At this year’s Digital Commerce Expo a consistent theme emerged from all the conferences The Pixel attended, The importance of understanding and listening to your customers. For businesses succeeding in today’s market it's vitally important to leverage customer data to build personalised experiences and improve customer loyalty in order to drive growth.
The key theme from the conferences we attended was the central role that VoC (Voice of Customer) data plays in shaping customer experiences. By tapping into customer feedback businesses can uncover critical insights to inform and lead decision making, building seamless experiences that resonate with your audiences.
In the session “Understanding Your Customer Data to Create Actionable Winning Results”, it was emphasised that a good data strategy can help businesses deliver experiences that drive profitability and growth. By aligning your VoC data strategy with business goals, you can identify opportunities to optimise customer experience and personalise every part of the journey. Data driven organisations are 23x more likely to acquire new customers, 6x more likely to retain customers, 19x more likely to be profitable - McKinsey
In fact 80% of a company’s revenue often comes from just 20% of its customers, making it essential to maintain and enhance these relationships making CLV (Customer Lifetime Value) vitally important. In the talk “Winning with World Class CX: Investing for Impact”, it was emphasised that businesses need to engage with customers on a deeper level. Collecting feedback, understanding how customers interact with your brand and acting on their needs can make or break your customer experience. Understanding what you can do to add value to your customers, creating loyalty rather than relying on quick win discount savings to increase LTV (Lifetime Value).
In today’s fast paced market where attention spans are short and patience is limited, customers expect more than just a transaction, they expect a frictionless, personalised journey that understands their needs. Businesses can no longer rely on assumptions or heuristics to determine what their customers want. It’s essential to truly understand who your audiences are, what they desire and what motivates them. By doing so you can not only sell them your product or services but also strengthen a deeper connection with your brand, creating loyalty and adding lifetime value.
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