The customer experience has become an essential competitive factor for 99% of organizations, and poor customer experience is often caused by poor customer insight, data silos, and inauthentic interactions. This friction between customers and companies results in increased churn, low wallet share, and low customer satisfaction. In this article, we’ll explore platform service insights and how they can benefit your organization. We’ll also explore the benefits of platform service insights for customer experience. You can also find out more through https://www.aquant.io/platform/service-insights.
Customer insight platforms enable companies to overcome a lack of understanding across the customer lifecycle.
To be competitive, 99% of companies must improve the overall experience for their customers. Unfortunately, poor customer experiences are often the result of a lack of understanding, siloed data, and inauthentic interactions. In addition, the friction between companies and their customers often leads to increased churn, low wallet share, and poor customer satisfaction. Fortunately, there are solutions to these challenges.
As customers engage with organizations, they interact with them through multiple channels and departments, which all contribute to an overall negative brand relationship. Unfortunately, companies often find it challenging to compile a comprehensive view of each consumer through different channels, leading to inconsistent interpretations of customer information. As a result, insight-driven companies are three times more likely to outperform competitors by 2022. Insight-driven companies will gain an advantage in a competitive market as they can understand the needs and preferences of their consumers and anticipate how to address them.
Customer insight platforms enable companies to understand their customers at every stage of their journey. One such example is Wayfair, a multi-billion dollar online home goods retailer. They analyzed data and conducted consumer research to improve customers’ shopping experience. They needed to understand what made their customers happy and why they left. Wayfair realized this problem and used its insights to build a new mobile application that lets customers snap pictures of items they like and offer recommendations. This innovative feature provided new insights into customers’ needs and helped Wayfair increase customer retention by 50%.
They enable organizations to remove data silos.
One of the first steps toward creating a more collaborative work is identifying the root causes of data silos. Without addressing these foundational issues, data silos will continue to develop. The reasons for this phenomenon are multiple. In the Cledara study, for example, they found that a company with 50 employees has an average of 45 SaaS subscriptions. This means an organization can benefit from the same data if two teams working on different projects can share it.
A fundamental problem with data silos is that it is difficult for C-level executives to get a complete view of the business. In addition, organizations will find it difficult to make strategic decisions based on the data in different departments without a central system for aggregating and sharing information. To prevent this, companies should gather data from various departments to create a single, complete picture of the company.
They enable organizations to improve speed to market.
With this solution, companies can leverage real-time visualization and analysis of predictive analytics and data modeling and gain better customer understanding. Businesses will see an increase in efficiency from the tight integration of these solutions. These solutions will also help them improve speed to market and enhance customer satisfaction. The benefits of using Platform Service Insights are clear: they can improve customer retention and satisfaction. Additionally, these solutions help companies enhance speed to market, which is an important goal in today’s competitive landscape.
