After buying my favorite kohl pencil at the local beauty store, the brand’s sales representative brought out a fat book and asked me politely to fill up a feedback page. Honestly I was in no mood, but she requested in the sweetest way possible that it will only a minute or two. As I filled up the page, I inquired about the feedback required for one product bought – to which she explained that this small response goes a long way in helping the company analyze and work on strategies to identify consumer delights.
And yes, she is right. For customer analytics, consumer feedback is one of the critical steps. Customer Analytics is a process that provides organizations with a deeper understanding of the customer’s lifestyle and buying habits, which in turn helps to deliver relevant and timely product or service offers. Although with the available technology, customers of today are more connected and have access to instant information about the products they need.
The Global Customer Analytics Market size is expected to reach US$29.8 billion by 2026, rising at a market growth of 19.7% CAGR during the forecast period. Customer analytics is integrating every touch-point that a customer interacts through multiple channels together. Customer journey analytics offers a unique and effective resource for marketers and customer service professionals to recognize and interact on a personal level with each user. Through analyzing massive data points in real-time, one can identify the most relevant customer journeys and can prioritize those opportunities that greatly impact company goals.
The development in analytics is due to the growth in real-time data availability and digitization results in data analysts being adopted for customer behavior. The analysis focuses mainly on business operation to efficiently make marketing decisions. The main factor driving market growth in the forecast period is growing demand for personalized customer service. Customers expect to be considered as individuals with unique interests, which have shifted the emphasis to personalized brand experiences. The continuing trend observed is growing acceptance of customer travel analytics.
It enhances the profitability of the customer’s acquisition, brand loyalty, and customer lifetime. The emphasis is on creating a unified view of the customer as they connect with a brand and personalize the experience of consumers through networks, locations and always in the moment. Customer analytics will evolve from retrospective analysis to real-time, behavior-driven interaction to achieve this blended customer experience. Analytics of customer journey is the key to making this transformation.
Trendsetters of Customer Analytics
The major strategies followed by the market participants are Product Launches and Partnerships. Based on the Analysis presented in the Cardinal matrix, IBM Corporation, Google, Inc., Microsoft Corporation, and Oracle Corporation are the forerunners in the Customer Analytics Market. Companies such as Salesforce.Com, Inc., Adobe, Inc., Accenture PLC, and SAP SE, SAS Institute, Inc., and Teradata Corporation, are some of the key innovators in Customer Analytics Market.
Based on partnerships, collaborations and agreements – Google Cloud came into partnership with Thought Spot, a leader in search and AI-driven analytics in March 2020. The partnership aims to empower enterprises with cloud analytics. Under this partnership, the companies would launch Embrace for Google Cloud, which allows enterprises to run search and AI-driven analytics directly in Google BigQuery, without moving or caching any data.
Similarly, with acquisition and mergers, Accenture acquired Happen, an innovation firm that uses proprietary methods, frameworks, and digital tools for helping the clients generate new ideas, products, and services. The acquisition enabled the Accenture to help companies develop innovative products, services, and experiences.
Following product launches and product expansions, Oracle Retail unveiled Consumer Insights for helping the retail marketers use enriched customer data attributes alongside third-party consumer data from Oracle Data Cloud to find prospective lookalike customers. Oracle Cloud provides data sets composed of profile-based, transaction-level data along with other demographic attributes.
To get manageable answers, businesses use customer analytics to decode customer’s overall and individual buying habits, in order to make better pricing and management decisions. Former interactions and shared feedbacks are collated to bring-out creative ways to understand consumer needs across online, face-to-face and third-party networks. With the right technological know how, these powerful insights will help companies to move ahead and ensure a positive customer experience.