I’m often asked what is the right strategy for my business? Invest in digital or invest in people.
My response is simple, you’ve got to invest in both, but in a complimentary way.
In my experience, those businesses that are thriving in the rapidly evolving digital world blend the speed, ease of access, convenience & efficiency of digital services with the authenticity, experience, & expertise of talented empowered people. It’s about getting the mix & balance right.
If I think about how my children, who have grown up in an increasingly digitalised world, like to access products & services, they look for:
- Ease of Access
- The speed and convenience of digital services, particularly for straightforward administrative tasks,
- Supported by ease of access to talented people when they are looking for specific advice & guidance.
A selection of staff in some of my clients gave an interesting alternative perspective on the “dilemma”. Whilst some saw the advent of digital as a potential threat to their futures, the majority, saw it as an opportunity to:
- Strip out some of the inefficient, duplicated, & mundane processes they have historically had to do day in day out.
- Deliver a better, faster, & higher quality service to their clients
- Focus their skills on the areas where they can really add the most value to their customers
- Contribute positively to the culture that attracts high quality talent into the business.
As someone who is passionate about:
- Talent development
- Creating the culture to grow your people
- Building an exceptional customer experience
- Using Technology & Data as an intelligent Business enabler
it feels to me that those business that blend their digital & people strategies in a well thought through complimentary way are the most likely to:
- Grow their businesses faster & more profitability than the rest
- Create an environment that attracts in the best & most dynamic talent
- Stimulate a continuous improvement culture that uses technology & people expertise in the right proportions & in the most effective areas
- Deliver a dynamic & engaging customer experience
Author Derek Findlayson
Why is it some businesses see Technology as a real barrier to growth in their business & other’s see it as the platform to push forward at a different trajectory & win market share?
Well if there was an easy answer everyone would be doing it, but here’s a few pointers we see day in day out from working with some of the fastest growing & most successful business in the market:
What are some of the things the Winners do differently
- Structure – Invest in shaping & structuring their Data in a way which enables them to use it proactively as a valuable asset.
- Enrichment – Actively enrich their data with relevant 3rd party Data to elevate their insight to the next level.
- Segmentation – Segment their Customer data to target & personalise any marketing, communication, or cross & upscales activity.
- Alignment – Match their data to relevant stages of their Customer Journey
- Analysis – Analyse & interrogate their data to identify relevant patterns & insight
- Elevate – Use Machine Learning & artificial Intelligence at appropriate stages of the Customer journey to optimise their proposition & success
- Intelligent & Relevant Cross & Up Sales – Use their Data Intelligently to cross & up sell relevant products & services to their clients at the most appropriate stage of the customer journey.
Getting the most out of your Technology, Data, Customer knowledge, & Insight is increasingly setting the Winners apart from the rest.
Talk to us if you are interested in knowing more about our approach to helping businesses enhance their use & understanding of Technology, MI, Data, & Customer Insight.
Author Derek Findlayson
I find it fascinating to see the different approaches adopted by businesses in managing & investing in their MI, data, & customer Insight.
At “one end of the spectrum”, we see businesses with historically a very “light touch’ approach to:
- The MI they measure.
- The Data they collect.
- The Customer Insight they gather & proactively use.
Whilst often still being solid businesses, they typically:
- Struggle to achieve the growth achieved by some of their competitors who use MI. data, & Customer insight to a greater extent
- Measure success in their business on a very limited & very narrow set of KPI’s which are mainly “backward looking”.
At the” other end of the spectrum”, we see businesses who continually invest in & enhance their approach to gathering & integrating their MI, Data, & Customer Insight.
- Have a huge appetite & thirst for Data, & Customer Intelligence.
- Continually look for ways in which they can use the data & insight they gather to enhance their customer proposition, journey, & experience.
When it comes to these “data hungry” businesses we find 3 common characteristics:
- Integrating all their Data – Wherever possible, they look for ways to Integrate all their data – Customer Journey, customer advocacy, business performance, CRM, Multi Channel Marketing activity & interaction e.g. social media, SEO, email, PPC, live chat
- “Dynamic Data” – Choosing & shaping the right Dashboard – They integrate all of their sources onto a “real time” Dashboard that gives they dynamic data to proactively to drive success & improvement in their business
- Focusing on the right metrics – They measure a much wider range of relevant KPI’s that look both “forward” & “backward”
Through having an integrated approach to aggregating & using their data, these businesses typically:
- Outperform the competition in terms of Growth, Cross & Up Sales, & accelerating Customer Lifetime Value.
- Uncover more opportunities within both their existing Customer base & their Prospect pipeline.
- Create & capitalise on the ability to benchmark their business against the market.
- Quickly drive real value & time savings from having all of their data in one place in a format they can easily access & interrogate.
Talk to us if you are interested in knowing more about our approach to helping businesses enhance their use & understanding of MI, Data, & Customer Insight.
Author Derek Findlayson