How to improve customer service by using data
According to a survey by Microsoft, 59% of the participants responded that they have higher expectations for customer service.Businesses can make up for costs associated with customer acquisition and retain loyal customers by providing top-notch customer service.As per a report by Bain & Company, an increase of 5% in customer retention generates over a 25% increase in profit.
With big data, you can reduce support services costs, greatly increase customer satisfaction, and thus improve your brand reputation.The top priorities of investing in big data are to achieve advanced analytics (36%), improved customer service (23%), and decreased expenses (13%).
Let’s look at the best ways to leverage big data to improve customer service.
1- Easy Access to Necessary Resources
A knowledge management system containing relevant informative videos, FAQs, or brochures is an invaluable treasure for customer support executives.
Here are the ways to leverage knowledge management system:
● Get Instant Help: Have the right data to understand your customers better. Allow your representatives to access the necessary information to deliver real-time responses and resolutions to incoming customer inquiries and questions.
● Accurate Predictions: Use big data to analyze different types of customer queries along with their corresponding set of answers.
● Performance Analysis: Support representatives to become a crucial part of customer support. Big Data allows you to assess your employees’ or representatives’ performance by analyzing feedback and engagement history insights. Besides, big data provides a detailed representative’s performance scenario by considering several relevant factors, such as rate of abandonment, response time average, and time of call hold.
2- Create Personalized Experiences
As per a survey by Groove, around 90% of customers are willing to pay more for a better customer experience.
Improve the alignment between customer behavior and marketing messaging to achieve revenue growth. Harnessing big data gives you the ability to provide a personalized experience.
Are you wondering how?
Big data allows you to move through customers’ transaction data and past purchase data fast and efficiently. This data reveals customer spending, frequency of spending, and on which products or services. Thus, allowing you to automate marketing offers based on customer preferences.
You can identify customer interests and approach them at a time when they are most receptive to marketing messages. The best tool that can help you to create such marketing strategies is Finteza. It creates and analyzes marketing campaigns of any complexity level for your business. Finteza identifies users' locations to the cities they live in so that you can personalize the user experience and increase conversions.
Leveraging big data allows businesses to deliver promotional offers and marketing messages through smartphones and emails and achieve higher conversion rates. It also supports location-based marketing and advertising by sending deals and discounts on specific products.
GPS-integrated tracking finds customers that are close to the store. You can send those customers a text message informing them about a special one-day offer or discounts.
3- Improve Your Team Service
Your representatives are the frontline who directly communicate and interact with your customers.
Live chat software from Zendesk is one of the best tools to communicate with your customers. Combining it with big data helps you identify reliable and consistent customer service representatives. It helps them know their weaknesses and reach their full potential.
You can analyze big data using relevant customer service metrics, such as average customer response time, call or chat abandonment rate, hold time, number of customer escalations, and customer feedback scores to highlight areas that different employees need to work on.
With big data, you can identify the weaknesses across your team and factors leading to it, such as lack of training or resources.
It also highlights opportunities to provide improved customer support.
Big data helps identify various customer questions and the corresponding answers to provide the best explanations and guidelines that your service team can use for troubleshooting.
4- Offer Omnichannel Support
Instant feedback and solution to the social media complaint and queries can increase customer advocacy by more than 25%.
The customer journey in the current digital environment involves more touchpoints and channels than ever before. And to understand it, you need to check interactions back over months or years.
Creating a connected customer journey is important to the success of your overall marketing strategy. Thus, businesses can use big data to connect the data across all touchpoints and channels.
Big data captures the entire customer journey and highlights its parts that you need to pay attention to.
The processing and analyzing involved in big data help you to identify channels that are not integrated and where customers are ceasing their journey frequently. It also identifies channels that are the most popular, parts of your customer service that are the weakest, and price expectations across channels.
These insights into customer data allow you to design an integrated and aligned omnichannel customer service.
5- Identify New Product Opportunity
Big data helps you to identify and highlight buying trends with accuracy. It allows you to access past data to understand how customers will react to different features, prices, and other aspects of the new products or services. It helps you to identify your customers’ evolving requirements.
Using big data and market research to gather insight about customers and help product and marketing teams to better identify, understand and solve rational and emotional objectives.
According to a survey by Microsoft, over 90% of global customers say that customer service is vital in their choice of brand.
Businesses can identify the actual issues in their products and services by actively listening to customer feedback. Also, the insights from the social media platforms and customer forums help you to analyze the desires of customers. You can use this data to create new products or add features to the existing ones.
For effective marketing and product development, leveraging big data is the way to go. However, the companies that are utilizing big data to improve customer service are taking it one step further. Big data allows representatives to solve customer problems quickly and efficiently.
Using big data to improve customer service is crucial when customers have multi-channels to connect with your brand. Companies can equip their representatives while answering a message or a phone call with tools that provide detailed customer data to give great customer service and improve interaction.