Customer experience with a company is a vital part of success. It is very important for companies to provide their customers with a seamless interaction where companies can resolve their customers’ the problem at first interaction. According to Thinkjar, 67% of customer churn could be avoided if the business resolved the customer’s issue during their first interaction.
What is Customer Journey Analytics?
Customer Journey Analytics is the science of analyzing customer experience with a company and over time customer behavior on business outcome. Companies have understood the importance of the customer journey and thus they are prioritizing it. According to a survey from Pointillist, 93% of high performers say a journey-based approach is extremely important. The most effective, high-performing teams align their organizations around journeys and use customer journey management to manage, measure and improve CX.
Benefits of Customer Journey Analytics
- Provides Real-Time Insight – With real-time insight, an organization can better understand the customer needs and can combine customer behavior with marketing matric.
- Predicts Customer Behavior – Customer journey analytics is data-driven. A company can predict customer behavior with this data and can gain actionable insight that helps in taking decisions.
- Increase Revenue – Revenue is the main goal for any organization and it is well established that if customers are happy then it helps in increasing revenue.
- Boost Customer Acquisition – Since customers get to respond in real-time, they can reduce or completely eliminate sales challenges and thus increase customer acquisition.
Recent Development
- New York-based Mparticle has launched a toolkit to help brands optimize the cross channel customer journey.
- According to the product led growth index published by Gainsight, SaaS companies are doubling on product-led growth.
- Announcing the startups and judges on stage at TC Sessions: Mobility 2022, Amperity launches Profile Accelerator to improve customer understanding for enterprises
- CaliberMind Raises $8M in Series A Funding. The round was co-led by firms IAG Capital Partners and Lavrock Ventures, with participation from Eric Matlick, CEO of Bombora, and Denver Angels.
Market Prospect of Customer Journey Analytics
Companies have understood the importance of customer retention and experience and thus they have made approaches to better understand their customer behavior and turn this opportunity into the development of their businesses.
Many customer journey analytics software providers have raised funds and have given a good return. As per Delvens market research report, the global customer journey analytics market is anticipated to reach USD 25.5 billion by 2021 and grow at a CAGR of 20.43% during the forecasting period, 2022-2028.
Factors such as the growing need to provide a seamless customer experience, a higher focus on better customer engagement strategies through omnichannel, and the adoption of advanced analytics solutions to leverage the increasing customer data and reduce customer churn rate have supported the long-term growth of customer journey analytics market.
Conclusion
The future of customer journey analytics market has folded many opportunities. The development and demand in this field is very promising. As companies are investing in the development of the software and companies’ interest in retaining their interest has boost the growth of the market.
