Hyperautomation, machine learning, decision intelligence, and internet behaviors are just a few of the many trends redefining the business landscape. But while each one is unique, they all rely on in-depth insights into customer behaviors to deliver innovation and grow a company’s data analysis capabilities.
Customer personalization, also known as data-driven customer experience, focuses on uniquely identifying customers and the goods and services they want most. With these insights, leaders have the data they need to power new systems and build stronger, more resilient organizations.
Building the Business Case for Data-Driven Customer Experience
There’s no denying that data has secured a spot at the head of the table. According to Harvard Business Review, 76% of business leaders say connecting data points across devices, services, and assets is crucial to business success. Even more — 97% — believe democratizing access to data and analytics (D&A) across an organization is vital. And while data serves numerous business functions, a study from Google found that using data to improve customer experience is a top priority for many D&A professionals.
Data-driven customer experiences can help leaders:
- Deliver familiar, intuitive customer journeys
- Lead customers to goods and services tailored to their needs and interests
- Fulfill customer expectations before customers even demand them
So why does this matter?
More than half of consumers expect customer journeys to be personalized all of the time and 66% expect companies to understand their unique needs and expectations.
Companies that meet these demands aren’t disappointed. According to the latest research, companies that supply data-driven customer journeys gain 40% more revenue than those that don’t, and 60% of consumers are likely to become repeat buyers after having a data-driven customer experience.
How to Use Data to Drive Personalization
With the right approach to D&A, leaders can better understand customer behavior to personalize goods and services. Just take one of the world’s largest vehicle wholesalers for example.
Pairing their extensive data on auto auction buying behaviors with machine learning algorithms, the company offered personalized vehicle recommendations as part of their customers’ real-time shopping experience. Customers who lost auction bids were recommended similar vehicles in real-time that were based on historical buying behaviors. This seemingly small — yet highly personalized — step led to more sales and happier customers.
Every day, companies across industries are following similar tactics. We recently helped a leading real estate investment company dynamically identify customers as they browsed different apartment communities. Real-time customer identification, based on apartment searches within the company’s website and historical customer engagement, provided opportunities for personalized marketing and warning of potential fraud.
Deliver a Data-Driven Customer Experience
At SEI, we’ve seen first-hand how data-driven customer experiences increase customer satisfaction and loyalty, boosting business revenue. We’ve faced the challenges our clients are up against, and we know how to tackle them head on.
But there’s no one-size-fits all approach to personalization, and every organization requires their own strategy to succeed. That’s why we learn our clients’ businesses inside and out and deliver inclusive and customized data-driven customer journeys that resonate.
Want to learn more about data-driven customer experience? Reach out to SEI today.