Analytics: Without the analysis of customer data there can be no true attempt at building customer loyalty. Controversial? Maybe. But we shouldn't think that collecting data from the customer base is an entirely new concept. Surveying buying habits through market research and collating the information to define strategy is a decades old concept, certainly predating the age of information technology. Whilst acquisition was traditionally the focus of marketing departments, this was largely because of the fundamental lack of understanding as to what individuals, rather than broader markets, expected from the business.
What âBig Data' and the analytics on top of that have allowed is for the focus to swing from acquisition to retention. Rather than just having a knowledge of what a marketplace wants, essential for customer acquisition, we can now dig down to understand what motivates customers both to buy a product or service, but more importantly to keep coming back. Furthermore, with the birth of the social space, businesses can now understand what it takes to turn a regular customer into a vocal brand champion.
Nevertheless we still see businesses failing at a fundamental level to take the steps necessary to developing a single customer view. This seems inexcusable given the relative ease and lack of expense that the plethora of new analytic solutions offer. Marketers should always strive to be data driven, and never more so when trying to retain business. And given that customer retention should be the ultimate goal of the vast majority of commercial organisations, now has to be the time to take the step towards an analytics driven business.
How has the explosion in analytics affected your business? How does data drive your work?
Analytics of social media data is increasingly important for many businesses. Click here to discover the seven biggest mistakes brands make in the social media space.