Any company can harness big data to make informed, powerful decisions about their customer service. Here is how analytics can play a significant role in customer experiences.
Editorâ€™s Note: This post was submitted by guest blogger, Caryl Anne Crowne. Enjoy!
Creating a fulfilling customer experience is necessary nowadays for a business to become successful. Now more than ever, customers want a personalized shopping experience tailored to their preferences. This is where big data analytics can come into play. Many businesses find that big data offers immense benefits across their entire platforms.Â Â Customer serviceÂ is one of the areas that businesses find big data to have a more visible and measurable impact.
Importance of Data
Different types of customer data have always been collected and used to improve customer service relations. The only thing that has changed over the years is how businesses collect their data. Only recently has technology been able to offer full power to predictive analytics. When used properly, big data can help a business offer superior customer service and help build strong brand loyalty.
Organizations and businesses of all sizes can use their info collected from big data analytics to drive smarter customer service relations and get their customers coming back time and again. At this time, only a small percentage of businesses use this powerful tool to improve their customer service departments. Research has shown that businesses which implement this into their operations can improve their profit margins by more than 60%.
Ways Big Data Analytics Helps to Improve Customer Service
â€¢Identify And Solve Customer Pain Points
One great advantage businesses can gain from using big data analytics is the ability to find customer pain points. They can use this data to find and offer solutions to these problems. Many companies admit they are only analyzing a small portion of their collected data because of how difficult it is to obtain without the help of big data applications.
â€¢Customization in Real-Time
Some businesses can greatly benefit from using big data analytics in a real-time setting. For retailers and restaurant owners, big data can be reviewed live to change how they get through busy streaks. For example, a fast food restaurant may opt to use drive-thru and foot traffic counts paired with order data to preemptively be ready for busy times so they can serve customers faster than ever.
â€¢Create Personalized Customer Experiences
Consumers want personalized shopping experiences more than ever before. This is a close second to consumers wanting instant gratification and fast shipping. Big data gives businesses the opportunity to customize and personalize a customer’s shopping experience with them. They can collect customer’s shopping behaviors from their different business channels and use that to predict what they would prefer to spend their money on. Some businesses may use this as an opportunity to incentivize shopping with them regularly. Adding together behavioral, transactional and social data can equal amazing customer satisfaction.
â€¢Valuable Feedback from Multiple Channels To Research
Another use of big data analytics businesses can benefit from is the ability to define which of their channels are being used the most by their customers. It can also show businesses which channels need more engagement to gain customer acknowledgment. Using this type of feedback effectively can offer businesses additional opportunities for their brands and ways to optimize their multiple-channel strategies. Some companies monitor their social media accounts and have alerts set up whenever someone posts a negative comment. This allows the company to offer customer support in real-time.
â€¢Find New Product Opportunities
The best and most successful products are generally ones that solve consumers’ problems. While businesses are reviewing and researching their big data analytics, they may find production issues that can lead to new product opportunities to consider. These products could be completely unique ideas or ones that coincide with current products.
â€¢Instant Fraud Detection
Big data is dramatically changing how fraud prevention and detection gets played out. Before big data, fraud detection was typically focused around looking for things such as unusual customer login times and bad IP addresses. Using advanced analytics solutions with big data collection is a way for businesses to quickly and effectively detect fraud in an instant and actively identify potential risks before they happen or gain access to private information. Many banks have gotten good at this, but the applications can be used in an industry that conducts online transactions.
â€¢Provide Single View of Consumers
For businesses concentrating on ways to improve customer service, it is crucial to find a single view of each customer. Consumers are the holistic members of organizations. They have the free will to purchase a similar product from another seller at any given time. Customers should find it easy to communicate and get answers and information from any department within a company. Those companies which focus on a single view of their customers will be able to provide this type of exemplary service to their customers with ease.
â€¢Exceptional Customer Service Consistently
When it comes to offering customers a meaningful customer service experience, consistency is key to building brand loyalty. Big data analytics offers the ability for businesses of all sizes to look into their data insights and find ways to ensure consistent and exceptional customer service is always given. Organizations that have a real-world appearance need to find creative ways to drive this type of customer service experience as well. If a business is able to maximize the insight they gain from their “single customer viewpoint”, they can position themselves to offer the highest levels of customer service each time.
It does not matter what industry a business is in or how large or small the company is, big data analytics can make a huge difference. If offers the ability for businesses to effectively build relationships with customers that will continue to strengthen their brand loyalty and keep customers around long-term. Capitalizing on what big data analytics offers will improve customer service and create shopping experiences that are beneficial to organizations and customers. Given how crucial customer satisfaction is for a business to be successful, it is no surprise how many benefits are to be derived from big data analytics.
About the Author:
Caryl Anne Crowne is a contributing writer and media specialist for Allegra Network. She often produces content for a variety of communication blogs.