Creating success in a world where customer centricity is increasingly important is no mean feat. Those willing to build their entire essence around their customers will undoubtedly lead the line for years to come. But to do this, they’re faced with the challenge of not only meeting the increasing demands of today, but also keeping one eye trained on how they’re going to meet future requirements.
Data represents the vital fuel that will power this forward-looking, customer-centric approach, unlocking an organisation’s potential to truly understand its customers. It means that customer analytics has fast become one of the most critical tools in a modern organisation’s arsenal.
But analytical success all depends on organisation-wide buy in – starting at the top with the board – and the right blend of strategic and integrated investment.
How leaders are getting it right
Establishing as much visibility as possible around how customers engage with companies is of vital importance, and customer analytics leaders are at the forefront.
Using predictive and prescriptive analytics is another key element of success. Leaders are harnessing the power of AI and machine learning to take insights, and drive actions automatically, in real time.
While technology is critical for success, companies must make sure they also focus on fostering the right culture, leadership, and skills internally. Leading brands who democratise data across teams are invariably those who unearth the most insights from their business intelligence.
And perhaps most importantly of all, the most successful companies recognise the value of data skills. So rather than limiting data management to the analytics department, leaders are investing in the core data skills needed to get the most from their technology, across the entire business.
Creating the right culture for success
Companies must champion a data-driven culture, where tangible improvements in customer experience and commercial performance are rewarded. With customers interacting with a business on some many disparate levels, it’s important to create teams who collaborate, share insights and educate each other.
Democratising your data means that analytics tools are accessible to everyone in your organisation, so those who aren’t specialists can still analyse and manipulate the data to suit their own needs.
“Analytics delivers value to all departments, from marketing and sales to IT operations,” says Felix Wenger, head of channels and distribution at Swiss bank Raiffeisen. “We elevated the role of analytics in our organisation to demonstrate the importance of data insights in driving more personal customer experience across channels. You’d normally only expect to see conversion rates of 1 percent. By reaching out to engage a customer through insights gain from analytics, we’re seeing average conversion rates of up to 14 percent.”
A successful customer analytics strategy depends on the right kind of technology and people to make it work. With the right people in place to bridge the gap between specialists and the rest of the company, the operationalisation of insights becomes a lot easier. To get the most out of your investment in customer analytics, senior management must be brought fully on-board and understand its value. Only then can we build the optimal company culture to support analytics success.