Here’s a recent talk that I recently gave at Whitehall Media’s Big Data Analytics conference in Amsterdam called ‘Harnessing Your Data to Improve Customer Experience’.
Here’s some highlights from the talk:
- Most companies are competing on CX,
- Companies with a leading CX:
- Out-perform the market by 40%,
- Grow faster and are more profitable,
- Are 80% more likely to retain customers, and
- Benefit from much higher customer spending (up to 140% higher) because of their investments in CX.
- The possibilities of big data are exciting and endless.
- Companies are utilising big data and analytics across their customer life cycles e.g. Bell Canada, Hertz, Westpac and Talk Talk.
- However, there are dangers:
- Organisations continue to add channels but the majority of their channels are still not connected making connected data initiatives problematic.
- Many companies complain of dealing with too much data.
- Many lack the right technical and management skills to get the most out of their data.
- There is so much hype around big data and analytics that there is a danger of over promising and under delivering.
- To make the most of your big data initiatives:
- Make the most of the data that you’ve got,
- Realise that big data and analytics will only take you so far and that ‘soft’ data that comes from activities like customer immersion, observation and direct conversations is where many organisations will find the sort of insight that will really help them stand out.
- We need to change the conversation and stop talking about data and start talking about outcomes. Outcomes that brands want to achieve and outcomes that customers want to achieve
Thanks to Arpingstone for the image.