WHY YOU SHOULD THINK MORE ABOUT CUSTOMER DATA
Updated: Apr 28, 2020
The confessions of a (closet) data geek.
Loving nothing more than sifting through lines of client data to spot a trend or a nugget of insight, but the number of clients that understand the value of this insight remains limited. They are still to understand the ROI that can be delivered through better data insight and modelling.
As many businesses move at pace towards omni-channel, the need to understand the customer across channels has never been greater. Customer interaction with a brand or business now spans bricks n mortar, websites, mobile and social media. As the number of channels to engage customers grows exponentially, so does the customer’s expectations of relevance and personalisation.
What customer data analytics delivers
By properly scrutinising and evaluating your data, it is possible to deliver actionable customer insight that can help you deliver effective communications improving both new and incremental sales. Whilst much of the talk in recent months has been ‘big’ data, there’s huge benefits to be had from delving into ‘small’ data to give all sorts of insights, campaigns and actions.
By looking at data effectively and in conjunction with customer journeys and insights, clients can deliver huge growth in incremental sales. One client at my last agency saw over £200m in incremental sales in less than 6 years, with an ROI of over 1:20, with the best campaign delivering 1:64. Through identifying better targeting and more personalised multi-channel deliverables, reducing wastage and improving response.
How do we improve customer data insight?
Whilst many clients acknowledge that understanding more about their customers’ purchasing and engagement habits is a good thing, many clients struggle to know where to start. This is where Brand Distillery can help:
Firstly, we help you understand, organise and analyse the data you may already have and how to use it and engage with stake-holders across your business to demonstrate the value of data insight when making business decisions.
Once you have the understanding of your existing data, we then identify where the data could be enriched with additional information that could deliver increased ROI such as spend frequency/patterns and overlying business sectors.
We then look at the customer journey and build a complete view of the touchpoints and a customer’s interactions with your brand across all channels.
There’s always a danger of paralysis by analysis, we keep it simple to start, look at basic segmentation and deliver proven business measures that inform further steps.
We help your business become customer-centric rather than channel-centric. Your customers don’t think in channels – they just buy from your brand and your products or services and we can help you think how to more effectively engage your customers through all channels.
Companies benefit from customer insight
We have seen and demonstrated the benefits of making effective use of the data which already exists within your business. Customers now realise their personal data has value and if they volunteer data to organisations, it is because they expect it to be used wisely for their benefit as well as yours.
Those companies who understand who their customers are and how they wish to be engaged across multi-channel campaigns with a personalised journey can deliver relevant, meaningful and effective campaigns driven by real measures and ROI.