Customers are the lifeblood of every organisations, and good customer experience (CX) will keep them coming back again and again.
Many businesses are using customer analytics to enhance CX, and understand that when employees and systems know every detail about each customer interaction over time, they can offer better service and customer support.
“Customer analytics is the application of analytical methods to better understand your customer – what they want, when they want it, and how we can improve our business relationship with them,” says Yudhvir Seetharam, head of Analytics, Insights and Research at FNB.
Seetharam will be speaking at the ITWeb Business Intelligence Summit 2020, to be held from 3 to 5 March, at Sandton Convention Centre.
According to him, typical customer analytics functions relate to sales, predicting which products to sell to which customers; acquisitions, or which customers should you get onto your books; optimisation as in how to manage the lifetime relationship with the customer to make it valuable; and finally research to gain a better understanding of the qualitative metrics that drive customer experience.
Using customer analytics to better understanding your customer helps meet, and hopefully exceed, customer expectations, he says.
Where do businesses go wrong with customer experience?
Most often not being able to measure CX correctly is the culprit, says Seetharam.
“Customer expectations must first be measured in order to be improved, and often, this requires direct data from the customer as opposed to banking or quantitative data.”
Delegates attending his talk – 'What is customer analytics and how can it transform your customer experience?’ – will learn how customer analytics is a combination of quantitative and qualitative techniques.
“Our customers are human beings, and as such are not just a set of numbers,” he says.
