Published: Apr 21, 2022

achieving hyper personalised growth vis CX data insights

On Wednesday, the 16th of March, NCS, in partnership with Riley hosted a Retail Lunch at Eureka89 to discuss Achieving Hyper Personalised Growth via CX Data Insights. For the last decade, one of the most important factors in business growth has been identified as improving the overall customer experience model. 

Customer experience goes well beyond just simply making your customers happy. Frankly, when business leaders focus on the overall customer experience of their consumers, from fruition to completion, they enjoy significantly improved top-line revenue and increase the level of return customers. For example, "According to Bain & Company, businesses that invest time and effort to optimise their customer experience (CX) flows experience above-market revenue growth between 4-8%". This is why utilising a value driven data model is integral to the future of business. It allows focusing on 'what' business outcomes a data scientist should deliver, creating an aligned omnichannel experience that has the ability to deliver a truly personalised interactions with your business for your retail and ecommerce customers.

In recent years, consumers have come to expect more from their retailers. A value-driven business model has become increasingly popular, allowing retailers to quickly adapt to consumer concerns and create a more customer-centric experience. To ensure your company's customer experience model is able to achieve hyper personalised growth, you can take some steps to ensure you are building on a solid foundation; these are:

Although buyer personas are helpful when defining a typical customer needs, they can also create a problem when aiming to achieve hyper personalisation. Rather than relying on this target market technique alone, interview some long-term customers to understand what your retail business does well and where you can improve your buyers experience. As the typical customer needs are changing, your business needs to adapt and change with them – you cannot just rely on generic customer data.

Understanding the 'why' of your customer experience journey is integral to achieving hyper personalisation. It is great to know that your sales data or website traffic is strong, but also understanding what makes it so is important. For example, your website traffic may be strong because your overall ecommerce website may be highly captivating, but when consumers get to check out, the payment process may leave much to be desired. By understanding the strengths and weaknesses of your customer experience, you can improve upon those weaknesses to stand out as a leader in the marketplace. In addition, by understanding your companies' strengths, you can identify mechanics to monitor key business metrics to prove ROI.

By identifying and plotting your customer journey, your company has the ability to easily identify pain points within the purchasing process. In addition, this gives you the ability to ensure each touchpoint with a customer delivers the best experience possible. Rather than having one aspect derail your customers entire experience, by plotting your customer journey you can identify the weakness and apply steps to improve that touchpoint.

If you are relying purely on your customer experience staff to create and build better experiences for your customers, you could be missing out on some key aspects that drive your customers to your retail organisation. By incorporating your customer experience into the key values of your organisation, you are able to receive perspectives from all different members of all teams, rather than just one perspective. This aids inconsistency when aiming to drive a better experience for your customers, as it allows for your organisation to continuously build better well-rounded processes and ensure you are implementing the right time, right place and right message context for great customer experience and commercial outcomes.