Data-driven brands and insights-driven brands are heading in different directions. In “Build An Insights-Driven Business”, Forrester reports, “Insights-driven organizations are growing at an average of more than 30% annually and are on track to grow eight times faster than global GDP.”
That level of growth has never been more important. Today’s economic challenges have created an even more competitive market, with brands vying to regain consumer trust and meet their heightened and shifting expectations.
But data isn’t enough, and companies can’t win loyalty by simply measuring the customer experience. To really make an impact, they have to connect customer experience (CX) data to meaningful action by uncovering true insight—because that’s what leads to business outcomes.
To help you evaluate your current experience management (XM) strategy and ensure it’s delivering insights (and not just collecting data), let’s take a look at 4 key functions of an insights-driven XM program.
1. Collects feedback across touchpoints
To get a holistic view of the customer experience, you need an enterprise measurement strategy that collects location-level feedback across the entire customer journey. By analyzing both solicited and unsolicited data—across all touchpoints—you can truly understand the full scope of how customers interact with your brand and create an action plan focused on making targeted improvements.
2. Provides an intuitive technology platform
Great data doesn’t matter if it doesn’t make sense. Without a clear way to spot trends, compare scores, and read comments, it can feel impossible to take action. With a customer experience management platform that streamlines real-time data and provides easy-to-read visualizations, you’ll have access to tools like role-based reporting, customizable dashboards, industry benchmarks, and advanced text analytics. By getting the data you need, when and how you need it, you can really understand what consumers are trying to tell you—making it easier to drive meaningful change to your organization.
3. Offers professional support
A robust and intuitive reporting platform is a vital component of your XM program, but technology alone will only get you so far. In order to turn mountains of data into actionable insights, you’ll want a dedicated services team that provides analysis support, insight delivery, and ongoing strategic partnership. A collaborative tech + professional services approach is most successful in producing measurable results that boost loyalty and drive business performance.
4. Demonstrates ROI
It’s tough to justify the value of an XM program when it doesn’t improve business outcomes. You need a provider that surfaces actionable insights and produces tangible results. In a recent report, Forrester found respondents at firms with advanced insights-driven capabilities experienced both top- and bottom-line benefits and were 2.8X more likely to report double-digit growth year-over-year. Insights help you map CX improvements to cross-functional gains that demonstrate tangible, widespread ROI—so you can prove the program is worth the effort.
You can only be successful when you get true customer experience insights
That means you require a program that includes data collection methods designed by researchers, reporting tools that are intuitive and action-oriented, and client teams with industry expertise. Settling for less means settling for data points—not insights.
To learn more, check out the interactive graphic: Insights vs. data points: 5 clear-cut tests to tell the difference.
Brian Dennis | SVP, Customer Engagement