Start Small, Learn, Build, Repeat
Multichannel analytics in financial services is not as daunting, expensive, or complicated as you may think, even considering industry privacy and compliance requirements. Successful multichannel analytics programs can be effective using three fundamental ingredients:
- Aligning the right organizational resources
- Determining the right data
- Obtaining the right tools
Why do it? Return on investment, clearer attribution of marketing performance, and a more complete view of your customers. According to McKinsey Group, companies that invested in multichannel analytics improved returns by a full 10 to 20 percent on their marketing budgets (McKinsey &Co., “Big Data, Big Profits,” Nov. 2013).
Although multichannel analytics involves data aggregation and analysis of multiple sources, there is no need to become overwhelmed. The core objective is simply getting the right data to the right people so they can make better decisions. However, much of the data required for multichannel analytics is siloed. For example, data for ATMs, branch interactions, and Web analytics typically reside in different places.
In today’s multidevice and multichannel world, customers choose how and when they want to interact, and organizations must be ready to receive them in a consistent, intelligent way. Multichannel analytics is necessary to understanding what is happening across the various channels and devices in order to provide a more consistent customer experience.
Delving into multichannel analytics is worth the effort, and it is best undertaken with these steps, and in this order:
1. Start at the top and gain the support of an executive stakeholder. At some point, multichannel analytics will require funding, and it will be difficult to gain traction and ask for budget if the right leadership is not on board.
Education is also critical. Educate the organization by joining others’ team meetings and take five minutes to explain what you want to accomplish and why. Determine what they need, and communicate how you can help.
2. Next, look at your organization’s strategic objectives. Determine what data is required, how to obtain it, and what to do with it. Start small and with a purpose. Small wins will assist in gaining buy-in and enthusiasm. In turn, the program can scale and garner momentum and additional resources.
To bring the necessary data together, identify a common key. This key can also map to secure information behind a firewall, where additional analysis may occur in a rich customer dataset. There is no need to compromise the security of the customer data; just pass the mapped key back through for use onsite or in nonauthenticated areas.
3. Finally, obtain the right tools. which does not necessarily require expensive new resources or big data warehouses. Look for tools and solutions that
- allow analysts to visualize and analyze multiple data sources in one location—not just aggregating data together like a data warehouse,
- export segments of data to other systems for targeted marketing, and
- unify customer data by taking known customer interactions and linking it to anonymous prospect behavior.
Prior to making additional investments, take full advantage of your existing analytics capabilities. For instance, Adobe Analytics includes a mobile software development kit that automatically stitches together customers’ desktop and mobile activities.
Remember to start small, gain momentum and organizational buy-in, learn new insights, and repeat. Even customer analysis and segmentation between two channels—email responses and web browsing behaviors, or leaving a web page to dial a call center—can result in tremendous business value. You’ll soon discover how valuable and simple multichannel analytics can become.