How to evolve your customer experience analytics

Customer experience and customer relationship are two key aspects in this competitive era of business. The role of IOT and smart machines has become very significant too, enabling engagements between a brand and consumer by smart machines rather than humans.

In this rapid age of customer data analytics, the traditional measure of customer experience success customer satisfaction scores—fall short. If your business can’t measure the full impact of its marketing, you can’t invest wisely.

Here are 4 important tips to remember as you embark on the customer experience measurement journey.

1. Express marketing measurements in business language

Speak the language of the business by understanding how your business leaders evaluate marketing performance. Financial measures such as revenue, profit and shareholder value frame the C-suite’s understanding of overall corporate health.

It’s the marketer’s job to connect marketing measurements to business results. In other words, you must frame marketing metrics as financial metrics.  For example, campaign response rates links to incremental revenue; retention rates links to increased profitability; cost-per-lead links to reduced acquisition expenses; customer satisfaction scores link to reduced services cost, etc.

Do this, and you’ll raise the marketing department’s credibility within the C-suite.

2. Connect the dots between branding, demand generation, and customer experience.

Many companies have separate departments and marketing budgets. One focused on branding, one on lead generation, another on customer loyalty and so on. Ensuring that the business (not just marketing) takes ownership of the entire customer experience--from a customer's perspective-- is vital to gauging success. One executive I spoke with said it this way, "It’s quite a challenge. Everyone has always measured themselves by progress against sales goals, and customer experience can seem like another initiative. We had to make it clear that it’s not another initiative. It’s part of what we do. We achieve our sales goals via solid customer experience."

3. Don’t focus only on past performance.

Marketers typically report on marketing activity and associated costs, rather than reporting on metrics executives use to set direction. Instead of only reporting what has happened (e.g. marketing qualified leads, conversion rates, win rates), progressive marketing measurement programs should also answer the question: what will happen? Or even better: what must the business do to make that desired business outcome happen?

Including predictive elements such as campaign lift modeling, propensity to purchase (or churn), projected lifetime value measure, etc. are equally vital.

4. Attend to effectiveness first, then on efficiency metrics.

Effectiveness is answering the question: “Are we doing the right things?” While efficiency is answering: “Are we doing that thing well?” First measure if your omni-channel efforts are effective in driving the desired interactions, involvement, intimacy and influence for your brand. Then look at efficiency metrics by evaluating costs of customer acquisition methods, buying and placement of media content, digital asset use, etc.

 Executives are always looking at ROI, so marketers who want to capture the C-suite’s attention need to draw a clear line between marketing activities and results. The best marketing and customer experience measures not only tell you if you’re delighting and helping customers, but if you’re also making money doing it.

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Created on Oct 28th 2020 16:02. Viewed 226 times.

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