The customer data and analytics landscape is evolving rapidly, and a recent Gartner study confirms this.
84% of survey respondents said that customer data and analytics are crucial for achieving customer success goals this year.
Similarly, 80% of survey respondents ranked digital channel effectiveness as “very or extremely important” to achieving those same goals.
With these statistics in mind, it's clear that businesses must focus their efforts on upgrading their customer success strategies if they want to succeed in 2023.
These findings come as no surprise to us.
This post will explore the importance of customer data and analytics and how Parative can help businesses succeed in a difficult economic environment.
We'll review the key findings from the Gartner report, analyze the current economic environment and its implications for SaaS businesses, and discuss how Parative can be used to increase revenue and reduce churn.
Do you want to know how your business can leverage customer data and analytics to achieve its 2023 goals?
Do you want insights on how Parative can help you succeed in a down market?
Read on to learn how.
Customer service and support leaders face unprecedented challenges in the current economic environment. With the customer experience (CX) becoming more critical than ever, customer service and support teams must be agile and resilient to meet their customers’ needs.
To understand how customer service and support teams prepare for the future, Gartner studied hundreds of customer service and support leaders from around the world. The results provide insight into what these leaders prioritize for 2023 and the challenges they face in achieving their goals.
The Gartner study found that 84% of respondents view customer data and analytics as top priorities in achieving customer success goals. This data points to an increasing emphasis on using customer data to understand customer behavior better, improve customer engagement, and gain actionable insights into customer journeys.
By leveraging machine learning and other predictive analytics techniques, companies can more effectively identify opportunities to increase revenue through improved retention rates or new product launches. Additionally, businesses can use data-driven insights to improve operations by automating or eliminating inefficient processes.
The survey also revealed that 80% of respondents ranked digital channel effectiveness as “very or extremely important” when it comes to improving the CX. This suggests that companies must focus on providing customers with an easy-to-use digital experience across channels such as the web, mobile apps, chatbots, social media, etc. Companies should also invest in technologies such as marketing automation tools to help them deliver personalized experiences at scale while ensuring compliance with data privacy regulations such as GDPR and CCPA.
The survey further found that 59% of respondents plan to devote more resources toward improving their operations in preparation for 2023. Additionally, another 48% plan on dedicating resources towards growing their business over the next few years. Businesses should start by creating a single view of each individual customer by collecting actionable data across all touchpoints through a robust voice of the customer (VoC) program.
They should then build up digital self-service teams to provide quick solutions and answers to customers without human intervention. Finally, they need to ensure that their agents have access to technology such as AI-powered chatbots or natural language processing (NLP) tools so they can easily answer even complex customer queries in real-time.
With Parative's revenue scoring engine and customer data unification, businesses can easily achieve their targets for 2023 - whether it be improving operations or driving growth - while ensuring data privacy compliance at every step of the way. Parative's comprehensive platform helps businesses collect actionable insights from all touchpoints with customers, create a single view of each individual customer journey, and automate process flows with ease, enabling businesses to reach their 2023 goals efficiently while delivering an exceptional CX every step of the way.
As businesses continue to grow, they often find themselves struggling to keep up with the ever-growing volume of customer data.
As mentioned earlier, Gartner found that 84% of CS leaders identified customer data and analytics as a top priority for their organization in 2023. Improving operations and growing the business are the two most important goals for many organizations. Yet, only 59% reported planning to invest more resources to improve, automate, or eliminate inefficient processes.
One of the big takeaways Gartner offered from this report is that leaders need to collect actionable customer data across channels.
The challenge is that with increasing data sources, manual effort is required to make sense of it all. Individual contributors must develop their own operating systems to succeed, leading to many disparate data points that need to be collected and analyzed.
This can lead to inconsistent performance across the board.
Furthermore, teams like Rev Ops, Data Science, and Engineering need time-intensive efforts to surface relevant data. And when it comes time to put this data into action, mistrust and lack of value can arise due to missing critical business context.
Ultimately, this leads to lost opportunities such as underselling products or services or missing forecasts and enablement opportunities for reps and customer service personnel.
Parative solves these challenges by providing an innovative solution - the Parative ID Matrix - which unifies records with 99.98% accuracy by merging disparate data sources into one unified record and auto-associating any remaining orphaned users with unified records.
With Parative's Revenue Scoring Engine, businesses can combine all the data into truly unified records and then use this insight to put it into action through automated processes such as sales automation or marketing automation - reducing manual efforts while gaining value from customer insights at the same time.
