To build a good relationship with your customers, you need to know what they want – and real-time analytics can help.
Real-time customer analytics means analyzing real-time data as it is captured – as your customers interact with your business – rather than relying on historic data. It focuses on the individual customer by exploring the ways in which they use and interact with your services, web pages, customer service touchpoints and the like.
Being able to analyze customer data in real-time can give your business a real advantage in competitive markets. Implementing a real-time analytics architecture lets you make quick decisions based on up-to-date information. Customer behaviors in real-time can also be used to identify bugs or issues in your systems, and even to identify fraud and predict cyber-attacks.
As well as helping with fraud prevention and speeding up decision-making, real-time analysis can identify patterns and preferences, and predict future behavior. This can allow you to prepare for increased demand, improve customer satisfaction, and reduce churn.
What are the Benefits of Real-Time Analytics?
Make better decisions. Real-time data allows you to base your decisions on the latest information. It can also make data more easily shareable, ensuring that workflows are seamless, and your business is optimizing its time and effort.
Move faster. Real-time data analysis means you can identify patterns of behavior and trends more rapidly, allowing you to make changes dynamically in response. This gives your business a competitive advantage – especially if your competitors still rely on historic data that is batch-processed after it’s been collected and stored.
Reduce risk. By using up-to-date data, you can use the analytics to make sensible business decisions. This also means it is less risky to try new things, because the data will quickly show you if a new process is working.
Protect your business. Real-time analysis can spot patterns and changes in behavior, predicting attacks, bots or fraud. This allows you to get ahead of fraudsters and cyber-attacks, protecting your revenue and reputation.
Increased customer satisfaction. Timely updates on customer behavior allow you to keep an eye on what your customers respond to. Ultimately, this means that you can personalize your service, respond to demand, and improve your customer care metrics.
Building a Data Analysis Strategy
A recent Harvard Business Review report shows that 44% of businesses that started using real-time customer data analytics enjoyed increases in both growth and revenue generation, and 58% reported an uplift in customer retention and loyalty. Just over half of respondents agreed that real-time customer analytics has given them with a significantly better understanding of their customer journey, allowing them to make changes that improved and strengthened it.
But how can you get started in this journey?
To build tailored customer experiences that boost brand loyalty and customer satisfaction, companies need more data. Some touchpoints that can provide data include customer service interactions, web analytics, reviews, social media channels and product pages. It can also be helpful to send out surveys or add pop-ups requesting information, and loyalty programs can be a brilliant way of collecting more data on your customers.
The next steps, then, are often to build an effective real-time customer data analysis strategy. This might include the following components:
Bring together all customer data collected from different platforms, including both online and offline interactions, to fully understand your customers’ experience and be able to extract insights.
Use proactive analysis harnessing AI and machine learning to put those insights to work to improve customer experiences quickly.
Use real-time data insights to pinpoint where a customer is on their purchasing journey and offer specific pathways, offers or advice depending on the insights about their behavior, needs and previous interactions.
Keeping the Modern Customer Satisfied
Knowing what your customers want is an excellent way of keeping them happy, ensuring repeat business and a glowing reputation. A recent KMPG survey of 18,500 customers in 20 countries found that 86% were likely to recommend a brand to their family and friends if they felt loyal to that brand. Building a good relationship with your customers will improve loyalty and real-time analytics can help.
Customers increasingly expect personalized, tailored experiences and responses from the companies they do business with. Real-time customer analytics ensures you can stay abreast of what your customers want, mapping patterns and, when combined with predictive analytics, forecasting future demand.
By analyzing customer data in real-time, you can offer personalized experiences tailored to individual preferences and needs. The insights gained from real-time customer data analytics not only give you a better understanding of your customer needs and pain points, it boosts engagement and builds brand loyalty.
Want to learn more? Let’s talk. We would love to hear from you.