more opportunities there are to fix, the better businesses understand the current experience.
After conversion rate optimizations, it costs 5-7 times more to acquire a new customer than to retain an existing one.
Experience analytics helps businesses identify what is important to their customers, what makes them come back, and what makes them churn.
What makes them churn? How can the experience be personalized to increase loyalty and retention? What drives customer engagement?
Experience analytics answers these questions with data instead of intuition.
One area, which is often overlooked when talking about revenue, is improving operational efficiency.
By surfacing areas where people or technology can work more efficiently, experience analytics can also help teams optimize internal processes.
Analytics dashboards reduce time wasted on manually analyzing data and provide automated insights to identify areas of improvement that would otherwise go unnoticed. As everyone has access to the same data, it also helps improve cross-functional collaboration.
These improvements free up time and resources that can be spent focusing on revenue-driving optimizations.
To get the most value out of analytics, allow me to share a little secret about the way.
Rather than talking about the best tools or the largest data lakes, I will explain the culture.
Data-driven decision-making improves an organization’s performance by 67%. It’s not a surprise when decisions are made based on facts instead of opinions.
However, achieving that requires more than simply investing in an experience analytics platform.
Companies need:
Business optimization naturally flows when an organization makes analytics a part of its daily operations.
Here’s one of the things that I know for sure that separates the good platforms from the great ones…
Technical business teams desire clarity, while teams require depth. The best digital experience analytics solutions have both.
Before moving ahead, take a look at the features that the platform you are opting for must have.
Any digital experience analytics solution worth considering should answer questions, not create more work.
Experience analytics is just the first step in a larger transformation. The true value lies in acting on the insights and subsequently assessing how those actions affect the business. Experience analytics must be connected to real business outcomes.
Here are the improvements that one must track:
Once teams see the direct impact of insights on business results, adoption will accelerate.
Instead of using it as another management tool, the solution turns out to be an indispensable part of the process.
Using experience analytics solutions to change your business outcomes involves more than just putting new technology into place. It is about committing to an in-depth understanding of customers and taking action on what you learn faster than your competition can.
The companies that use data to make better and faster decisions than their rivals are the ones that are succeeding. A digital experience analytics platform is the foundation for that competitive edge, it turns data into actionable insights. It connects those insights to business outcomes.
It allows teams to optimize and improve faster than before. The question is not whether you invest in a solution, but how you can afford not to? The competition is more intense than ever, and customer expectations are still rising. This simply shows that the cost of a bad digital experience has never been higher.
Those organizations that embrace experience analytics are the ones who will gain the visibility and agility to succeed. The time to act is now as the data is ready, and even the outcomes are there.
It is for the taking to those willing to listen to what customers are telling them through their actions.
Ans: An analytics solution for business is a method that gives a real-time view of customer behavior and experiences to the company.
Ans: The company can make necessary shifts as per the customer requirements and get effective outcomes.
Ans: Yes. These tools give real-time details of performances.
Ans: Definitely, it will create a strong customer support system and eventually, provide better opportunities to gain the attention of a worldwide audience.
