It’s official, the customer experience is now more important to brands than mobile marketing, according to an Econsultancy report. With the promise of high returns on investment and happier customers, why wouldn’t your business want to pay closer attention to what their customers are saying?
The same Econsulting report showed 86% of consumers saying they are willing to pay more for a better experience, it is clear that CX has become a priority. But how do you know if your customer experience is checking all the boxes? That’s where a customer experience analysis comes in, offering insights on how consumers interact with your brand and the impact of those interactions on customers’ perceptions throughout the buyer’s journey.
Customer Experience Research Defined
A customer experience analysis, or CX research, is any type of in-depth study, evaluating how a customer (and potential customers) interact with a given brand. Whether your company is large or small, gaining a competitive advantage starts with measuring your customers’ experience and analyzing the results, so you can use the insight to improve your CX strategy. It is highly relevant to “progressive brand builders” and business leaders who understand the importance of customer experience.
Thankfully, there are beneficial ways that you can use your customer experience research program to create even deeper rewards for your business and your customers...
Benefits of CX Research and Analysis
We live in a world of endless consumer options and brand loyalty can no longer be taken for granted. Today, customer experience is arguably the secret driver to success. Businesses are acknowledging the vital role of the customer experience as a differentiator in business and spend significant resources in developing their Customer Experience (CX) strategies. To fully engage with your customers, it’s important to understand them at every stage of the customer journey.
So what are the benefits associated with a solid customer experience research strategy?
- Brand value: By defining the desired customer experience, it essentially defines the business’ unique approach in relation to similar players in the same space. The benefit is that when the CX strategy is executed consistently through all channels, this signature approach becomes its differentiated value proposition.
- It takes out the guess work: The essence of a CX strategy is created around intimate knowledge of the customer. Through customer research, these efforts to get to know the customer and listen to their feedback, keep companies close to its customers. An extremely valuable benefit of a customer experience strategy.
- Creates brand loyalty: When a CX research strategy is designed around the customer, their experiences should be more positive, and therefore they will be more likely to stay with the brand.
- Identifies operational inefficiencies: There’s often an assumption that fixing the customer experience will be expensive for the company. Quite often, however, during the CX analysis process, you can identify things the company is doing that are time consuming for employees or expensive to do and yet failing to add meaning to the customer relationship. Removing these inefficiencies not only improves customer experience they also save the company money.
Analyzing the Data
Using CX research on a regular basis will give you an idea of your customers' experience with your product or service; the final key form of customer experience analysis is data research analysis.
In all companies the collection, analysis, presentation and dissemination of business information can present monumental challenges. In other words, it's not simply the data that matters, it's what you do with it that drives meaningful change.
Research analysis should be looking for trends and insights in your customer feedback data. It can be used for innovation and new product research, or as part of your ongoing efforts to improve your product or offering.