What does it mean to be a data-driven business? Often, it translates to success for the company and its clients. According to a study conducted by McKinsey Global Institute, data-driven organizations are 23 times more likely to acquire customers, six times as likely to retain customers, and 19 times as likely to be profitable.
But these results don’t just happen when you collect data. It’s all about how you use it. Tech companies have the opportunity to leverage their data gleaned from their client portals, ITSM software, and other components of their tech stack to drive better business outcomes for their customers.
Data is like gold –– it can provide considerable value, but it’s useless unless its value is understood. Recent trends reflect changing attitudes toward data that fall in line with this way of thinking: The focus of data analysis is shifting from volume alone to how it can be better interpreted and used.
In light of this, tech companies should zero in on collecting actionable information to improve client experience. It’s helpful to consider data as the fuel for your decision-making engine.
To pull the most pertinent metrics for improving client outcomes, it’s a good idea to begin with your client portal or ITSM software. Using the data from these platforms, you will get a finger on the pulse of the customer experience. For example, your client portal and ITSM solution can provide team performance metrics, data patterns, usage statistics, and insight into workload capacity.
Other solutions in your tech stack can give you further insight into your client success. For example, your product analytics solution will reveal trends in product usage and measure the ROI your clients get from your solution. Additionally, a CRM (customer relationship management software) or sales & marketing suite should reveal how clients receive your selling strategy, what segments of customers get the most out of your product and services, and what features matter most to their business.
Helpful Hint: Create a tech stack that allows easy integration between apps for the most seamless data collection.
Once you have collected the most relevant data, you can begin to use it to impact your clients positively. Here are a couple of suggestions for applying your data findings to produce positive results.
Streamline Customer Service Processes: One of the essential areas you can focus on improving is the customer service experience. If you aren’t delivering the best service possible, your clients will suffer, and your organization will lose business. In fact, a customer is four times more likely to switch to a competitor if experiencing service-based issues.
The data you collect from your ITSM platform can help you map out improvements to your service. You can see how quickly your support team responds to customer inquiries, the time to resolution, peak busy times for your team, and how often customers take advantage of self-service options like a knowledge base.
Based on your findings, you can take actions that help improve your IT and support team process, set new goals for KPIs, and double down on what currently works with your customer service.
Helpful Hint: For best customer service results, consider adopting an ITSM platform with automation capabilities to deliver faster, more efficient client support.
Measure Product Usage and Client ROI: Are your clients getting the most out of your product? Or is there room for improvement? Track data points through your product analytics tool to find out whether customers are getting the business benefits from your product that they should. See how often and how long they log in, navigate through your product, what features they use, and which they don’t use. You may begin to see trends in the data that reveal necessary product and service improvements or onboarding and customer education changes that can deliver better ROI to your customer base.
Boost Customer Acquisition and Upselling Strategy: Your sales software and CRM data will illuminate ways to finetune your selling strategy. Your observations should reveal how leads in the pipeline respond to your sales and marketing efforts, what drives the most conversions, and what segments of customers are most likely to buy. Additionally, you can see why customers decide to upgrade or purchase more products and services and replicate that successful selling strategy.
Beyond empowering your clients to achieve their goals, you can also leverage data to improve your internal operations. Leverage data from your ITSM software to observe how your teams stay productive, assess how to improve processes, and learn what might prevent them from reaching their KPIs. Valuable data drives efficiency, targets struggling areas, and boosts your bottom line.