How To Turn Customers' Data Into Insight

By February 08, 2015 Blog No Comments
How To Turn Customers' Data Into Insight

We watched, we made our thoughts known on social sites, and winners and losers were declared not only on the field, but also for the TV commercials during Sunday's Big Game. Advertisers paid an amazing $4.5 million for just 30 seconds of airtime, up $500,000 from 2014

The why is easy: the game attracted record numbers of viewers from around the globe, which promises to raise a company's visibility in mere seconds. However, the huge investments could be lost if they do not have a "customer experience" element that can take the campaign past the goal line.

After all, this personalized experience is what consumers demand most, isn't it?

This is the age of smartphones and Facebook, instant messaging and texting, Twitter and tablets, all of which have transformed the consumer's expectations for engagement. We're no longer living in a product-centric world and companies that cling to this outdated view will get left behind. Today people want brand communication to be in line with consumer communication and they demand that it be personalized to the individual, not a demographic of anyone else, let alone 100,000 other customers.

By 2017, 80 percent of consumers will collect, track and barter their personal data for cost savings, convenience and customization, Gartner says. But those consumers will only do so if you've earned their trust, which means serving them the way they want to be served. They don't have patience for companies that can't provide quick access to the information and services they desire or are unable to anticipate their interests and preferences - even as they change their minds from one instant to another and move from one device to the next. Clearly Super Bowl ads drive awareness, but if the relevancy consumers demand is missing, this momentum will be fumbled away in the blink of an eye.

If you really want to influence your customer you need to understand them, predict their needs and anticipate the unexpected. For this you need to turn the data they are willing to share into insight. Not just the demographic data that tells you who a customer is and gives some basic facts about them, but their behavioral data. What do they actually do? The attitudinal data, why are they doing what they're doing? Now bring it all together into a single snap shot, which is seamless across all channels.

This is where analytics score big!

Now a person looking to buy a new tablet can conduct research on their home PC and continue on their way to work via their smartphone. While in transit they can pick the item and add it to their cart. Once at work, the shopper is then able to carry the product in their cart from the smartphone to their PC while in parallel the retailer sends offers based on past purchases as well as recent searches. Following the purchase, an email is sent that contains all necessary information as well as details on the store where the item can be picked up (and since it will be available during work hours, the representative suggests the branch near your office).

But the experience doesn't end there. Upon entering the store the consumer is greeted by a customer service representative who has the new tablet in hand. Next upon leaving the store the retailer reaches out to their smartphone via text message, which is their preferred channel, to see if the customer has any questions or would be interested in signing up for a training course at their location of choice.

That's an experience we all want.

Consumers want to do business with companies they trust and can provide personalized information and services that are not only based on their unique preferences, but can also be extended to every touchpoint with the same consistency. Those that successfully shift from a portfolio of products to a portfolio of customers will be ones scoring big.

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