Data Hub
It is now widely accepted that the key to customer experience is customer understanding. Forrester, Gartner, McKinsey and Adobe have all recently released reports highlighting the value of data and analytics. This is great, but these reports tend to take a very top line, strategic stance. What they don’t delve into is the real nitty gritty and consequently many businesses find that once they’ve invested in the concept and purchased the tech they are clueless on how to make the platform deliver insight and convert the insight into understanding in order to empower decision making and in theory improve the customer experience. It’s clearly a value chain, and if one thing in the chain is wrong, then the understanding will be flawed and the customer experience denigrated. So to get to the nuts and bolts of it; picking up where the reports tend to leave off, a data hub must become the central operating system where all an organisation’s disparate data sets come together. This enables the business to create a single customer view for every individual customer.

Creating a single customer view across all of a businesses’ touchpoints is no longer a nice to have. It’s a must have. Customers are increasingly demanding an omnichannel experience – and even if they don’t know the terminology, they certainly understand that they want to be able to interact with a business in real time through the channel of their choice and expect a seamless experience no matter through what touchpoint they are interacting.

But this is only half the battle. The other half is using the SCV to communicate with them effectively and enhance the customer experience by serving them timely and relevant communications and offers that both adds value to the customer relationship and bolsters the bottom line. For instance using sophisticated analytics underpinned with AI and machine learning to identify the customers that could be encouraged to spend more or working out where similar customers can be found. The great thing about analytics is that it finds patterns in data that simply can’t be identified by the human brain. This means that new insights are unlocked which can inform business decision making and be converted into actionable campaigns specifically designed to enhance the customer experience.

On the surface of it understanding the customer sounds so simple and technology certainly aids the process. But in today’s fast changing and compliance focused world it is far more than simply plugging in a platform and letting it get on with spitting out insights. It’s about how these insights are derived and what they are used for that counts.

If you want to know and understand more about the way data is changing the world you live in, or would like to know how data can add value to your business, please email me at david.gurney@alchemetrics.co.uk

 

Dave Gurney

CEO, Alchemetrics - Expert in Data & Digital Marketing
enabling senior marketers to value from engaging customers online.
 
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