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Acquiring new customers has always been a top priority for businesses. However, the cost of acquiring customers has steadily increased in recent years, cutting into profits and bottom lines.
That’s why brands today are focused on not only attracting new customers, but retaining the ones they already have. They’re also leaning on data analytics to achieve those goals.
By leveraging customer feedback data, businesses can gain insights into customer behavior, preferences, and needs, allowing them to create highly personalized experiences that drive customer loyalty and, ultimately, revenue.
Data analytics can help brands spot customer pain points and avoid the pitfalls that undermine customer loyalty.
Once a business uncovers customer pain points, immediate action must be taken to improve CX, thereby building loyal customer relationships.
Tough economy puts customer retention at risk
Supply chain disruptions and inflation have forced companies to increase prices or reduce the quality of their products or services, leading to increased customer dissatisfaction. If customers don’t feel like they’re getting their money’s worth, they’ll quickly move on.
A study earlier this year found that customers are so fed up with what they perceive as poor product quality or service that they’re becoming aggressive in dealing with businesses.
Another factor that can drive customers away is not providing an omnichannel experience. For consumers today, it’s all about options. The pandemic altered customer behavior, with more people shopping online and looking for contactless delivery options. Companies not prepared to offer these options risk falling behind the competition.
A survey shows that complaints about products and services are on the rise and frustrated customers are becoming more aggressive.
Unhappy customers costs a brand in more ways than one
The cost of losing a customer goes beyond the loss of revenue of a single purchase. It also includes:
- Potential revenue loss from that customer’s future purchases
- Loss of referrals they might have brought to your business
- Damage to brand reputation
Losing customers can damage your brand’s image and make it more challenging to attract new customers in the future. With the popularity of online reviews and social media, dissatisfied customers can easily share their negative experiences with a broad audience.
Top customer complaints
Customers complaints can be wide ranging, but there are some common types. According to HappyOrNot’s customer feedback data to US retailers in 2022, the top three customer pain points were:
- Cleanliness: Poor cleanliness in stores can lead to health hazards, damaging a customer’s trust in the business, and even leading to legal problems.
- Customer service: Poor customer service can result in high customer churn rates, decreased brand loyalty, and loss of potential sales.
- Queues: Long wait times can lead to customers feeling undervalued and frustrated, ultimately affecting the overall customer experience and harming the business’s reputation.
Failing to meet customer expectations can lead to unhappy customers, and ultimately a drop in sales. Here are clear signs of trouble and ways to fix it.
How data analytics improves customer experience
Data analytics helps companies spot potential pain points in the customer journey and take proactive steps to address them before they become major issues. This proactive approach can help companies improve customer retention rates and reduce the risk of losing customers.
By analyzing customer feedback, companies can identify specific pain points and address them in a targeted way. For example, if customers consistently complain about long wait times on the phone, data analytics can help identify which specific processes are causing the delays.
Companies can understand individual preferences by analyzing customer data and tailoring their interactions accordingly. This personalization helps boost engagement and loyalty; customers feel heard and don’t have to repeat their preferences each time they interact with a company.
Discover how today’s most successful brands build an omnichannel personalization strategy that drives growth and revenue.
Building relationships that last
Businesses must provide exceptional experiences to ensure long-term success. Customers today expect convenience and personalization and are quick to take their business elsewhere if their experience falls short.
Data analytics is a powerful tool that enables companies to gain insights into customer behavior, preferences, and needs. By leveraging modern analytics tools, businesses can make informed decisions that drive better customer service and success.