USE DATA TO BECOME CUSTOMER-CENTRIC
The rise of technology, communications and mobile devices has transformed customer experience from human to human interaction to human to machine interaction. The digital customer is empowered more than ever and is willing to switch-over to other service providers to get superior experience.
Businesses that are going digital or expanding rapidly will lose the personal touch as they cannot physically interact with every customer, but on the brighter side they store every interaction of the customer. This treasured customer data can be analyzed to better understand the customer and provide expected experience.
According to a survey conducted by Economist Intelligence Unit with 100 global enterprises, only half of the participants say that only about half of their valuable data is being used. Organizational silos and legacy technologies make it difficult to get the full potential of the customer data. The first step before using data analysis is to consolidate all the customer data stored in various systems or records.
Once a consolidated view of data is derived, businesses need to identify patterns among customers to segment them into categories. According to each category a relevant communication needs to be sent for up-sell, cross-sell, and personal engagement.
Connecting the dots
New technologies need to be adopted to connect each customer to various interactions. This includes integrating social media behavior too.
360 degree view of customer
Finally, with a repository of information businesses will get a holistic view of the customers. This data is efficiently used when all the business stakeholders get access to this critical information and look at it vis-à-vis their business objectives. Finance can now get a transparent view of revenue generated; marketing can design and launch suitable campaigns faster, customer service representative can up-sell and cross -sell.
Customer centricity is to design products and services that are required by customers to provide a superior customer experience. Before doing this, businesses need to better understand customers through the data collected by various interactions.