As a business leader, you are told often enough to harness the data in your organization to drive more-effective decision making. And maybe you’re thinking “easier said than done”—and you’d be correct.
It’s a struggle in today’s business environment to rein in data when more and more of it arrives every day. Yet the amount of data doesn’t change the fundamental executive decision-making premise: Understand the market to determine how and where to best compete.
So, how do you get from vast compilations of data to pertinent insights that can grow your business?
To win customers, you need data and analytics to show what they want at the times when they are bent on going somewhere, or learning, doing or buying something. You must be able to identify those instances and act on them wisely. Companies that excel go beyond analytics; they build insights they can use to develop truly relevant customer experiences.
Take the following recommendations into consideration:
Integrate data: First, you need to achieve a single view of your customer base. Only then can you ensure optimal product offerings and the most effective communication strategies. Mix together multiple sources of customer and marketing data—from email response rates to data from in-person meetings—with a strong focus on demand generation, to enhance the customer experience. Continually use data and analytics to test your effectiveness. According to a recent study by Harvard Business Review Analytic Services, some companies that have captured the full customer journey by integrating multiple sources of data are generating up to 8.5X higher shareholder value.
Stay ahead of the curve: Second, use analytics to generate new value for customers whenever they reach out to your brand, not just to strengthen marketing effectiveness. Continually develop more-sophisticated analytics capabilities and applications, as the ability to gain competitive leverage from analytics is declining as more organizations develop capabilities.
Leverage tools: Sophisticated technology tools allow you to drive customer satisfaction in diverse ways—from your website’s ease of use, to on-time delivery, to actual product performance. This is where analyzing social media and direct customer feedback is especially beneficial.
Broaden marketing scope: Eliminate enterprise marketing divisions and vertically integrate their roles within each line of business to break down organizational barriers to improving customer experience. This will entrench marketers into a particular customer experience and concentrate their attention on each phase of the customer journey. This includes moving from a product-centric to a customer-centric focus. In today’s market—full of smart and demanding consumers, as well as product commoditization—trying to compete by managing costs won’t do the job. Instead, apply formal customer value measurements to drive and evaluate changes.
Build a team: Create a team of analytics professionals who understand not only data but the technologies that help to amalgamate data into a cohesive whole. Beyond that, place more emphasis on the data than the analytics team, meaning determine the questions the data should answer before setting your analysts free. Otherwise, you could end up with massive amounts of data that actually cloud business implications instead of offering clarity.
A disciplined approach to analytics will garner you an improved customer experience. Just as with any decision-making process, optimize analytics to obtain the desired results.
Steve Brubaker began his career at InfoCision in 1985. In his current role as Chief of Staff and as a member of the Executive Team, he is responsible for HR, internal and external communications, and manages the company’s legal and compliance departments. Brubaker is a member of a number of professional organizations, including the DMA, SOCAP, and PACE. He also donates his time to serve on several university boards, including the Executive Advisory Board for The Taylor Institute for Direct Marketing at The University of Akron and The University of Akron Foundation Board. He is a frequent speaker for national events and has also been honored with a number of awards and recognitions for his contributions to the call center industry.