Companies that find themselves in an increasing, competitive landscape are challenged to delight their customers while providing value. Customer expectations are on a steady incline and a "one size" fits all approach is no longer an acceptable mode of engagement with customers, whether that be in marketing, sales or customer service.
Ultimately, companies need to know their customers better and interact with them at new levels of expectations. So what are companies doing today to empower them to interact with their customers at new levels?
Research shows, that organizations who collect, analyze, interpret, and display their customer data are delivering results and gratifying customers. The concept of providing a 360 degree view of customers is turning heads in the marketplace.
Most businesses have enormous amounts of customer data existing in different databases within their business. Marketing might have 2-5 databases used to send out emails, text messages, and newsletters. Customer service might have service cases by customers in a different database. Where as, sales have contact database and finance has complete histories of purchases and invoices in another database. All of this data, if not consolidated, is considered unstructured data. The data sits there in its silo simply accumulating and becomes "Big", Big Data.
Companies on the forefront of delighting their customers are becoming successful at collecting this data and interpreting it.
Aberdeen Group, recently published results of a couple studies on using analytics to improve Customer Experiences. Some of the highlights of this study conclude that Best In Class organizations who analyze and manage big data:
- Have an 84% customer retention rate as compared to 26% for industry laggards
- Show an average improvement of marketing ROI by 15% compared to .2%
- The report outlines the advantages organizations are realizing by implementing CRM strategies and customer analytics programs. The results show that these programs "reveal insights based on customers' behavioral and feedback data. Companies use these insights to determine the correlation(s), and cause and effect relationship(s), between their business activities and organizational results."
If your organization is ready to begin leveraging customer data to provide a better, overall customer experience, I would encourage you to download the study and contact EHTC Technology Solutions to discuss some of the strategies for consolidating and analyzing Big Data.
Aberdeen Group recently published two white papers detailing the results on customer experience management and the role of analytics. One of the reports, "Customer Analytics: Leveraging Big Customer Data to Achieve Big Results" can be downloaded for a fee at Aberdeen Group. The second white paper can be accessed for a limited time at no charge (a $399.00 value) to access this report, please click here to fill out the form to the left, your name will be entered to win an Apple iPad. After compleation, you be able to download the white paper.