Monday, 28 February 2011

Why Data Management is Vital to Customer Insight

With the benefits of effective customer insight studied at length and the importance of understanding the integral role played by data analysis activities presented; it is also vital to understand that how you manage your data is an important business decision.

Data management is one of the more utilitarian aspects of customer insight, concerned with actual design, development and hosting of databases. Ultimately, well managed data can be analysed as efficiently as possible and as such, data management tools form the building blocks of improved customer relationships, better business strategy and overall, enhanced performance.

Essentially, after a range of different customer insight activities have returned reams of information, a place in which to store, manage and analyse the data is needed, this is where data management tools offer a very real and extremely useful resource.

Typically data management tools will utilise relevant technologies in order to deliver the greatest amount of added benefit to the client. Functionality which grants efficient and effective access whilst allowing sets of data to be fully understood should always form the backbone of any data management service.

Data management tools may also incorporate the physical hosting and maintenance of databases. Frequently referred to as data warehousing, anyone looking to utilise such resources should note the inclusion of secure access features, efficient search and query functions and also the practical application of data management principles.

If a company is to make the most of its customer insight activities it can be worthwhile to obtain an integrated solution from a single service provider; one that offers a strategy for obtaining insight, demonstrates how data will be effectively stored and finally can provide systems to break down data so that it can be analysed.

Ultimately the foundations of effective customer insight can be found within the right data management tool set; if the choice of services is correct, a company is given the greatest opportunity to benefit from customer insight activities.

Thursday, 10 February 2011

Customer Insight – More Than Purely Metrics

Whilst customer insight processes can rely heavily on sets of data in order to present levels of satisfaction, retention and behaviour, it is a fundamental element of customer insight to look beyond the numbers and take something tangible away from the figures. With the right customer insight service at your disposal it is possible to make on-the-spot and strategic decisions that can significantly change operating procedures and customer interactions. In essence, customer insight has the potential to revolutionise customer services for the better.

At the operational level, having effective customer insight by intelligently analysing and using metrics can lead to much improved customer handling procedures. It is through breaking down data and seeing where deficiencies lay that it is possible to recycle this understanding into training procedures. This training in turn helps to improve specific customer interaction activities such as up-selling and complaint handling and ensures that all procedures are relevant and appropriate to a company’s customers.

As well as increased capacity to resolve issues reactively; the improved training that results from customer insight activities allows a company to instigate proactive measures, which help to solve problems and identify opportunities in the long term. The result of these procedural changes is an increase in productive customer relationships and a decrease in those that are stagnant or degrading.

Whilst it may have been explored previously the assistance that customer insight can provide in the formulation of strategies for the business is invaluable. This applies to not only upcoming marketing campaigns, to ensure they are effectively targeted but can equally apply to new products and services, to ensure that they are in the interests of a company’s customer base.

Fundamentally customer insight data and initiatives should change the entire outlook of a company, to one that is far more customer centric and focussed towards providing the best service possible. It is by employing customer insight strategies that it is possible to instigate this change, improving not only customer loyalty and retention, but also allowing a company to understand the delicate balance between customer satisfaction and revenue.