When it comes to Digitalising your business we are often asked 3 “Key” questions:
- “Where do I start?”
- “How do I navigate my way through this myriad of change?
- “Is the pain worth the gain?”
“Where do I start?”
The businesses that start with a mindset of seeing data as an asset invariably accelerate their Digital progression faster & deliver stronger results.
Woman sketching a business plan on a placard at a creative office
It’s common sense really, structuring your data in a meaningful way is a “cornerstone” to any digital strategy. In fact I’d go further it’s a key component of what sets customer focused businesses apart from the rest. Get it right & you lay the foundations for using your data & business intelligence insight smartly with both your current & prospective customers. Skip this step & you’re setting your self up for failure & disappointment.
“How do I navigate my way through this myriad of change?
If it was easy, everyone would be doing it, but the transition really isn’t as difficult as you image, particularly if your a business that has Customer & Staff advocacy at the heart go your business values.
Our role is to help you set out a clear path so that the change is:
- Built on strong foundations
- Controlled & phased
- Focused on the priorities
- Embedded into your business
For some business starting this journey is intimidating, but typically once you have a clear framework around how you are going to go about this, it becomes:
Is the pain worth the gain?”
For those that get it right, unquestionably “yes”. Whilst digitalising your business is “not for the faint hearted”, the benefits once you’ve started on that journey far outweigh the costs involved (time, energy, & financial).
Shot of a group of businesspeople arranging sticky notes on a glass wall in a modern office
Businesses that have a clear Digital Strategy & transformation plan in place:
- Tend to attract higher acquisition multiples
- Attract in investments
- Think about how they can use & access their Data as a real asset
- Focus more on how they can enhance their customer journey
- Attract in Talent
- Attract Customers
- Typically enhance their customer loyalty
- Are best placed to use predictive analytics to win
- Gear themselves up to improve their efficiency
- Customer experience driven businesses tend to see better returns on investments & outperform others across a whole variety of Customer metrics including higher average order value, & improved acquisition & retention.
- A growing % of customers (particualrly in the 18 to 34 age bracket) are prepared to share their data in return for personalised experiences.
- Members of loyalty programmes generate up to 18% more revenue than non members.
- Customers who have high quality experiences are 2.7 times more likely to keep buying from a brand than customers who have low quality experiences.
- Customers who have better historical experiences with transactional brands spend 140% more compared to customers who had bad past experiences.
Customer expectations continue to evolve & being able to access information & engage through their preferred “medium” is central to winning in an increasingly “Digitalised world”.
Author Derek Findlayson
Being privileged to work with a range of great businesses across the Insurance sector, from Insurers, to brokers, to software houses, to MGA’s, we’re often asked “What do you mean by business intelligence?”
Today’s fast paced world has introduced a plethora of new buzz words that energise some, & strike fear into the hearts of others – from ‘forward” & ‘backward” KPI’s, to dynamic data, to big data, but for me what really matters is:
What information can you gather that will give you an insight into “How you can enhance your customer experience & through this your customer proposition”
Those businesses that put their customer journey at the heart of the business intelligence & insight they gather, tend to be:
- The businesses that are at the forefront of innovation
- Top Quartile when it comes to Customer Advocacy
- Top Quartile when it comes to business results
Why is that?
Well, it’s pretty simple really, they’ve made that transition from focusing on management information to “what do you do with that information” & what new information & insight do you need to gather” (Business Intelligence).
Those that get this really right join the loop between:
- Continuous Customer Feedback
- Smart & insightful use of data
- Thought Leadership based on real & meaningful insight
- & Customer Centric experience based Innovation
That feels like a great environment to be part of to me whether your a customer or a member of the team.
Speak to us today if your interested in a fresh approach to using business intelligence & insight to enhance your Customer Experience.
Author Derek Findlayson