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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:

  1. The MI they measure.
  2. The Data they collect.
  3. The Customer Insight they gather & proactively use.

Whilst often still being solid businesses, they typically:

  1. Struggle to achieve the growth achieved by some of their competitors who use MI. data, & Customer insight to a greater extent
  2. 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.

These businesses:

  1. Have a huge appetite & thirst for Data, & Customer Intelligence.
  2. 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:

  1. 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
  2. “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
  3. 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:

  1. Outperform the competition in terms of Growth, Cross & Up Sales, & accelerating Customer Lifetime Value.
  2. Uncover more opportunities within both their existing Customer base & their Prospect pipeline.
  3. Create & capitalise on the ability to benchmark their business against the market.
  4. 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