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How your company can meet increased demand

Teradata
|Jan 20|magazine8 min read

New technology and emerging retail channels are preparing consumers to be more demanding, which big data services provider Teradata believes is a trend that is only going to increase this year.

“Consumers are becoming far more particular about the brands they choose to interact with and buy from, rather than the actual products and services themselves,” said Geoff Andrews, General Manager, Retail, Teradata, ANZ. “To remain competitive this year, businesses need to develop an understanding of end-to-end customer interactions and how to optimise the customer experience at every touch-point.” 

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Teradata has identified three ways businesses can meet increasing customer demands this year: 

1. Accurate experience measurement 
It’s vital for businesses to accurately measure customer satisfaction and make operational changes according to what they find. Optimising the customer journey can boost customer satisfaction by 20 per cent, lower the cost of serving them by 20 per cent, and increase revenue by 15 per cent.

2. Journey analysis 
Customers are no longer following a linear decision-making process and are increasingly following more complex paths that can fluctuate between buying stages and channels. This means businesses need to adapt their journey analysis capabilities. 

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The future of journey analysis involves a move away from a business-only view of journeys, towards the practice of following the customer’s path to purchase. This gives greater visibility into unexpected changes between channels, failures within a journey, and leakage. 

3. Support an omni-channel experience 
To be competitive this year, businesses must support consumers’ changing purchase habits. This involves providing an omni-channel experience so they can begin a brand interaction journey in one channel and seamlessly pick it up in another. 

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“Customers want to be able to switch from an online application form to a call centre to complete the process without having to provide the background details of the application again,” said Andrews. “Meeting this demand for omni-channel support saves time and effort for both customer and business.”

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