Technology has transformed the way brands reach and engage with customers. With the rise of social media and artificial intelligence (AI), it is now more important than ever for brands to have a thorough understanding of their customers to drive sales. In this blog post, we will explore how customer experience data can help brands improve their marketing strategies and drive sales.
The Role of AI in Customer Experience Data
AI has become a game-changer in the marketing industry, enabling brands to better understand their customers and make smarter marketing decisions. With intelligent social media monitoring, it has become easier for brands to find the right influencers to work with and gain insights into their target audience's preferences and behaviors.
One of the most significant benefits of using AI in marketing is that it helps reduce the churn rate. By identifying customers who are at risk of leaving, brands can take proactive steps to retain them. AI-powered chatbots, for example, can help improve long-term customer relationships by providing quick and efficient support.
Another benefit of using customer experience data is that it can help brands recover margins. By identifying which products or services are generating the most revenue, brands can focus their efforts on improving those offerings.
The Importance of Lowering Customer Acquisition Costs
While customer experience data can help brands improve their marketing strategies and drive sales, it is also essential to focus on lowering customer acquisition costs. With the rising cost of online advertising, it is becoming increasingly challenging for brands to acquire new customers while maintaining profitability.
One way to reduce customer acquisition costs is to focus on building a user base that loves your brand and wants to tell others about it. The best endorsement a brand can receive is positive word-of-mouth marketing from satisfied customers.
The Value of Data and Information
To make the most of customer experience data, it is crucial to understand the difference between data and information. Data is plain facts, while information is data that has been processed, organized, structured, or presented in a given context to make it useful. If you have used Excel or Access, kept a rolodex, or kept a paper project file, you have worked with a database and information.
A data analyst is a person who collects and organizes data, then uses the information to solve problems or answer questions, uncover trends, draw meaningful conclusions, and communicate findings. If you have collected facts to navigate decisions and actions, you have transferrable data analyst skills.
Real-Time Data and 360-Degree View
Two critical components of customer experience data are real-time data and a 360-degree view. Real-time data allows brands to observe activity in real-time, rather than waiting for hours or days to assemble the appropriate reports to see and optimize marketing efforts.
A 360-degree view enables brands to see every interaction with a prospect or customer to better serve them, communicate with them, understand them, and provide value to them. Every interaction with a prospect or customer now impacts marketing efforts, and in a social media world, customer experience is now an attributing factor to the impact of marketing efforts and overall reputation. Because of this, MarTech is expanding beyond marketing efforts and now incorporates customer services, sales, accounting, and usage data.
With disparate tools comes complexity
This is the story you consistently see in the CRM platform industry — systems cobbled together through acquisitions. But CRM platforms are built differently, carefully crafted in-house. Whether you’re selling or servicing a single hub or the entire platform, your clients get access to powerful platform-level features unified on a single code base.
That’s why we’re making an intentional positioning shift from being a growth platform to a CRM platform. This helps us lean into an already established category with a competitive edge.
Additionally, having high-quality data is crucial for effective marketing. In fact, a report by SiriusDecisions revealed that up to 25% of B2B database contacts contain critical errors. Therefore, it's important to regularly clean and update your database to ensure that you're targeting the right audience and that your marketing efforts are not wasted.
It has been shown that social media algorithms can reduce the reach of your marketing content. A study by Ogilvy revealed that Facebook’s algorithm reduced organic reach to about 6% of a user’s fan base. So if you have 2,000 fans, you’re expecting to reach about 120 of them. Email on the other hand has about 21.73% open rate, and a 3.57% click-through rate, as against Facebook and Twitter’s 0.07 and 0.03% click-through rates.
One effective way to use email marketing is to incorporate videos. You can compile customer feedbacks and testimonials into a video and send it to your subscribers with a simple headline such as: “Watch This Video To See What Our Customers Are Saying”. If you’re introducing a new product, you can create a video for it and get your subscribers to receive it with the heading: “Watch Our CEO Test The New…”. And there are many other ways to use videos in email marketing.
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