Using Data to Improve the Customer Experience

Dec 18, 2019 | General

According to Statistica, “almost 4.48 billion people were active internet users as of October 2019, encompassing 58 percent of the global population”. It stands to reason then that there are significant number of consumers online today which mean companies need to be able to create an engaging online customer experience.

This Forbes article suggests however that, “more than half of customers today say they’ve switched companies solely because of poor user experiences. Companies who fail to embrace CX as strategic path to growth won’t just be lagging, they’ll get left behind”.

So how does a company improve the experience that a customer has with their brand online? There are several ways but one that makes a considerable impact is the use of and analysis of customer data, and this is how:

 

Creating a personalised customer experience

Forbes says, “More than 85% of mobile marketers report success with personalization — higher engagement, revenue, conversions. Customers today don’t just want any app that works. They want an app or website that is personalized to save them time, recognizes their interests or preferences, and one that does those things seamlessly, without them even realizing it.”

Data analytics is what makes this possible. It’s what allows a company to identify what their customers like, or don’t like, what they respond to or ignore, what generates enquiries, as opposed to what doesn’t. By understanding the needs of your customers, you can create better processes that will keep them on your website, as opposed to leaving. Forex companies in particular operate in a highly competitive industry so ensuring a top customer experience, particularly in the onboarding process for instance, is critical. It usually requires a CRM system that can produce the data and reports you need to help you personalise the user experience so that you stand out against your competitors.

 

Using data to alter a negative customer experience

Research shows 80% of data is “dark and untouched,” meaning it’s never actually used to make improvements or changes deemed necessary by the customer”. For companies operating in a world where everyone is online, this sort of inaction can become dangerous. Particularly if one considers the speed at which consumers turn to social media platforms and other review communities on the internet to express their anger at any sort of experience with a brand that has been less than stellar.

Real-time data, such as that which innovative CRM systems can produce, gives you access to consumer behaviours, likes and dislikes, enabling you to make informed business decisions to improve that experience which your customers might be facing.

 

Using multiple sources of data

Gathering data from multiple sources can help you gain comprehensive insights into your customers. It can also act as the catalyst to streamline business processes to improve the experience a customer has with your brand online. In the Forex industry, the QoreFX platform for instance can be integrated with many systems including trading platforms, website, members area, mass email and/or sms marketing systems, live chat, telephony systems, payment gateways, AML/KYC, your back-office/ERP, and much more.

The data that you can derive from these channels is invaluable for it will help you better understand your customers (and what they’re experiencing when interacting with your business) throughout the customer journey, from onboarding to when they (hopefully) convert into active traders.

 

The bottom line – don’t be afraid of data (or underestimate its value) for it can play a pivotal role in improving the customer experience and altering the customer journey in a way that will boost your bottom line. But this means using the data properly, understanding the insights it provides and making the necessary changes.

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