To reduce customer turnover and increase customer loyalty, companies must understand customer expectations. That’s why every business leader is constantly searching for ways to answer the question: “What do my customers expect from me?”
So how exactly can these execs get the right answers? The key is big data, of course.
Searching for Answers
Many companies that are looking to improve customer satisfaction and retention search for answers with big data analytics – and they find them. The combination of mobile, social media and third-party information that’s available through big data makes it’s possible to determine what products customers want – or don’t want.
Social Media by a Long Shot
As customer data streams in from multiple different sources across the enterprise including social media, companies are increasingly turning to big data analytics to gain insight into customer growth and retention from that information. In fact, social media is the leading as well as the largest source of consumer data– a gold mine of data for analysts.
Analysts can create searches based on variables such as sex, race, age, even geographical location. This information can help determine buying patterns and trends to help companies tailor their customer service policies, marketing techniques and even product development.
If people are discussing a company on the Internet, executives can discover if those comments are positive or negative. And if they’re negative, business leaders can decide to make some changes, e.g., altering the purchasing process, order tracking or billing – or maybe even make changes to their products.
In addition to social media and third-party data, internal data can also be beneficial to enhancing the customer experience. Analyzing the data found in customer transactions and inventory turnover, as well as in customer conversations with call center agents can all help to create a picture of customer expectations.
Putting it Together
Using big data analytics, analysts can mine the vast information that is available internally and externally to determine exactly what their customers expect. When it comes to customer retention, don’t look at the little picture. Make the big picture a priority and search for answers with big data.