Having insight is a very valuable tool; it’s now more important then ever in a crowded market place to have an insight into your customers that you can understand and analyse.
Customers are now setting the pace within the ever changing digital world. This behavioural shift has dramatically altered the way businesses need to approach consumer measurement. Analytics have become critical to understanding today’s connected, empowered customers so that businesses can make more educated decisions, target personalised rewards and increase long-term loyalty.
Consumers now have access to more loyalty schemes on mobile devices than they do in their physical wallets. So how do we manage and maximise this?
Start with the end in mind. When focusing on the end, you can decide what behaviour you are wanting to manage. By using analytics to understand behaviour, you will have a better understandingon whether your desired outcome is being met. If it’s not, you can use the following steps to change this!
- Segmentation – Businesses that use segmentation to focus on their market, their customer base and the varying needs, will be in the driver’s seat. Avoid the ‘one size fits all’ approach; break down your data, see what trends are appearing and use the results to tailor your next steps.
- Analyse – use your segmented data to compose relevant messages and drive desired behavior. Think process driven; you’ll feel more comfortable with the decisions you make as they will be based on real results and no longer down to luck or chance. Top performing companies are 5.4x more likely to use an analytic approach over intuition*.
- Target – Once you have analysed your data, it helps to tell a story of how and when people engage. If a certain group are engaging, target them with specific, personalized messaging or rewards. If the message doesn’t seem relevant to them, or isn’t personalized – chances are they won't engage
- Apply – pick the best method of communication. Analytics can tell you the best time to reach someone, the best communication method. Always make it as tailored to the individual as possible.
Need more insight? Let Corporate Innovations drive your business strategy whilst establishing and maintaining effective loyalty, through your customer analytics.
* MIT Sloan Management Review and IBM Institute for Business Value