Companies are always looking for competitive advantages — what can make them stand out against their competitors. Using data and analytics to drive customer experience improvements can be a long-haul competitive advantage — increasing conversions and repeat business. While some data analysis can be complex, there are a number of metrics that a business can look at to see basics like where website traffic is coming from and where people get stuck during the conversion/sales process. Econsultancy has a great roundup of why data-driven customer experience is important and what to look for:
Great customer experience is one of the hardest things for your competitors to copy.
A strategy of continuous improvement can offer clear differentiation from competitors.
However, it’s only when we measure what customers are actually seeing and doing when they are interacting with our digital channels, that we can understand where they might have issues or unmet needs.
Rather than theorise about potential problems or rely on closely monitoring small samples of test users, we need to let the data lead us to areas of concern. — Data-driven customer experience is tough to copy by Geoff Galat
Pricing, when done properly, is one of the most difficult tasks any business faces. Yet it is usually only given a perfunctory once-over. Customers have a range in mind that they’re willing to pay, but if you ask them, cheaper is always better. Ask a customer what they paid for something after the fact, and they’ll probably have a hard time remembering exactly. Price something too low, and people wonder about the quality. Price too high, and you’re out of budget. How can you meet your customer’s expectations without directly asking them?
I run across a lot of business people who feel like they’re competing with the entire world. They’re scared of the big companies and any little mom & pop store that shows up that might be somehow related to what they do. You may feel similarly – like the whole world is out to get you… but are you actually competing with all these companies?