Because it is one of the most efficient ways to raise customer lifetime value, boost customer loyalty, and spur revenue growth, businesses embrace customer journey analytics. Teams have a window into consumer behaviour thanks to customer journey analytics, which provides them with useful information they can use to guide their actions.
Many people are unclear as to what distinguishes customer journey analytics from business intelligence, or BI. BI is now a well-liked technology that businesses may use to combine their dashboards. Leaders may now access a single location to view the performance of every part of the business thanks to business intelligence.
When combined with data warehouse technologies like Amazon Redshift, Google BigQuery, or Snowflake, business intelligence software like Looker, SiSense, or Tableau may provide a great deal of flexibility when it comes to trend analysis. But this technology has some drawbacks and difficulties when it comes to client journeys, such as:
Let's say the objective is to democratise data and provide teams the ability to assess the impact of their efforts on the performance of the client. Companies would then need to approach data differently. The good news is that Customer Journey Analytics, a brand-new subcategory of data analytics that addresses all the issues raised above, has developed.
Now that we’ve covered the building blocks of a customer journey analytics platform, let’s go over the types of analysis it can perform:
1. Journey Reports.
Companies can visualise client touchpoints across many channels with the trip report. Using this report, businesses can:
Identify probable trouble spots where users are leaving
Examine how initiatives affect the user experience at each stage of the conversion process.
Before making a conversion, find out which routes users are taking.
2. Attribution Reports.
The attribution report enables businesses to focus in on profitable clients an calculate the contribution of several touchpoints to their performance.
3. Cohort Reports.
Companies can analyse their growth by the times that users executed an activity using the cohort report. For instance, a business can divide the growth in overall product usage into cohorts based on when users initially signed up or started using a feature.
4. Retention Reports.
Utilizing the retention report, businesses may determine how long users remain active with the company after completing a task. For instance, businesses might examine the proportion of consumers who sign up for emails or push notifications before returning and using a particular function.