Lead the Pack with Exceptional Analytics
Being successful in a world where customer centricity is increasingly important is no small feat. And, a key challenge for businesses today is making sure your company achieves all of the required capabilities, and then continues to improve them to meet market demands. And it’s your company’s ability to analyse your customers and build intelligence that is the key to overcoming this challenge.
Customer analytics has become fundamental for companies in today. While some companies still use digital analytics for simple reporting, it’s foundational to business operations and customer experience activities for many brands. And it forms the basis for the execution of integrated and personalized marketing programs. Research by Adobe and London Research shows that companies that invest in analytics will reap the rewards. But this depends on executive sponsorship and focused investment to be both strategic and integrated.
How leaders are getting it right
Ensuring as much visibility as possible around how customers engage with companies is of vital importance, and customer analytics leaders are at the forefront. With the right marketing technology setup and integration of platforms, like Adobe Analytics, it’s now becoming easier than ever. But it’s also crucial to use digital analytics technology to its full potential. Working to use the maximum functionality of analytics packages can help companies succeed, with 205 percent of leaders making the most of their technology.
Using predictive and prescriptive analytics is another key element of success. Leaders are harnessing the power of AI and machine learning to take insights and drive actions automatically, in real time.
While technology is critical for success, companies must make sure they also focus on establishing the right culture, leadership, and skills internally. Leading brands who democratize data across teams deliver the most insights from their data. And perhaps most importantly of all, the most successful companies recognise the value of data skills. So rather than limiting it to the analytics department, leaders are investing in the core data skills needed to get the most from their technology.
Creating the right culture for success
Companies must champion a data-driven culture, where improvements in customer experience and commercial performance are rewarded. With the complexities of customers interacting with a business in multiple ways, it’s important to have teams who collaborate, share insights, and educate each other. Democratizing your data means that analytics tools that are accessible to everyone in your organization, so those who aren’t specialists can still analyse and manipulate data.
“Analytics delivers value to all departments, from marketing and sales to IT operations,” says Felix Wenger, head of channels and distribution at Raiffeisen, a Swiss bank. “We elevated the role of analytics in our organization to demonstrate the importance of data insights in driving more personal customer experience across channels. You’d normally only expect to see conversion rates of 1 percent. By reaching out to engage a customer through insights gain from analytics, we’re seeing average conversion rates of up to 14 percent.”
A successful customer analytics strategy depends on the right kind of technology and people to make it work. With the right people in place to bridge the gap between specialists and the rest of the company, the operationalization of insights becomes a lot easier. To get the most out of your investment in customer analytics, senior management must understand its value and be completely on board to create the optimal company culture to support analytics success.
Read our Customer Analytics report to learn how investing in customer analytics can improve the customer experience and your bottom line.