Editor's note: Mike Deinlein is vice president, CX solutions at Burke, Inc. He can be reached at firstname.lastname@example.org. Toby Zhang is vice president, senior consultant, decision sciences at Burke, Inc. He can be reached at email@example.com.
The proliferation of customer data has made it easier than ever to create more engaging customer experiences and effective marketing tactics. But as companies become awash in customer data, some are considering eliminating traditional CX and brand-tracking survey systems in favor of purely database solutions. Why ask customers what they think when you can collect data on customer interactions and use that to predict churn, customer lifetime value, next-best actions and more?
The promise is alluring and companies should continue to invest in predictive customer analytics to deliver personalized and micro-moment interactions with customers. However, it’s clear that traditional survey systems still play a critical role in telling the whole story by filling the empathy gaps that database solutions alone often struggle to address.
Let’s explore some of the evidence that supports the use of surveys to reinforce the depth and relevance of insights derived from customer data.
Companies have recognized that real-time marketing and customer experience engines are core drivers of business value and are quickly becoming imperative to establishing a lasting market advantage. The business case is well-documented.
• Eighty-eight percent of customers believe that the service they receive is as or more important than the products a company offers.1
• Customers are 3.5x more likely to purchase from a business after a positive customer experience.2
• Businesses that invested in customer experience boosted revenue by 70%.3
• Nearly 10% of company revenues are at risk due to bad customer experiences.2
Recognizing the impact that customer da...