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77% of CEOs in A/NZ feel the most critical investment area lies in improving their ability to draw meaningful insights from customers. So, why do CEOs place such high value in engaging customers as individuals? The 2012 CEO Study has found that companies that are able to successfully engage with customers often exhibit high revenue and growth. In fact, companies with high revenue growth and high profitability (outperformers) are twice as good at deriving value from data – key to engaging customers as individuals, when compared to organisations with low revenue growth and low profitability (under performers). More specifically we explored how outperformers engaged with customers as individuals, and found three interesting trends.
Outperformers utilise big data to reveal customers they never knew
We found that outperformers use today’s analytics to provide opportunities to explore big data to detect patterns and reveal new insights. In order to explore data predictive analytics is often used - and helps the organisation extract value from the abundance of data available. This data can then be used to assemble vital pieces into holistic profiles of individual human beings.
Outperformers listen lavishly, and responded with focus
In exchange for more insight, customers want organisations to interact and respond through offering what they want, when and where they want it. Thus, it is important that once you have listened to the individuals that you respond with relevance and speed. Then study each customer touch point and find ways to respond more selectively and create deeper connections that build loyalty and advocacy.
In today’s ever changing business environment mobility is elevating customer expectations, thus organisations need to rise up and meet these expectations by creating value out of immediacy. Organisations need to be ready with relevant services and information in the context of the moment. This can be achieved through using advanced mobile capabilities and taking advantage of location-based services and new forms of e-commerce.
Your organisation needs to strongly differentiate through better data access, insight and translation into actions. Through using a mixture of the above three steps you can give your organisation the competitive advantage in the race to engage customers as individuals.
To get in contact with us about how you can use analytics to engage more deeply with your customers, Click Here.
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