4 ways leading companies are predicting customer behavior
A great customer experience (CX) is determined by a business’s ability to effectively respond to the question: “what do customers want?” The challenge, however, is that in today’s disruptive economies brands often need to answer this question before consumers even have the chance to ask it.
Organizations need to be quick to market. And they need to go to market with the right product, service, and experience.
To achieve this agility organizations require deep insight into their CX to supplement operational data (O-data) from their CRM systems. Combining experience data (X-data) - like CSAT and NPS - with O-data - such as sales, finance, and HR - creates a system of action enabling brands to address the question “what do customers want”.
Merging X and O Data gives you a holistic understanding of your company. It provides a rounded understanding of your brand by showing the connections between revenue, growth and human behavior.
At Qualtrics X4 Sydney 2019, we heard from leading organizations - including Uber, Chobani and Finder - who are embracing Experience Management (XM) to not only understand customer behavior, but using it to solve problems before they even occur.
Here are the top 4 ways these companies are unlocking the insights needed to win more customers, increase share of wallet, and boost workplace performance.
1. Triangulate CX data
Data triangulation is when you validate your data using two or more sources.
The approach ensures the insights captured are accurate and relevant. It is therefore critical when understanding and anticipating your customers’ needs.
Data triangulation relies on multiple methods to collect, analyze and act on CX data to predict churn before it occurs. For example, episodic NPS (eNPS) can unpack brand perception using customer journey episodes (e.g. sales, billing & support) alongside focus groups to build out regression models.
This process helps eliminate bias by cultivating research that uses empathy to analyze customers on their terms.
2. Use product feedback
Making great products means creating great product experiences for customers.
At X4 Sydney Chobani’s Senior Brand Manager Maria Voronina shared how the yogurt brand uses product experiences to inform the company’s CX strategy. The company listens to feedback and quickly acts upon it - Chobani’s meteoric rise in Australia is a testament to its ability to design and deliver a great product.
If you create a great product early on then you won’t need to react to the ongoing problems that occur from a bad product. As the maxim goes, “buy nice or buy twice.” Getting it right may be costlier to begin with, but this approach will pay dividends in the future.
3. Track brand health
The journey to understand the customer is never really over - expectations, platforms, and needs are constantly changing.
This is why measuring brand health is vital when creating a sustainable CX program. Tracking your brand provides a consistent benchmark for you to measure yourself against in fast-changing economies, as well as mitigate future incidents before they occur.
Finder’s Head of Insights & Marketing Steve Lockwood shared how the comparison website tracks its brand health at X4 Sydney. He explained it means turning your brand inside out by tackling uncomfortable truths and re-analyzing your brand’s foundations – what does your brand stand for? What is your go-to-market messaging? What is your brand experience?
4. Embrace AI and Machine Learning
AI and Machine Learning in CX turn “big data” into “useful data.”
Predictive CX needs to tell a simple story if you want results. However, to take action, brands need to focus on critical and creative thinking rather than drown in a sea of data.
AI and Machine Learning is your brand’s life raft. By automating research, CX experts make faster operational decisions that solve problems before they spread.
Plan, Prioritize & Take Action
Successful research programs rely on strategy, prioritization and action planning.
The challenges companies face around high churn, reputation management, website bounce rates, trust and inconsistent brand messaging (just to name a few) all relate to customer behavior. These challenges, however, need no longer exist using modern research methods in the experience economy.
To discover the XM secrets of brands like Qantas, Chobani, Finder, and Uber be sure to visit the X4 Sydney Content Hub.
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