Customer Analytics: Why They Matter to Your Business

What customers think matters. And in our always-on global economy, opinions are shifting all the time. Between technological innovations, politics, and socio-economic factors, consumers have a lot on their plate – and all of it affects which brands they choose to align with.

Brands are scrambling to get a grip on business intelligence these days, so customer analytics should be one of your top priorities. Here, we’ll explore customer analytics and why they matter to your business. Specifically, we’ll take a look at:

  • What is customer analytics?
  • Building a customer-centered mindset
  • Why customer analytics matters

In today’s rapidly evolving marketplace, having a rock-solid grip on who your customers are and what makes them tick is essential, as these stats suggest:

  • Since the beginning of the pandemic, 75% of US customers say they’ve tried new shopping behaviors for both economic reasons and shifts in personal priorities.
  • Using customer analytics to understand your target audience is critical. For instance, Millennials are the most diverse generational group in US history, with 44% being racial or ethnic minorities.
  • 65% of consumers feel that how a brand handles themselves during a crisis significantly impacts their trust and confidence.

Now, let’s look at customer analytics and why it’s so valuable to your brand!

How to Use AI-Enabled Consumer and Market Intelligence to Break Down Data Silos - Read Now

What is Customer Analytics?

Customers are speaking everywhere online, but they don’t always respond to you. So, if you’re throwing out surveys or analyzing comments in your owned media, then you’re only picking up a small portion of what your consumers are saying.

Social listening picks up a ton of disparate data across the internet that most brands miss. It picks up on brand mentions, hashtags, and even brand logos captured in images so you can make heads or tails of how consumers perceive you online. Not only that, but today’s social listening tools are capable of breaking down this data into structures relevant to different aspects of your brand.

For instance, you can filter your entire brand conversation and dilute it down to focus only on what people are saying about your customer journey. And you can go further than that to dive into the reasons why people don’t seem too interested in talking about being loyal to your brand.

customer-decision-journey

Customer analytics is very much like operating a shrimp boat. You put out your nets into the ocean of consumer conversations, throw everything overboard that isn’t shrimp, and then take your haul to market – or, in this case, to the decision-makers

And not only can you get granular with your customer journey, but you can also isolate and evaluate conversations pertaining to your customer experience, customer care, affinities, passion points, issue tracking, etc. That way, you know precisely how your customers feel about certain aspects of your business. After all, most of them are not going to come tell you – they’ll just move on. But a great many will talk about it online, and that’s where customer analytics is critical to keeping your customers engaged.

Building a Customer-Centered Mindset

At this point in the game, it’s common knowledge that it costs more to win a new customer than to keep an existing one. But we can’t go off sales and surveys and hope for the best. Today’s media analytics tools allow us to pick up disparate data sources like social media, news, and review sites and analyze them for what matters to our customers.

That being the case, customer analytics has changed the nature of the game. That’s because consumers are being drawn to the brands using customer analytics to rectify pain points in their customer journey. Customers don’t know what’s going on behind the scenes, but they know that some brands are meeting the overall needs and others aren’t.

And the difference between the two sets of brands is customer analytics. At the end of the day, what matters is whether your brand is hearing what consumers are saying and doing something about it. And that’s the difference customer analytics makes – because you can’t fix what you don’t see.

These pain points shift all the time for a million different reasons, and there’s no way you’ll keep consumers happy in the long run by relying on sales figures and surveys. That’s the quick way to put money in your pocket today and end up on the long list of failed brands in the future.

Customer analytics is about continually meeting consumer needs and keeping your brand trucking along well into the future. It’s a long-term mindset that brands need to adopt to remain competitive well into the future.

continuous-intelligence-that-stays-ahead-of-consumer-needs

Why Customer Analytics Matters

There’s a reason consumers abandoned the flip phone when the iPhone came out – it spawned an emerging trend, and customers wanted the latest and greatest. Unfortunately, many brands are just playing catch up to innovative brands and only shift gears when they have to. But if you want to be among the first-movers, then customer analytics is how you do it.

And more and more brands are catching on to the customer-centered aspect of business intelligence. That’s because they realize that digging into the consumer narratives taking place reveals a wealth of insights that can help them implement strategies that actually work.

Not only does customer analytics help you meet consumer need by addressing pain points, but it also serves as a double-edged sword to keep you a step ahead of the competition.

Whatever area of your business you are looking to improve, customer analytics can inform you of what’s working well and what isn’t. And it’s not just a window into the customer journey or experience. You can use a customer analysis to inform your brand on a wide variety of customer topics, including:

  • Demographics
  • Psychographic data such as interests and emotions
  • Geo-location and time data
  • Key opinion leaders and influencers your audience trusts
  • Source data showing where your audience congregates online
  • Trending topics and sub-themes
  • Sentiment drivers
  • News media getting traction with your consumer base

Nowadays, brands use customer analytics to augment their internal data to target their customers’ wants and needs with pinpoint accuracy. And consumers are being drawn to the brands taking the voice of the customer to heart. This is a critical business pursuit as consumer loyalty is getting harder to come by.

If you want to maintain and grow your customer base in today’s marketplace, listening to them has to be a top priority. And since the conversations are taking place all over the internet, you need customer analytics tools that are both comprehensive and trustworthy.

Going forward, brands that can address consumer pain points quickly and effectively will win out over those who aren’t paying attention. As such, customer analytics must be a priority, or you risk giving away your hard-earned share of voice.

Reach out for a demo, and we’ll put you behind the wheel of top-tier customer analytics tools, so you’re always moving in the right direction.

How to Use AI-Enabled Consumer and Market Intelligence to Break Down Data Silos - Read Now

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