Turning customer experience data into profit

Knowing your customers, how they behave, what they want, and when they want it is key to providing a valuable experience. And, despite the ongoing fallout and upheaval caused by the global pandemic, a basic underlying principle remains true in business, even today: satisfied customers spend more and are more likely to return.

Regardless of the industry, organizations of all sizes understand this basic principle. And now, perhaps more than ever before, they are realizing that in order to increase customer acquisition, satisfaction, and retention they must ensure that they deliver frictionless customer experiences.

Indeed, new research from Harvard Business Review Analytic Services confirms that customer experience is a top-five business priority. According to its survey, over 85% of respondents noted that a complete and consistent view of customers across all channels and platforms is “very important to their future business success.” However, only 17% of respondents claim that their organizations are either “excellent in both insight and engagement or excellent in one and good in the other.” 

Clearly customer experience is something that is widely accepted as being important, yet it is often underdelivered. Why is there a disconnect?

There are too many reasons to unpack here. However, one obvious influence that is particularly relevant for today, is the dramatic impact the COVID-19 pandemic has on consumer behaviour. Spending across many industries has been hit hard, purchases have shifted online, and public safety has become a top priority, particularly for owners of physical businesses.

Many companies have struggled to stay afloat. Some organizations have had to fast-track or rethink their e-commerce strategies while others have had to improvise to keep up. With new strains of COVID-19 being discovered, the path forward for everyone remains unclear. For businesses, one thing is certain: meeting new consumer needs and expectations during these dynamic times is critical for survival now as well as for future success.

Data and technology play a key role in a frictionless customer journey. But offering great customer experience isn’t easy. Companies that invest in the wrong capabilities could find themselves being left behind while competitors and first-movers who offer better customer experiences cement their advantage.

To get ahead, businesses big and small, need to better understand and anticipate current customer behaviour. Business strategies and capabilities need to be aligned with what customers want and expect.

But how?

To succeed in today’s highly competitive market and ensure you don’t miss sales and retention opportunities, enterprises need to adopt a 360-degree view of their customers. In addition, you need to get good at tracking and understanding customer behaviour. Finally, based on these findings, you need to make strategic adjustments how you present your business to customers.

In an era of data overload, this can be complex to achieve. But help is at hand.

At Arvato Financial Solutions we prioritize enabling growth and increased profitability for our customers while also improving the customer journey through the payment experience, making it as frictionless and intuitive as possible.

We use customer data to help companies lay the foundation for making smart decisions, and create value throughout the customer journey, from purchase to payment. Our data-driven financial solutions improve the customer experience as well as increase liquidity and financial security for your company.

Our new white paper – Turn your Data into Profit – provides strategies to help you better analyse the customer journey, and to collate, integrate and make sense of your customer data, so you have the knowledge and tools to provide accurate, responsive and personalised services throughout the buyer journey. Download it now and learn how to use data to increase customer loyalty and profitability.

Our data-driven financial solutions improve the customer experience as well as increase liquidity and financial security for your company.

Customer demand for more digital services is challenging for every business, particularly as we navigate changing customer demands amidst the global pandemic. This requires operating models that place customer needs at the heart of every digital transformation strategy. Organizations should make sure they are wired for this change and are agile enough to adapt to it.

Do you have comments or questions? Get in touch with our experts to learn more.