The size of the global market of customer journey analytics (CJA) is expected to increase from USD 8.3 to 25.1 billion by 2026. A number of factors including the need for a seamless consumer experience, better engagement, and the desired business outcomes will drive the need for more journey analytics insights.
Being able to identify the pain points in the customer journey, reduce costs, and understand clients’ behavior better allows business owners to boost sales and ensure that all their efforts are not in vain.
CJA will help you to leverage the analysis, review, and improvement of many business processes. What exactly? Let’s find out in this article.
The whole process of tracking and analyzing how users interact with your product (brand) is called customer journey analytics. Everything from looking at channels customers choose to communicate with the company and identifying how they move within them to finding valuable touchpoints and often occurred issues people face during this process.
With such analytics, businesses can:
The more detailed brands can dive into the customer journey, the better the outcome.
Apart from customer journey analytics, there also exists journey mapping. How do they differ?
We identified CJA above. Journey mapping is a visual example of the way customers interact with the brand (or rather how you want customers to interact with it). Implementing journey mapping covers customer journeys on a micro-level, taking a few people as an example, without diving into details and deep statistics of thousands of unique consumers.
In order to understand the difference between the two, look at them through the results they bring:
While journey mapping has certain benefits, it does not provide brands with a complete picture of consumer journeys.
To understand why people leave on a certain step of their interaction with your company, you cannot just assume based on a static journey mapping snapshot. You need to get real-time data provided by customer journey analytics.
Same as journey mapping lacks deeper insights into consumer behavior, traditional analytics loses to customer journey analytics due to the inability to efficiently process large data volumes.
There are several reasons to choose journey analytics over traditional one:
Customer journey analytics, unlike traditional ones, is able to analyze billions of consumer interactions across multiple channels for you to create a complete picture of the way people build relationships with your brand.
From above, it’s clear that CJA impacts the business significantly. Using CJA, you can improve the following 6 areas. Let’s have a closer look at them
Utilizing customer journey analytics makes it easier not only to acquire new clients on board but also to encourage them to stay with you.
CJA gives you valuable insights into the best time to communicate and the most convenient marketing channels for reaching new customers.
Journey analytics is a great way to assess CX initiatives and understand how successful and impactful they are in terms of existing metrics. You can evaluate consumer journeys, track preferences in users’ communication, measure churn rates and other CX metrics, and more.
The detailed analysis of all these points is an opportunity for you to comprehend how customers feel about your product and fix weak spots in your customer experience.
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With the help of journey analytics, you can reorganize your approaches to user onboarding and journeys. It will assist you in lowering reprioritizing efforts and decreasing operational costs.
When you know what are top product features (best selling items or plans), effective onboarding tactics for your clients, time and effort of your team, other customer triggers and preferences, you can adjust the process by deprioritizing some initiatives, adding more resources to other projects, and putting on hold some activities. To make such decisions, CJA insights will come in handy.
Journey analytics enables you to dive deep into statistics and build efficient strategies for increasing the value of your existing clients. When analyzing CLV based on journey analytics, you can:
Retaining clients is always cheaper than gaining new ones. Journey analytics does the job when it comes to predicting consumer behavior/their preferences, and identifying ways to reduce churn and improve retention.
By reaching out to clients at-risk on time, you are able to make them stay before they decide to leave and move to competitors.
CJA, by showing you weak spots in consumer experience with the brand, can help you eliminate them and decrease the customer support overload via various channels: support emailing, chatting, inbound call centers, technical support inquiries, etc.
When people have fewer things to complain about or fewer situations that confuse them, using your product, they will have no need to contact support for help. Brands are already using journey analytics to introduce IVR, AI chatbots, for example, Whatsapp Business.
Also, you can choose better communication channels for some customer segments. Overall, CJA insights help you to optimize your customer support processes.
With constantly changing trends and customer preferences, you don’t have all the time in the world to create a solid business strategy that will work for you for the next 10 years.
You need to utilize all the existing digital tools to analyze CX in real-time, track their behavior, and act immediately, tweaking your strategy every now and then. While old analytical tools do not work to their fullest, customer journey analytics will help you with that.
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