20 Must-Know Statistics on Customer Journey Analytics

by Aug 3, 2020Business, Customer Experience0 comments

Customer journey analytics harnesses the power of data science. It’s an end-to-end solution that transforms customer experiences and journeys using actionable insights from data.

More organizations, navigating the ever-growing marketing technology space, are seeing the value in customer journey analytics. Many now consider it a competitive advantage to stand out in today’s noisy, connected world.

$26.88 billion market value

Bu 2026, the estimated market value of customer journey analytics worldwide will be $26.88 billion, with a CAGR of 20.5% from 2019. But what constitutes customer journey analytics? These are the “tools and applications that gather customer data through a diversified or single source, analyze this data, and provide insights.”

Eventually, customer journey analytics helps businesses understand customer interactions, discover patterns, and identifies opportunities to optimize. For marketers, sales, and customer success teams, customer journey analytics can help grow revenue, reduce churn, and improve customer experience.

61% of organizations are pro-analytics

Tech-savvy and well-informed consumers expect a ton from organizations. From hyper-personalized engagement to seamless experiences across touchpoints. But organizations find it hard to keep up.

According to Dimension Data, “only 6% of organizations are delivering a fully functioning experience” across the customer journey. Yet, 63% consider customer experience to be their primary differentiator.

To address the growing divide between what customers expect and what businesses provide, more organizations are using smart data. In particular, “analytics (61%) is expected to be the top factor in reshaping the customer experience industry within the next five years.” Artificial intelligence (57%), service personalization (48%), and technology integration (45%) followed close.

18 times faster average sales cycle

Mapping customer journeys is an effective way to help companies streamline communication within the organization. It also finds and prioritizes initiatives that work best for individual consumers. Thus, marketing, sales, and customer success teams can reduce spend and improve campaigns with customer-centric buying journeys.

In fact, a study by the Aberdeen Group revealed eye-opening numbers showing the advantage of a customer journey management program over not having one:

  • 54% greater return on marketing investment
  • Over 10 times improvement in the cost of customer service
  • 24% more positive social media mentions
  • 5 times greater revenue from customer referrals
  • 18% times faster average sales cycle
  • 56% more cross- and up-sell revenue

Besides visibility, customer journey mapping that’s made even better with analytics can do everything—faster and easier. Whether that’s revenue attribution, data-backed decisions, insights discovery, and spend optimization, all possible with customer journey analytics.

28% gap between data and insights

A study conducted by the MIT Sloan Management Review found that organizations’ access to data is increasing. That makes sense, from advertising channels to CRM, thousands of customer data touchpoints are created every day.

However, data means nothing without actionable insights, and this is where a lot of organizations struggle.

According to the study, “the gap between more access to useful data and the ability to develop practicable insights has doubled, from 14% in 2012 to 28% in 2017.” Only 49% were able to use data to guide future strategy.

While the growing gap is alarming, it also highlights a large opportunity for organizations. When companies can reconcile their data in a single platform, and analyze, optimize, and monitor all customer touchpoints through one lens across teams, the benefits will be enormous.

67% of marketers say customer journeys are critical to success

Consumers can interact with businesses through any touchpoint, at any time. And with multiple channels to engage consumers, organizations often find have difficulty painting a big picture. How can organizations deliver a consistent, personalized experience when they don’t know:

  • What’s the last interaction the customer has with their company?
  • Has the lead ever read their marketing collateral?
  • Have the sales team been in touch with the prospect already? What happened during the conversation?
  • What’s the asset that made the shopper pick up the phone and decide to buy?

A Salesforce survey found that “67% of marketing leaders say creating a connected customer journey across all touchpoints and channels is critical to the success of their overall marketing strategy. But only 23% of marketers are ‘extremely satisfied’ with their ability to leverage customer data to create more relevant experiences.”

When organizations don’t know the answers to the above questions, there will be a disconnect in their customer journeys. And the customers? They always notice.

10 minutes

Eventually, all organizations are going to compete based on customer experience. But to improve customer experience, businesses need customer journey analytics. One that can help them connect touchpoints, remove friction from the customer journey, make data-driven decisions, and transform data into insights—at scale.

These are exactly the things that Dealtale has to offer. Discover the power of customer journey analytics now—It takes only 10 minutes to set up. Go to: Activate Your Free Plan.

Ready to Get Started?

Pin It on Pinterest

Share This