Innovation

Customer Analytics Strategy

The main objective of a customer analytics strategy is to serve your customers better. It is easy to get lost in a myriad of data, and a lot of it can be useless. Hence it is critical to keep a customer-centric mindset that goes beyond numbers. 

Two concepts are integral to developing a customer analytics strategy:

Customer experience and Qualitative Intelligence. 

Customer Experience is about having a precise and controlled map of every user/consumer touchpoint. This means monitoring data at every instance where you interact with customers (content, social media, point of sale, sales funnels, etc.). Your analytics strategy will be successful if you can extract strategic info from a representative sample at each contact point. What do we mean by strategic information?

Qualitative Intelligence allows you to understand your customer’s decision-making criteria. To better serve our customers, we want to find and qualify the people who benefit most from our products/services. We then must obsess over their drivers, motivators, interests, and passions. This is a full-time job. 

Some challenges:

– Achieving full omnichannel attribution is difficult. There are too many marketing platforms and apps, but integrating them can be challenging. We are excited about new tech that leverages cloud services and machine learning tech that will allow more companies to improve their products/services for their ideal customers. 

– We want to stop depending so much on Google and Facebook to drive traffic and engage with potential customers. This means we want to invest resources in owning our traffic and segmenting our database.

What are the steps to develop and implement a customer analytics strategy?

Evaluate the status quo. Map touchpoints/see what data you have available.

Define objectives. What are you looking to achieve, and how will you measure success?

Determine resources needed: talent and tech 

Build the team 

Try to prove the concept 

Get feedback 

Implement the system 

Get feedback 

Monitor your metrics

Who needs to be involved? 

This depends mainly on the organization’s size; what matters is that everybody who operates a touchpoint or sees over customer satisfaction is aware. Some are more involved than others.

And who is responsible for what? 

It depends on your team’s size and your industry 

You want to have:

  • support from the leadership 
  • An integrated scorecard that allows tracking performance across departments (prod dev, s&m, customer service, etc.) 
  • manager (planning, KPIs, design, etc.) 
  • technical resources (data science, developers) 
  • customer service

How can you define your objectives? 

They have to respond to the company’s primary strategy. Always looking to better serve your customer.

-And how do you know which metrics to track and from which sources? 

Metrics come in layers… the deeper you want to go, the bigger the challenge… you want to go from behavioral data to discovering your customers’ passions.

-How can you extract qualitative and quantitative data at each touchpoint? 

Tech, incentives… content

-How do you analyze that data and extract insights? 

Tools and talent

-What can you do to make sure you benefit from those insights? i.e. 

-What changes you make benefit your customers and your bottom line? 

Get feedback, design proper KPIs, and be honest

*Customer Analytics Trends*

-You mention the challenges of leveraging omnichannel data and ML and cloud services. Can you explain more about these trends? 

  • Changes in algorithms
  • Decentralization 
  • AI and ML- democratization of access to models and talent 
  • Clustering, content automation, data gathering, database cleaning, patterns/insights/hypothesis

-What are the implications of these trends for companies? What do they need to do to take advantage of them? 

Stay true to your strategy, research new tools… develop when you have proof of concept.

-And how will their customers benefit if companies get on these trends? 

Better service… more transparent relationships around customer data.. discounts and incentives…

-Are there any other trends you see happening or significant changes on the horizon? 

Blockchain and ai

Click to comment

Leave a Reply

Your email address will not be published.

To Top