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Customer journey analytics: finding the key moments that win or lose a customer

Lori Bieda, BMO
Lori Bieda, VP for Business Analytics and Insights at the Bank of Montreal

We are proud to announce that Lori Bieda, Head of the Analytics Centre of Excellence at Bank of Montreal (Canada), will be giving the Analytics track keynote speech at Enterprise World this year. Bieda has deep insights into the role of analytics in business, with particular expertise in the sales and marketing functions.

Bieda is an expert on business analytics, how the technology has helped transform business, and the efforts companies are making to better understand the customer journey. 

Recently Ms. Bieda graciously sat down with us to discuss the past, present, and future of analytics for a Three Questions blog.  As a bonus, she shared her views on customer journey analytics, which is important to a wide range of industries, both B2C and B2B. It’s a great preview of her presentation. 

Customer journey analytics is one of the most transformative areas of analytics that I’ve seen in the last 20 years. At its core is the supreme understanding of how customers consume brands.

Customers are like water; they flow like a river through a company consuming the brand across a multitude of touchpoints. As companies we create “dams” for the water to flow down. Bill payment journeys, service journeys, new customer sign up journeys – there are literally thousands of processes we expect the water to flow down. But water, given its nature, goes in all directions, leaking into the crevices we intend it to irrigate – and sometimes the crevices we don’t. Journey analytics is the discipline of capturing, understanding, and acting on all that is “wet.”

This type of analytics transforms businesses. It makes for better client experiences – because you understand what journeys customers are actually on – both those that work, and those that don’t. The information is captured and transformed through analytics into insight to understand the customer journey and pinpoint key moments of truth for customers. That precious data is then leveraged to isolate areas of opportunity and create key points of brand differentiation.

Good journey analytics starts with a foundation of solid customer information – a complete picture of the pathways that customers are on – across bricks and clicks. That information is enriched and contextualized with analytic techniques that allow us to see the specific journeys customers are on. Occasionally companies also invest in primary research to augment their understanding of how journeys fare across markets as well to assist in their prioritization.

This type of analytics is different. It bisects a company in horizontal fashion – across all channels, products and segments – and has the power to serve the needs of the customer in a unique way.

Around the world companies are investing heavily in customer journeys. Journey analytics is fast becoming the means to transform businesses into a journey-led way of doing business.

You can view the previous blog here.

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