Delivering Value in the Experience Economy with Data

Leveraging Data to Deliver Outstanding CX

Every time or prospect or customer interacts with your business in any way, whether via social media, online or in-store, they have an experience. Over time, these experiences generate a wealth of useful customer data that could (and should) be used to inform better decision making in a CX strategy. This is particularly pertinent as, at a time when customers are spoiled for choice, it’s vital to ensure that your customers have an experience to remember – for all the right reasons. But why does your customer data hold the key to getting CX right?

  1. Promote Your Customer Experience as a Differentiator

In a world of endless choice for customers, it’s vital to stand out from the crowd. Excellent customer experience can be positioned and promoted as a point of differentiation to your competition. By providing customers with a compelling reason to purchase from your business, you’ve achieved a competitive advantage over competitors – all through CX.

  1. Cost-effective Customer Acquisition

It’s a well-known fact that acquiring new customers is generally more expensive than retaining existing ones. However, excellent customer experience can prompt existing customers to recommend your company or products to others. This word-of-mouth acquisition is more cost-effective, negating all the typical costs associated with acquiring and converting new customers.

  1. Build brand loyalty and increase customer retention

Excellent customer experience will undoubtedly lead to better brand loyalty. Simply put, if customers know they will receive an outstanding level of service, your brand will stay top-of-mind for any future purchases. Why? Your customers will already know to expect the best from you, likely dissuading them from moving to a competitor’s product or service.

  1. Monitor operational performance and make improvements based on data

Data makes the world go round. The same is true for customer experience, where data can be used to positively impact a customer’s experience with your business. The full customer journey is bound to present you with a wealth of customer data, which when combined, will build a full picture of the customer. This picture can be used to make operational decisions based on their experience or feedback. In addition, data can be used to create a ‘voice of the customer’ strategy.

  1. Give Your Customers a Voice

It’s easy to assume what might constitute a good customer experience. But without basing your strategy on insights gathered from your customers, your strategy might not be entirely effective. Therefore, a key theme of good CX strategy is the ‘voice of the customer’. Broadly speaking, this is the process of gathering data from across the customer journey and extracting insights about their experience. These insights form the basis of a data-driven CX strategy, enabling businesses to make smarter decisions when improving their CX.

In Summary

Mastering customer experience will take some time, but using the right tools will bring better results, faster. Euler client Chiltern Railways embarked on a CX improvement journey that gradually iterated upon each stage, to great success. By using industry-leading data management tools, Euler was able to help Chiltern to revolutionize their CX strategy. They moved from an intuition-based approach to improvements, to a data-driven approach, based on a ‘Voice of the Customer’ strategy.

Is it time you mobilised your customer data to master customer experience? Discover how Chiltern Railways achieved CX excellence with Euler and was recognised with a Railway Innovation Award.