inQuba introduces solution to map out customer journey

Local customer experience platform developer and provider inQuba has introduced a solution to help map out the customer journey.

The company says the Journey Analytics solution provides a means to map out the actual journey customers take when engaging with providers, and allows companies to see the return they are getting on customer experience initiatives.

Journey Analytics uses transactional data as well as qualitative and quantitative data to map out the real journeys that customers take, rather than a conceptual, estimate journey, says inQuba. It helps to set 'goal states' along the journey and nudge customers from one goal state to the next, using data to drive micro-campaigns and actions.

For example, a customer signs up for a credit card service, then they collect the card from their nearest branch, then they activate it online; each of these is a goal state on a customer journey, explains inQuba.

"It is accepted business wisdom that customer experience (CX) initiatives provide a competitive advantage across industries, but displaying hard return on investment has traditionally been a challenge, particularly in the short- to medium-term," says Michael Renzon, CEO of inQuba.

"To date, most CX efforts have focused on net promoter score because this metric provides an easy way to measure customer loyalty and therefore the likelihood of gaining new and repeat business.

"This is useful for forecasting business growth, as well as assessing the health of a brand and overall customer satisfaction.

"However, while NPS is correlated to long-term increases in profitability and share price, it is a macro-economic correlation rather than a direct monetisation.

"Enter Journey Analytics. Not only can Journey Analytics increase loyalty and sales, it is a direct way of monetising CX. Journey Analytics is the key tool for orchestrating ROCX: return on customer experience."

inQuba's solution provides the modelling capability to digitise customer journeys, as well as map transactional and experiential data to the journey points, says Renzon. The actual customer journeys are then visualised, revealing the journey paths that customers actually take.

"This can show channel-switching, dead-ends in experiences, such as drop off-during application or on-boarding, and service failure points where customers end up in a service loop. It can, however, also highlight successful journeys, enabling the business to immediately see what is working and where improvements need to be made," he says.

The solution applies advanced machine learning using predictive analytics to determine which action is most likely to nudge a particular customer to the next goal state, says inQuba. This also allows for deeper insights into, and understanding of, the needs and preferences of customers, allowing the business to acquire, retain and cross-sell to customers, it adds.