According to research cited by McKinsey, organisations that leverage customer behaviour data to generate behavioural insights outperform peers by 85% in sales growth, and more than 25% in gross margin.
Keep Your Customers Closer
Every organisation’s aim is to get close to their customers. After all, it’s the end customer that’s integral to the way an organisation is run. In today’s world of Big Data, and Omnichannel interactions, it’s never been more important to understand your customers completely. This end-to-end view brings together varying data points about your customer, through which you can fully understand their behaviour, and needs.
Imagine the impact on your sales and your customer loyalty if you could engage individual customers with targeted promotions through their preferred channels, offering a consistent and personalised experience. By combining big data sources, it is possible to understand customers in more detail than ever before, and use this knowledge to enhance the customers’ journey, satisfaction, and in turn, drive up revenue.
Retailers aren’t starting with a blank piece of paper, the data is already out there.
Customer Behaviour Data that can be utilised to Deliver Personalised Customer Experiences is already out there. Through advanced analytical techniques, you can mine historical data to understand customer value, and profitability—Not just today, but also into the future. This is what gives the retailers the actionable data to segment and appropriately approach customers, with services and products that interests them—And attract them to purchase. Retailers can apply this not only to their online purchases, but use this data at a geographical level; for example, to understand what inventory to stock in local stores etc.
The power of data analytics doesn’t stop there. Together we can identify additional customer segments that would benefit from your services and products, so that you can tailor your promotions to influence buying decisions.
If organisations are not utilising the data that they are generating, if they are not finding new ways of capturing data, the chances are that they are going to get left behind.
Data analytics is a necessary part of any business’s competitive strategy. If you are not using it, if you don’t have the right data gathering and analysis structures in place, if you are not utilising this huge asset that you have within the company, you are getting left behind because competition is going to beat you up.
If you are a primary decision maker who is responsible for, and authorised to implement analytics and analytic strategies within your organisation, or within your divisions, you would need to first have an understanding of what is achievable and what is not achievable with analytics. You also need to understand what kind of organisational structures, technical structures (in terms of data gathering), data processing, and the technologies (as well as Artificial Intelligence) you will need to have in place.—It will give you a much clearer path forward of what you would need to do.
Customer-centricity, customer experience, and personalisation is what separates the winners from the losers. Before long, it will become more and more difficult to compete in any industry for organisations who are too slow to follow in their customer-centric, behavioural data-driven footsteps. —And yet many organisations still only take advantage of a mere fraction of the behavioural data at their fingertips. There’s a good chance that this includes yours. If that’s the case, here is the good news:
You don’t need to be an internet giant in order to leverage the power of behavioural customer data and analytics to take your business to the next level. With the right knowledge and tools, any organisation can do it, regardless of industry, or size.
Truly knowing your customer is the foundation of innovation and new ideas. Understanding the pain points of the people you serve before, during, and after you provide value to them is key—and innovation rests in finding ways to meet these pain points. In a service industry in particular, its best to know your customers, inside and out. Know them beyond being a demographic; know them as individuals—Understand their goals, their hopes, and what needs they are trying to meet.
To learn how Mitra Innovation Experts can help you, call us for a free consult at
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