Start Your Journey to Journey Analytics
Customer Journeys: done.
Good job. You’ve envisioned, designed and executed holistic experiences for your customers across their entire journeys with you. Your teams have collaborated to create visibility on each touchpoint. You’re even starting to answer questions at each stage: What are they thinking? How do they feel? What actions are they taking?
If all customers were alike, the job would be done. But maximizing Lifetime Value (LTV) at scale means unearthing moments of truth, easing pain points and removing barriers—at the individual level, all the time…and Journey Analytics is how you’ll do it. According to McKinsey & Co., Journey Analytics delivers brands 20% reduction in churn, 15% reduction in cost-to-serve, and 20% growth in customer satisfaction, among others.
Journey Analytics: Secret to Success.
Journey Analytics is a lot of data science: Predictive analytics. Machine learning. Artificial intelligence. Overwhelmed? Don’t be. Journey Analytics doesn’t start with complete solutions, complex software, or a patchwork of vendor relationships for you to manage. Rather, the secret to Journey Analytics is just starting.
The enemy: paralysis-by-analysis.
Analytics must not overwhelm; your solution need not be complete, intense or complex. Start with what you’ve got, and grab that low fruit. Here are three ways:
Hear me roar: Voice of Customer (VOC) data
Don’t wait for a hungry SaaS company to integrate huge software into your systems, when your own data—imperfect as it may be—is bursting with potential insight. Your Voice Of the Customer data from surveys or brand trackers are powerful tools to unearth pain points and moments of truth. Graft that data atop each journey point, then study gaps at moments and over time.
You’ve got data – Score!
For many of your customers, you don’t even have to ask how they feel; they’re already telling you. Just listen to systems you’ve likely got in place already. Just one example: Most email service providers (ESPs) keep a record of who opened and clicked which emails—data that’s easily mined to build a picture for each customer of how recently and frequently they’ve engaged with your content. With a few clicks, that translates into a singular, customer-specific score that can inform how and when you engage with him or her at each touchpoint.
Connect the dots: Advanced Attribution
Think you know which moments matter most? The data may think differently. Vanity metrics within a channel are fun to watch, but there’s no substitute for visibility on actions and reactions across channels. Take the example of a streaming-music company: as CMO, it’s good to know that a push-notification campaign got 10,000 new users at 400% ROI, but it’s better to know that customers whose app crashed and whose phone-support resolution lasted 20+ minutes were 10x more likely to churn. Advanced Attribution is how you glean business-critical insights to maximize touchpoint ROI.
And that’s just scratching the surface; many paths can start your journey to Journey Analytics. No matter how high you end up climbing, just remember that doing it perfectly matters less than just doing it.