Customer journey analytics is a technology which enables the marketer to analyze and map customer engagement and interaction with the organization through various channels and touchpoints. The marketer could use this analytics to identify the myriad of paths that customers take during their journey and identify the paths which lead to the company’s growth and profitability.
The competitive landscape analyzes the growth strategies adopted by various key players in the customer journey analytics market. The vendors have been placed into 4 categories, based on their performance in each criterion: visionary leaders, innovators, emerging companies, and dynamic differentiators. The top 25 players have been evaluated in this section of the report. The analysis has been carried out based on specific parameters, and scores have been assigned accordingly.
Vendors who fall into this section receive high scores for most of the evaluation criterion. The vendors in this section have a strong and established product portfolio, and a very strong market presence. They provide mature and reputable customer journey analytics software that cater to a wide range of verticals, globally. They also have strong business strategies. The companies falling in this category include IBM, Adobe Systems, Salesforce, NICE Systems, Verint Systems, Kitewheel, and SAP.
The vendors included in the dynamic differentiators section have the potential to broaden their product portfolios to compete with the other key market players. The companies falling in this category include Quadient, CallMiner, Genesys, and Pitney Bowes.
The companies falling in the innovators section include ClickFox, Servion, SDL PLC, inQuba, Thunderhead, Teradata, and ENGAGEcx. These players have strong product portfolios and robust business strategies to achieve continued growth. They also have innovative products and the potential to build strong strategies for their business growth to be at par with the visionary leaders.
The emerging companies in the customer journey analytics market include Qualtrics, Pointillist, Genpact, UserReplay, QPC Limited, Clicktale, and ForeSee. These players have the potential to build strong product portfolios and business strategies to compete in the market with the visionary leaders and innovators.
Big data has been gaining traction among various industry verticals owing to the accumulation of data over the years. Nowadays, strategic decisions in organizations, especially in multinational and global companies, needs in-depth analysis of big data. This data may span into hundreds of gigabytes or terabytes. According to an article published by IBM in 2016, big data in the form of structured as well as unstructured data created roughly 2.5 billion gigabytes (GB) in aggregate. According to Datameer, a big data analytics solutions provider, almost 56% of the overall customer interactions happen during multi-event, multi-channel journeys, whereas, almost 38% customer journeys take place in more than one channel. In such situations, big data becomes inevitable to identify what is happening across customer journeys and determine why and how such behaviors occurred during the journeys. Eventually, it starts analyzing the customer journeys to gain deeper insights into customer psychology.
In recent past, the emergence of digital technologies has flooded the organizations with a tremendous volume of data. In such scenario, the big data analytics and data discovery empower the users to find hidden correlations among data. Such correlations help to find unknown paths taken by the customer, sentiments of the customer along the journey, and behavior based on certain experiences.
The organizations across the world are witnessing transformation with the drastic shift from traditional business models to customer-centric and personalized offering model. Customer experience has become significant for businesses, which help them to differentiate themselves from their competitors. Customer journey mapping plays a vital role in improving customer experience across various customer engagement stages and creates more personalized offerings.
Customer journeys have become more complex with the proliferation of digital technologies. In such scenario, machine learning has emerged as a boon to simplify the picture and identify the drivers of business goals and develop strategies. Machine learning algorithms are used to identify customer patterns from a vast amount of data and predict the customer’s next move. It enables the businesses to analyze every bit of data and identify appropriate programs and offers to lure the customers. For example, machine learning highlights each distinct path taken by the customer to purchase a product and determine the data which is most relevant to the customer journey.
In the recent past, the customer expectations have been changed drastically, and they consider that the company should meet their individual needs. In today’s world, the customer has more brands with more touchpoints than ever before. The organizations generate an enormous volume of data due to customers’ increased digital engagement. Thus, the businesses and marketers need to have a deep understanding of customers and gather actionable insights throughout customer life cycle to remain competitive. Predictive analytics, which uses historical and current data to predict future behavior of customers, helps the marketers to predict customer behavior and ensure customer satisfaction.
In the initial phase of customer engagement process, the marketers need to identify the right prospects. The predictive analytics helps to build an effective list of qualified prospects based on top 4 characteristics viz. geographic, demographic, behavioral, and psychographics.
Geographic: Customer location, and region-urban/rural
Demographic: Age, gender, occupation, and socio-economic group
Behavioral: Rate of usage, benefits sought, loyalty status, and readiness to purchase
Psychographics: Personality, lifestyle, attitudes, and class among others
The marketers prepare the prospect list based on the factors such as a customer who bought the product or service, responded to previous email marketing campaign, or attended a webinar. The machine learning algorithms sort the data and assign certain score to prospect. Based on the score, the marketer generates a targeted prospect list.
After targeting, the marketers need to interact with the prospect to cater to their needs and desires. Predictive analytics plays an important role here by creating awareness, educating the prospect, and personalizing the interactions with the prospect based on insights derived from external data or knowledge from previous interactions. The marketer uses predictive analytics to analyze customer preferences and display personalized webpages. Moreover, predictive analytics helps to personalize interactions with customers based on knowledge extracted from business or external data and apply them to customer listings.
Once a customer purchases the product, the company should ensure that they remain satisfied. The company should engage in upselling and cross-sell activities to provide better value for the customer and ultimately increase profitability. At this step, predictive analytics helps to recommend relevant products based on demographic data, purchase history, and previous transaction data.
For a company to grow, the company should remain in touch with the customer, create strategies to retain the customers, and identify the warning signs of churn. Predictive analytics helps the company to determine the best way to remain in contact after customers have purchased a product. It can be done through email, snail mail coupons, newsletter, or a phone call or text messages to notify them about upcoming changes in service.
