Driving value through understanding and predicting consumer behaviour.
Customer insight is an oft-used buzz-word covering the process of using internal or external data to describe and predict customer behaviour. In practice, organisations often stop at the describing stage and don’t move on to action. Harnessing the full potential of customer insight can transform how you set your strategic objectives, define your future commercial plans and even how you take specific decisions with individual customers.
Effective customer insight can help your organisation drive growth and plan for change.
Defining market and customer strategy
- Who are our current customers? How do they behave? How valuable are they to us? How do our customers compare to the market?
- Which other Segments should we target? What products should we focus on? How do our customers view us and our brand?
- Which channels to market should we use? What experience do we wish to create in each?
Managing customers to optimise lifetime value
- What is the lifetime value of each of my customers? How do my actions affect this lifetime value? How can I keep my customers loyal?
- How effective are my communications? Which channels should I use to communicate with my customers and when?
- What impact could a price change or promotion have on my customers?
- How do I drive value from my service operations? What services should I offer, through which channel and at what service level?
Optimising commercial operations
- Would a change in my marketing-mix be profitable? How can I consistently measure the value that marketing brings?
- What will be the demand for the service centre in the future? What is the footfall in my store / traffic to my website likely to be?
- How can I increase the conversion rate of my inbound and outbound sales channels?
Only 36% of companies say they have data presented in an effective way to enable insight to be identified” 1) - Make sure you are part of the 36%
1) Research Findings: “Improving marketing effectiveness – Leading practices in marketing accountability”, The Chartered Institute of Marketing and Deloitte, November 2010”