The saying “who dies with the most toys, wins” reflects an approach many companies have towards data: just accumulating it and not using it is futile. That said, the value in data is immense, provided that it’s used to derive insights in a meaningful way to the business. The central focal point to almost any business is understanding your customer and this is where customer analytics can be a huge advantage.
Know your customer
Every touch point, every transaction your company has with any customer can contribute to and transform the way you do business. With the right approach towards customer analytics, the peaks and lulls in business can be matched to frequency and times of the month that help glean insights into trends and patterns emerging. These trends and patterns are what enable you to strategically build sales campaigns around the times customers are most likely to respond favorably, making way for a more profitable sales strategy. The aim is a targeted sales strategy – one that leverages your data in an intelligent manner that allows you to plug and play, understand and grow.
That’s a fairly macro example of the use of customer analytics. A step further is really getting to know the intimate details about your customers’ consumer habits and building strategies with these in mind. The applications of customer analytics are almost infinite, depending on what you want to know. The longer your customer is around, the more data you have to play with, the more personalised your approach can and should be. This is of immense benefit to you and more importantly, your customer base, as it will remove most of the guesswork and enable you to provide greater service in a shorter timeframe.
The reverse is also applicable – knowing when NOT TO contact your customer. Understanding the pain points experienced amongst customers is just as important when designing strategies that target a far superior level of customer service. Having accessibility to real time information and the capability to act on this data can eliminate many of the frustrations within your customer base. In the contact centre capacity – knowing when and how to target your customer (when to phone, SMS, email) or when to remove from any of these channel strategies (due to real time interactions already taken place – thus eliminating any duplication in terms of effort and time wasted) is a huge win for the business and customer. Such insights provided by customer analytics can help to tackle and eliminate the pain points in any quantifiable interaction.