Marketing campaigns can be costly. So, how do you know as a CMO that the money you are spending is targeted at the right customers to maximise sales? One of the roles is to understand the trends and recognise emerging behaviour patterns with your customers.
Companies accumulate transactional data with their customers, and many have survey mechanisms in place to gather feedback on customer experience. However, currently, very few companies have this information combined and correlated in one system and in real time.
Combining X+O data within SAP Marketing Cloud will provide insights into what your customer is feeling and how this correlates with the interactions they have with your company.
What is X and O data?
- O data or operational data is where a customer has interacted with you - this could be either through a purchase, having requested a service or how they have used your company website. This data shows what is happening within your company.
- X data or experience data is collected from your customer using an experience management platform such as Qualtrics to gather customer feedback on recent transactions or even in real time. Obtaining this data at the earliest provides an insight into what the customer thinks and feels while interacting with that particular touchpoint. This data helps explain why things are happening.
The experience gap
The experience gap is how great you think your company is doing against what your customer thinks about your processes or how your brand is perceived.
The Qualtrics surveys can be used to focus on a single process or can be much broader, such as NPS (Net Promoter Score) surveys.
By listening to the voice of the customer, organisational changes can be made in terms of interactions with your customers to improve their experience along their customer journey.
Having customer feedback helps kickstart organisational changes. Having connected X+O data enables your company to gain deeper insights to close the experience gap.
Disconnected X+O data
Let’s use the example of a customer who has just purchased a product and provided negative feedback due to the product arriving with damage. This customer has emailed the customer service team to request a replacement.
This sales data, survey feedback and customer service request are all stored in separate systems. There is no visibility of the experience that this customer has just had, which makes it difficult to pick up on customer signals for your next action whether specific to this customer or as part of a future personalised marketing campaign.
If you only analyse your sales data, you will assume this person is engaged with your company and is likely to purchase again based on buying patterns. In fact, your customer is unlikely to buy as the service team has not resolved the issue of the damaged product, but you wouldn’t know that.
Combining X+O data
Combining X + O data within SAP Marketing Cloud will improve insight on your customers’ experiences and allow your company to have the what and why in a single solution to drive decision-making, based on a 360° view of the customer.
If the sales data, customer service request and feedback are stored in the same system, analysing this data provides your company an understanding of your target audience to build segmentation groups based on not just interactions, but also feelings. By using these insights, we can build automated marketing campaigns to target your customers at the right time, the right place and with the right offer.
The Machine Learning and Predictive Analytics capabilities of SAP Marketing Cloud can provide deep insights into the correlation between the feedback that your customers have given and their interactions. Using these, multiple data points will increase the effectiveness of your marketing strategy, improve sales and strengthen customer loyalty.
Want a demonstration or looking to improve your customer experience? Get in touch directly at [email protected] or alternatively, you can fill out the form at the bottom of this page and one of the team will get back to you.