Curious about the actual secret to customer retention?
At the end of the day, every business wants to provide the best experience. We all want happy customers coming back and buying more, right?
The good news is that investing in customer journey analytics can help you get there!
However, it’s not all sunshine and rainbows. In fact…
Without a customer journey analytics platform your business is just working in the dark.
Here’s an ultimate guide on exactly why you should be investing in customer journey analytics.
It’s time to boost your results!
In this guide, you will learn:
- Why Customer Journey Analytics Matters
- The Real Cost Of Poor Customer Experience
- How Analytics Drives Better Business Results
Why Customer Journey Analytics Matters
Customer journey analytics gives you a holistic view of how people interact with your business.
But why is it so important to track the entire customer journey?
Understanding every touchpoint in the customer journey is one of the most crucial factors to success for any business. And when you invest in a customer journey analytics platform that visualizes how customers move through each stage – your performance increases.
If you follow one simple idea, let it be this…
Better insights = Better customer experiences
Companies that prioritize the customer experience grow revenue 80% faster than their competition.
Not only are they keeping more customers, but they’re also attracting new ones like crazy. That’s a huge gap, right?
The secret is that they’re not just tracking basic metrics. They’re using analytics to understand customer pain points, what triggers conversions and the path to exit.
Makes sense, right?
Customer journey analytics is one of the best ways to help you improve your customer satisfaction and business revenue.
The Real Cost Of Poor Customer Experience
The best way to look at customer experience is as trust with your buyers.
Customers want to know they can trust your business before they commit to your brand. How do they know your business is worth their time and money? By seeing how you treat them at every interaction.
It’s your chance to show people why your business is the right choice.
Think of it this way…
If your business is struggling to keep customers and you have no idea where they’re leaving. It’s like throwing money out the window. Customer journey analytics is the ultimate way to identify issues before customers walk.
Fun fact: 52% of customers will switch to a competitor after just one negative impression. Just over half of your potential customers gone after one bad experience.
How Analytics Drives Better Business Results
Customer journey analytics provides one of the most underrated benefits. The reason is it helps you understand what works and what doesn’t.
Analytics has a domino effect on your business results. Here’s how it works.
First of all, you will see your conversion rates increase. Why? Because customer journey analytics shows you exactly where your customers are getting stuck. You will get visibility into every step of the customer journey amongst your target audience, which will help you identify and fix issues quickly.
Customers trust businesses that understand their needs. Because of this, you will see more conversions and customer loyalty.
Boom! A three-time win.
But there’s another way customer journey analytics helps you increase your business results.
Tracking the complete customer journey is not only great for making improvements. It also makes sure everyone on your team has the same information.
Marketing now knows what Sales needs, support now knows where your customers struggle and leadership can make decisions based on facts and not assumptions.
Track Every Customer Touchpoint
When it comes to Customer Journey Analytics…
Data collection is still king.
Here’s why:
The best way to understand customer behavior is to let people interact with your business naturally. Natural tracking is where you track data from every touchpoint – website visits, email opens, support tickets, purchases – everything.
For example, businesses using comprehensive analytics tools can track which marketing channels bring in customers who convert versus those who don’t. This will help them better identify and focus their marketing budget. Companies that grow faster drive 40% more of their revenue from personalization than slower-growing competitors.
The result is:
You get a better understanding of your customers and their behavior.
One common mistake that businesses make when it comes to customer journey analytics is vanity metrics. Be sure that you are tracking meaningful data points that will actually help you understand what your customers want and where they struggle.
Identify Customer Pain Points Fast
This is my all-time favorite strategy for customer journey analytics…
Let me show you how it works.
Start by diving into where customers are dropping off or struggling in their journey with your business.
The goal is to identify the friction points that are preventing customers from converting. The reason customers are abandoning your business is because they hit roadblocks that frustrate them. If you can pinpoint and fix these issues, you will be on your way to keeping more customers.
Now that you have identified customer pain points, it’s time to take action. You want to make improvements based on what the data is telling you. Customer journey analytics tools allow you to see patterns across thousands of customer interactions.
So, what are the results? Companies that implement comprehensive customer journey analytics have reported ROI improvements of 200% to 400% as they optimized for based on actual customer behavior data.
Want to know the best part about this strategy? It is completely data-driven.
You are not making assumptions based on guesswork – you’re looking at exactly what your customers are doing.
Personalize Based On Journey Stage
Personalization might just be the easiest way for you to improve the customer experience.
The vast majority of businesses send the same message to all of their customers.
The problem is this.
Personalization is different because it tailors the experience based on where your customer is in their journey.
Someone just learning about your product needs different information than someone who is ready to buy. Simple, right?
This is why personalization works. You’re providing people with exactly what they need at the time when they need it.
And get this…
71% of brands investing in personalization report improved customer loyalty.
One of the easiest ways to give customers personalized experiences is through behavior tracking.
It’s common for customers to demonstrate interest in specific features or products through their interactions. When you start tracking these behaviors, you can provide them with more of what they are actually interested in.
Measure What Actually Matters
You ever wonder what really moves the needle for your business?
Customer journey analytics has given you the power to focus on metrics that matter. Metrics that directly impact revenue and growth.
Don’t get me wrong, basic analytics can provide information like page views and clicks. But nothing tells you about the connection between customer actions and business results.
You can track how different paths that customers take through your business lead to a conversion. You will also start to see some conversion paths take weeks while others can convert in days. It’s all about understanding these patterns and optimizing for the ones that work best.
Why does this matter?
80% of companies plan on increasing their investment in customer experience in the future. Those investments have to be justified with real business impact. Not vanity metrics.
Create A Culture Of Customer Focus
Here’s one of the biggest things most businesses are missing.
Analytics tools are not going to create better customer experiences. People will. It’s that simple. The real value of customer journey analytics comes into play when your entire team is using the insights they’re given to make decisions.
Breaking down silos is revolutionary. Sales knows what customers need assistance with, support can proactively reach out to them, marketing can target the right message at the right people, and product development builds features that customers actually want.
Final Thoughts
You now have the foundation to how to invest in customer experience through journey analytics. At the end of the day, it takes some commitment.
To be honest, understanding customer behavior and investing in your customer journey takes time and resources. It’s a long-term thing.
Don’t have the resources? Most businesses have a hard time implementing comprehensive analytics on their own. That’s where a customer journey analytics platform comes in.