Business Intelligence: Creating Exceptional Customer Experiences

The role of unique customer service experience in sales can never be underestimated but it’s playing a more important role than ever before. With the global spread of the COVID-19 pandemic, organizations realized the need to move operations online and support customers through online mediums. This led to the need for increased online functionality – for organizations to be transparent about product changes, 

With continuing disruption in the business industry, the customer-centric organizations will likely grow; the ones that can make smart decisions to know customer preferences; the ones that stay ahead of their peers. This is where business intelligence comes in light to lay an integral role in improving customer journeys.  

Businesses are striving to build a unique customer service experience. With ever-growing customer data, businesses should learn to analyze data in order to offer personalized business offerings. And business intelligence can radically transform the way organizations function and drive results. 

BI is invaluable in delivering actionable insights and enabling business leaders to make better data-driven decisions. Let’s take a look at the advantages that business intelligence hosts:

Advantages of Business Intelligence

Comprehensive view of customer data: Business intelligence platform enables deep insights into customer preferences and behavior based on data taken from multiple sources – both internal & external. New data can be added to existing data sources to continuously enhance the base for decision-making. Additionally, it’s easier to track changes in customer demands and to react swiftly. 

Customer segmentation: Organizations will have to lay emphasis on communicating with every customer individually to know what the customer wants. To know specific customer demands, organizations often identify customers with similar behavioral patterns & choices and assign them to a particular division. Data analysis provides a clear picture of each division: the no. of customers in it, their behavior patterns, the cross-selling possibilities, and the revenue it generates. Based on business intelligence analytics, an organization can better target its communication with a particular business unit.

Singular user experience: Business intelligence solutions allows companies to model customer behaviour & shopping preferences and step ahead of customer segmentation to offer personalized communication in real-time. Personalized service offers, coupons, discounts, and ads significantly contribute to increased sales and build a long-term relationship with a customer. 

Performance measurement through KPIs: The list of KPIs vary based on the strategic goals of a business. The KPIs can include customer retention rate, customer conversion rate, customer satisfaction chart, repeat purchase index, time in a queue, etc. Even though there can be a difference in KPIs from company to company, they all perform the same function of reminding business heads their mission-critical priorities. BI tools play a crucial role in defining the right KPIs for a business and monitoring the progress & growth. 

Omnichannel experience: Customers expect businesses to know everything about their relationship with the business products & services across multiple channels. The omnichannel experience helps businesses stay at the top of what today’s customers demand despite a likely change in behavior. Good quality & well-organized data showcasing the customer journey across multiple touchpoints is a key to mastering the omnichannel experience. Business intelligence can provide analytical insights across all channels to help you spot patterns that previously may have been too complex to notice.  

Reducing churn: It is important for businesses to measure the rate at which customers stop availing of a product or service over time. Reducing customer churn is critical for business success and profitability as it is costly to replace customers once they have left. Customer intelligence can help organizations investigate & address problematic areas so that actions can be taken promptly to avoid losing customers. 

Informed decision making: Customer intelligence enables you to make informed data decisions by performing data analysis. A business dashboard provides insights to see which channels are most successful at attaining potential customers & maximizing ROI. Someone quoted, ‘a picture is worth a thousand words,’ and the same can be implemented to understand data. Data showed through BI visualization tools help organize huge data sets in real-time to understand customer experience Visualized data is very helpful in drawing attention to important points in the customer journey and pulling out insightful information.  

Wrapping Up

The rule of thumb for every business is to understand what their customers want, which is quite challenging without customer data analysis. With this challenge in view, business intelligence is gaining traction. We have outlined just a few ways BI can enhance customer experience For more information on how BI can help you establish personalized communication with customers and stay that crucial step ahead of the industry competition, get in touch with Polestar BI Experts today.