How companies will improve their customer insights (CI) in 2021?

Forrester has solid proof which tells that insights-driven firms surpass their peers. Their data proves that most data and analytics budgets are rising.

Over 60% of firms globally today have chief data officers, and lesser than 50% of organizations rank as beginners.

As firms are getting better at generating insights and also acting on them how will they improve their customer insights (CI) in 2021 and ensure that this improved understanding actually changes the customer experience (CX)?

If 2020 has taught us that change is unavoidable and that customer insights leaders must frequently look to evolve their techniques, methods, technologies, and their organizations.

Have a look at what a smart assortment of CI, CX, and B2C marketing analysts predict for 2021:

1. CI leaders will move 10% of their budgets to emotion analytics.

• Emotions are an important role in consumer decisions than rational thought and hence they are the biggest factor in brand energy, customer experience, and also marketing efficiency.
• But for quite some time now, CI professionals have drifted into the precision of big data analytics in place of the traditionally unquantifiable territory of emotion.
• New techniques have helped in changing this dynamic as AI-based text analytics tools like Clarabridge and IBM Watson have improved the precision of cruder sentiment analysis tools.
• As data analytics have become commoditized, firms will be shifting 10% of the insights budget to emotion analytics to channel new techniques in search of competitive advantage

2. Companies will bring in reinforcements to acknowledge shifts in customer behavior.

• Due to the COVID-19 pandemic, analytically driven firms’ predictive model performance deteriorated almost overnight as customer behavior changed drastically.
• Instead of analyzing a historical data set, reinforcement learning learns to interact with the real world.
• Vendors who are struggling to set apart in the increasingly commoditized customer analytics technology category will adjoin reinforcement learning to their solutions.
• CI pros that are looking to adjust to customer behavioral changes immediately should strengthen their practices with reinforcement learning.

3. To ensure CX and CI collaboration companies will reorganize.

• Firms strive hard to translate customer feedback and data into insights and actions that will improvise customer experience and deliver business outcomes despite the continuous, robust, and redundant investments in technologies.
• It will shift how companies struggle to find data from multiple silos creating a better picture of what is happening.
• Based on digital experience and insights data analytics, Creative Social Intranet has improved the internal communication platform so that the companies can understand their stakeholders and employees and the entire production life cycle.
• The Mood Tracker tool in Creative Social Intranet will enable teams to improve what they predict, change employee engagement and help them share meaningful and relevant insights that inspire and drive change.