Customer experience (CX) stories are everything – and social analytics gives brands access to all of it. Why, then, are brands failing to make the most of this insight? Why are very obvious customer needs and wants left unmet in many categories? And what can brands do to change this dynamic? The 2019 Consumer Experience Analytics Report: EMEA has answers!
Who did we survey exactly? And what industries/company sizes do they represent? Let’s kick things off there, as having a representative sample is super important, of course.
EMEA Survey Respondents
The EMEA customer experience experts surveyed had titles like Agile Coach and Head of Success – and if you think those sound extremely specific and insight-focused, we’d have to agree! Overall, the job titles of those surveyed gave a strong sense of businesses taking social analytics insight seriously. And the survey responses we obtained confirmed that estimation
The company sizes these folks work for represents a solid cross-section of medium to significantly large entities, by revenue. The largest number of respondents are joining us from companies commanding more than €1B. And the verticals include technology; media and entertainment; consumer products; banking and finance; health and pharmaceutical; and, retail. A significant group, falling under “other,” are agencies that defy neat categorization:
And, in the report, we’ve compared insight against 2018 results to show you where the market is headed and how you can – and must – adapt.
Adapt, Evolve and Implement CX Stories Insigh
What did we learn? CX analytics stories are apparently the best kept secret online. Either that, or businesses just don’t believe its potential, as so many of them are getting it wrong.
We’ll share a high-level summary below, but be sure to download the report to really dig in. For the most part, businesses continue to evolve along with social analytics, but they’re falling behind.
Keeping pace in a few, very fixable, ways would make a huge difference to their long-term ROI. Those ways include:
- Understanding every part of the customer journey
- Capturing all of the structured and unstructured data sources that offer valuable intel (many are disregarded as unnecessary, and that’s a big mistake)
- Rethinking business priorities, as it relates to
Let’s look at each a bit more.
Customer Journey Disconnect
As mentioned in the report, businesses should be using real-time dashboards to monitor the entire customer journey, so they can:
- Improve content to guide customers through purchase consideration
- Make changes to ad placement and sponsorships to attract customers more effectively
- Determine how to engage with influencers to attract customers to your products and services Identify changes to messaging, positioning, and calls to action to support the purchase evaluation
- Reduce pain points to improve the purchasing experience
- Qualify and act on customer leads
- Determine how to cross-sell to current customers
- Update your customer care program, operational processes, and policies
- Innovate around new products and services
- Retain customers after the sale to create repeat purchases
CX stories support everything detailed above. Some businesses are using social analytics to its full potential to harness and analyze this intel. But most are not.
And there’s one key part of the journey they’re failing to take into account – and its one we regularly see brands miss out on. The potential impact this one change could have is significant.
Data Sources on Repeat, Requiring Expansion
There are lots of data sources available to brands. We ask them about a solid sampling, including:
- Social media data
- Online reviews
- Call center transcripts
- Web analytics
- Employee feedbac
We can tell you that most rely on survey insight pretty extensively. And we can also share that consumers are experiencing “survey fatigue” and are often less than helpful with responses. This makes the insight that many brands are relying on for strategic decision-making less than reliable.
We share options brands should be considering and integrating in their results, as they can dramatically change the output – and certainly the implementation. Again, the CX stories are out there – but brands are missing a variety of data points.
CX Business Priorities Brands Miss
Year after year, we see a skewed sense of business priorities as they relate to customer experience intelligence. We ask them to rate the importance of the following activities:
- Develop new products and services
- Improve customer satisfaction
- Launch new products
- Improve operations
- Run more effective marketing campaigns
Can you guess which were undervalued? Both “new products” and “campaigns” were either a top priority for brands or not on the radar at all. How’s the for a confusing bit of insight? We share a nuanced exploration of each in the report.
Next Generation AI Brings Brands Beyond the CX Basics
With rapidly evolving Next Generation Artificial Intelligence (AI) capabilities available to brands, it’s time to get your social analytics house in order and those CX stories on your radar.
CX analytics offers obvious insight that brands are failing to take note of and, correspondingly, are unable to act upon. The act of social listening itself isn’t a secret, but the intel it offers unlocks whole new worlds of potential consumers for brands – and that part of it is still a revelation to many. And this makes it a game changer right now for those ready to adopt it – in EMEA or anywhere in the world, really.
Read the report and see if you agree. And please reach out to discuss. We’re happy to elaborate further on anything you’ll find in there. And be sure to check out the USA CX Report if you haven’t already, as comparing insight between the two is telling as well.