IBM recently reported that 76% of B2B companies now have an account on social media as “getting closer to the customer” is becoming a top priority for CEOs, who are presumably looking for ways to be more competitive and connected with their customers. Read our full report on Information and the Customer Experience for more detailed info.
There are a number of companies and software products on the market today focused on helping companies sell better by deriving insights from social media, commonly called social selling software.
From tracking what people are saying about your business on social media platforms, to analysing trends based on what certain demographics are sharing, right through to gaining contact specific data about a prospect you are due to meet; many companies are now leveraging social media as a data-producing tool that can support their go-to-market strategies.
This information is then helping businesses to define target demographics – and most importantly, better understand what those target demographics think, want and buy.
Better awareness of what the customer is sharing publicly about your brand also allows you to act quickly in the event of an issue. Bains and Co. reported that a 5% increase in customer retention rates can increase an organisation’s profitability by as much as 75% so businesses are now looking for ways to increase customer loyalty and avoid losing clients rather than focusing solely on customer acquisition. Businesses are therefore recognising that data is central to the process of understanding how they can improve the entire client experience.
Once data is being collected and processed repeatedly, companies are then in a better position to perform trend analyses based on historic information. Did one marketing campaign resonate better with the target demographic? Did a certain type of complaint on social media get more shares than another type of complaint? What are the most common issues being linked to our company on social media that we need to focus on first?
These are all questions that data can help to answer, which in turn helps to improve the wider customer experience. As your company’s data analysis practice matures, you can start to review trends and patterns that lead up to certain outcomes, before the incident occurs.
The next step is to then automate actions based on data coming into your business, such as automating responses to common support questions to reduce response times.
For more information on how data can help you to improve your customer experience program, download the full whitepaper from C24.