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Customer Insight
Understanding your Customers' Value. Customer Insight is the continuous process of building and/or leveraging customer information through continuous data aggregation and analysis to shape the next customer interaction. This optimises the alignment of market, sell and serve business processes with customer needs to yield increased share-of-customer and higher customer retention. To deliver value, Customer Insight requires the integration of a variety of capabilities such as database marketing, data warehousing, data mining, and campaign management. The foundation for generating value is to create a knowledge base that captures the appropriate customer information and to then effectively manage that information. Drawing insight involves forming new and informative models from the collected customer information; it is the ability to apply the right tools and techniques to create knowledge that allows the organisation to understand and anticipate customer needs, rationales, and behaviours. The benefits are then realised by integrating the insights into the market, sell, and service business operations to shape customer interactions. By implementing Customer Insight an organisation moves from just treating its customers efficiently to treating its customers appropriate to their potential value. It enables a company to vary its treatment of customers and the relationship with them, thus migrating the organisation from simple cost reduction to sustainable revenue growth. Objectives Customer Insight capabilities can be leveraged to resolve several critical business challenges, ranging from improving Return on Investment (ROI) for marketing initiatives to improving the understanding of customer needs. Specific business challenges include the following: ¤ low/unknown ROI on marketing expenditures ¤ inability to manage customer life-cycle ¤ lack of actionable customer information ¤ new technologies/channels for customer interactions ¤ increased competition to understand, anticipate, and satisfy true customer needs. Customer Insight implementations can resolve these business challenges and help organisations generate value by: ¤ increasing revenue per marketing pound when combined with marketing business processes ¤ improving share-of-customer when combined with marketing and selling business processes ¤ increasing profit per customer lifetime when combined with marketing, selling and service business processes. Associated Technologies There are a number of technologies associated with the Customer Insight market space. The applicability of these is obviously dependent on both the organisation and industry. Below is a high level list of some of the key technologies: ¤ Data Warehousing ¤ Data Refinery ¤ Data Mining/Data Visualisation ¤ Case Based Reasoning ¤ Real-time Modelling. If you are interested in obtaining more information, please contact us. |
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