Predictive analytics helps to identify the customers who are likely to churn and implement retention campaigns by providing incentives. This might include free upgrades or discounted services.Thus, using predictive analytics, the marketers can meet the customer's demand for personalized experiences with a deeper understanding of customers and sell the products more effectively at every stage of the customer life cycle.
Frequently Asked Questions
How do Customer Journey Analytics solutions help marketers or businesses to learn more about their customer engagement strategy effectiveness?Customer journey analytics is a technology which enables the marketers to analyze and map customer engagement and interaction with the organization through various channels and touchpoints. The marketers could use this analytics to identify the myriad of paths that customers take during their journey and identify the paths which lead to the company’s growth and profitability. By assessing numerous data points in real-time, the professionals will be able to recognize the most important customer journeys and prioritize these opportunities.
What is the difference between Customer Journey Analytics and Journey Mapping?A customer journey map is a visual representation of the steps involved in a customer journey. Though the purpose of both remains somewhat similar, Journey Mapping involves representing data through relevant pictures and Customer Journey Analytics relies upon on hard data, numerous individual interactions. Journey mapping simplifies and sorts multiple customer journeys and filters them down to a single journey that offers a lot more clarity. On the flip side, customer journey analytics provides multiple paths that real customers choose across channels and recognizes and recommends the most significant ones.
What is the forecasted CAGR of the Customer Journey Analytics Market?The customer journey analytics market size is expected to at a Compound Annual Growth Rate (CAGR) of 20.8% between 2017 and 2022.
How does Customer Journey Analytics impact revenue growth?Customer journey analytics enables organizations to enhance their revenues in a multiple ways. By recognizing the cross-sell and up-sell opportunities and having personalized communication with the clients at the right moment and through a right channel allows businesses to improve revenue per customer. It also allows professionals to identify the highest impact segments that contribute majorly in revenue growth.
What are the benefits of deploying Customer Journey Analytics solutions?Businesses can have a better understanding about their customer requirements and they can also derive actionable insights by combining customer behavior data with marketing metrics. It also allows businesses to predict customer behavior based on the data collected through back dated conversations at various touchpoints. It further answers a few very important questions about the right time with to engage a particular customer, best channels for communication etc.
What is the basis of shortlisting the companies that have been listed in the quadrants?The research methodology used to estimate and forecast the customer journey analytics market began with capturing data on key vendor revenues through secondary research, which included directories and databases (D&B Hoovers, Bloomberg Businessweek, and Factiva). The vendor offerings were also taken into consideration to determine the market segmentation. The bottom-up procedure was employed to arrive at the overall market size of the global customer journey analytics market that was derived from the revenue of the key players in the market. After arriving at the overall market size, the total market was split into several segments and subsegments, which were then verified through primary research by conducting extensive interviews with key people, such as Chief Executive Officers (CEOs), Vice Presidents (VPs), directors, and executives. The data triangulation and market breakdown procedures were employed to complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments.
Nice Systems provides customer journey analytics software with its Big Data platform, namely, Nice Customer Experience Analytics solutions and Nice Customer Engagement Analytics solutions. Nice helps organizations in transforming their customer experience by leveraging AI-driven analytics that deliver seamless customer journeys and lower operational costs. Nice Systems pricing works well for all customer analytics implementation budgets. The company provides cloud as well as on-premises deployment models, and supports its customers through various services, such as training, business consulting, professional services, and proactive services.
Kitewheel provides customer journey analytics software through the Customer Engagement Hub (CEH). CEH enables marketers to use the existing legacy systems and infrastructures to make the customers’ journey more interactive across all the touchpoints. The platform provides marketers with a better visibility about their customers interactions with their organizations, thereby delivering deep insights and facilitating better customer journeys. Customer Journey Hub Pricing suits every stage of customer journey analytics implementation.
BryterCX Customer Journey Analytics solution combines Omni channel customer data across multiple channels, enabling CX professionals to measure, track and enhance customer experience. The tools offered by the company explore all customer touchpoints, down to singular events, to expose friction points in the customer journey. BryterCX pricing plans work well for all types of customer analytics implementations. It combines BryterCX Technology and Consulting Services to help businesses to identify journeys, create dashboards, train analysts and identify solutions to enhance overall efficiencies and improve CSAT scores.
Pointillist offers customer journey analytics software as a SaaS solution to help customers improve the marketing and customer experience. Pointillist’s customer journey analytics solution provides a unified view of the customers as they interact with various brands across different touchpoints. It also offers quick integration of data across a variety of systems and channels. Pointillist’s customer journey analytics software can be employed across an enterprise to enhance customer acquisition, reduce churn, enhance customer experience, and improve the marketing RoI. Pointillist pricing is ideal for all types of customer journey analytics requirements.
The software offers a total view of the customer journey. It allows users to measure every touchpoint with one CX metric. The company has developed a cause-and-effect framework, which helps users in connecting their CX enhancements to tangible business outcomes like purchase, recommend (NPS) and more. ForeSee CX Measurement captures customer feedback in a way that enables businesses to precisely prioritize on the impactful business drivers. ForeSee pricing plans work well for all type of customer analytics requirements.
Civis Analytics enables organizations to combine multiple data sources into a single customer graph, which is further enhanced with the company's proprietary data. The company helps businesses in gaining deeper insights about the campaigns or audiences which drive maximum growth, by providing cross channel analysis. Civis pricing plans work well for every analytics budget. The company's Predictive Modeling solutions provide the models and tools required to build and activate segments.