It's clear why access to reliable customer data is essential for any organization looking to improve operations and achieve its business goals - but often, getting access isn't enough.
How you make sense of it all is what matters.
Parative provides a comprehensive solution that helps businesses curate actionable insights from their customer data so they can make informed decisions on how best to reach those goals - such as improvements in product development or creating new revenue streams - faster than ever before.
In today's competitive SaaS market, customer data is one of the most powerful tools that revenue leaders have.
But, having the data in disparate systems, inaccessible to the teams that need it, and not visible in real-time makes it mostly useless.
To help businesses get ahead, Parative has developed a powerful platform that unifies customer data from disparate sources and provides machine learning-driven insights in real-time.
With its ability to create a single customer view and enable personalized experiences, Parative is the super power for any revenue leader looking to take their organization's customer data game to the next level.
The Modern SaaS Customer Data Stack includes many data sources for different teams like Sales, Marketing, CSRevOps, Product Management, Data, and Engineering.
Keeping track of all this data and making sense of it can be manual and time-intensive. In addition, there’s an opportunity cost of missing out on revenue due to challenges putting the data to work.
That’s where the Parative ID Matrix for Unifying Records comes in:
Parative monitors customer behavior, usage, intent, contract consumption, feedback, and market conditions to score each customer's outcome readiness in real-time. This actionable insight helps marketers improve engagement rates, loyalty, and revenue by providing timely information about customers so they can act accordingly.
Parative also creates a single customer view by unifying all available customer data into one place to provide personalized experiences that keep customers engaged.
It can provide actionable insights into key metrics such as lifetime value (LTV), churn rate, upsell opportunities, retention rate, and more.
This helps businesses make smarter decisions and focus their efforts on customers who are most likely to convert or purchase additional services or products.
Parative automates action in other tools by proactively alerting teams and triggering workflows when scoring indicates opportunity.
For example, suppose scoring shows that a certain segment of customers has high buying potential or may be at risk of churning due to a lack of engagement. In that case, marketing automation tools can be used to send tailored messages or offers that address those specific needs or interests.
This helps improve communication between teams and drive better results from campaigns.
Parative uses machine learning algorithms to learn from past purchases, interactions, behaviors, etc.
It enables businesses to identify trends and patterns more quickly than ever before while providing actionable insights into optimizing current strategies.
This allows businesses to become more efficient with their resources by targeting the right people at the right time with the right offer - leading to improved ROI on every campaign.
Parative is a customer data platform that helps you to unify customer data and integrate it with your existing systems. With this software, teams can access unified customer data sources and create customer profiles, leading to improved customer insights, increased revenue, and better customer retention.
Parative is designed for quick implementation, usually within 15-30 days. Your subscription includes both software and dedicated access to expert humans – data scientists, research associates, and customer engineers – who help your teams achieve their desired outcomes quickly.
This team of experts provides the human element needed to extract learnings from your data while the software operationalizes how you drive outcomes. They will continuously evaluate the signals with the strongest correlations with those outcomes so you can measure effectiveness in real-time.
Parative’s unified customer data sources allow you to gain deeper insights into customers’ behaviors and preferences to tailor experiences to them better and improve engagement.
The ability to access multiple data sources also means that teams don't have to manually search for data or spend time on tedious tasks as they would with siloed databases. This can free up time for more meaningful work that adds value to your business. Furthermore, integrating Parative with your existing tools allows teams to add revenue without adding employee effort.
The best part about Parative is that ongoing support from technical teams/tools isn’t necessary; everything runs seamlessly within your current tools, allowing engineering teams to focus on core functions rather than getting bogged down in managing customer databases. Parative is not another dashboard but rather a powerful tool that sits behind the scenes yet still produces tangible results for all departments involved in managing customer relationships.
Customer data is essential to helping businesses succeed in 2023 and beyond. The recent Gartner survey is only one of many data points that prove it.
With economic headwinds, businesses need to focus on process improvement, digital channels, and creating value for their customers.
And leveraging a tool like Parative is how they can navigate those headwinds.
Parative's Revenue Scoring Engine predicts customer likelihood to expand or churn, identifies key revenue signals, scores customer outcomes readiness, and automates action in other tools.
Not only will it help with customer data unification and segmentation, but it can also deliver scores to CRM and alert reps of important changes.
Did I mention that implementation is as quick as 15-30 days with both software and human support?
By leveraging Parative's powerful features, companies can unlock new opportunities for growth and retention while reducing churn rates.
Both of which are going to be critical in the months ahead.
Learn more about Parative here.