Can Your Customer Benefit from the Data You’re Capturing about Them?
Companies today amass vast amounts of data about their customers, hundreds of gigabytes of data flowing in from unstructured sources like social media sites; clickstream data from their own websites, partner websites, blog posts, emails, and other forms of communications; and structured data from their CRM systems, POS systems, service centers, warranty data, and other transactional interactions.
Last month, I wrote an article about big data and how you can benefit from it, published in Perspectives, a TMForum publication, in time for Mobile World Congress. In the article, I discuss how an enterprise can derive value from all the data types they collect. Today, I want to cover the flip side: how your customers can benefit from all the data you collect about them.
Is this data being effectively used to improve the customer experience and provide better customization and targeted marketing? The answer is mostly no. It’s still in its infancy at most enterprises—although we’re seeing some excellent examples of leadership.
What Do Customers Expect?
They expect an enterprise to know them better and to market products and services to them that fit their lifestyle and usage profile. Take, for example, my interactions with a group deal making site—I’m constantly being served deals that aren’t near my home, nor of interest to me, or not even offered where I live. I consider it a waste of my time to access this company’s deals and will probably soon stop clicking through on their daily offers.
With the technology available today, it’s possible to:
- Analyze large amounts of data in real-time, or near real-time
- Mash it with location-specific information regarding a user along with social data
- Market it uniquely to a specific subscriber, especially when one is interacting with a user through a channel that lends itself to customization such as a Web channel
This is exactly how T-Mobile is adding value to their customers. They’re streamlining and customizing offers based on preferences of similar customers. T-Mobile analyzes large amounts of data related to their daily promotions and offers in near real-time and modifies them based on subscriber preferences and acceptance of the offers by similar subscribers.
Another good example is how a well-known food products manufacturer utilized customer buying data analysis to serve their customer better. They introduced a style of Greek yogurt that comes in many flavors. By analyzing the point-of-service data, they learned that vanilla was the highest-selling flavor and started increasing their production of vanilla flavor. One forward-looking category analyst decided to include social media data for an even better understanding of customer preferences. To their amazement, they found that people actually preferred the pineapple flavor, but because their grocery store ran out of that flavor the fastest, they ended up buying vanilla. Needless to say, they added additional production runs to get customers more of their favorite yogurt on the grocery shelves.
I see this as the wave of the future, where more and more companies will use the data they’re collecting about customers and subscribers to give value back to their customers and customize their customer services and interactions, so they’re a rich satisfying experience that builds brand loyalty and increases customer retention.
By Roni Goel, from: http://www.the-decisionfactor.com/business-analytics-strategy/can-your-customer-benefit-from-the-data-youre-capturing-about-them/?q4320360=1
Rani Goel is global senior director of communications industry marketing at SAP Busines Objects. Her responsibilities include the development of communications industry services business intelligence strategies, marketing plans, and initiatives in key solution areas. In this role, Rani frequently interfaces with customers, partners, industry analysts, and press and drives SAP BusinesObjects positioning for the industry worldwide