The Amazons, Ebays and Googles of the world have all the proverbial ‘force’ to subdue the market and make it dance to its tunes. The massive budget, the technology infrastructure, sophisticated enterprise solutions, you name it … they have it all. So where does that leave the midmarket, or the have-nots?
The playing field is undoubtedly uneven. But, despite the disadvantage of smaller budgets, less-than-great technology, and the lesser talented of the employee pool, the midmarket is soaring – with a stable growth, more job opportunities, and a considerable contribution to the GDP. And it has been possible with customer analytics.
In tandem with the pace set by the tech titans, the customer today not only wants a seamless experience across all channels, but personalized interactions, and strong reasons to be loyal to a brand. These demands are not easy to be met, whether it is a giant trying to do it or a small fish. Customer analytics, which is a blend between customer data, common sense, and rigorous analytics, can transform your data into a powerful marketing tool and help ace this problem.
How does customer analytics work?
First, the various interdisciplinary groups of a company, such as marketing, customer service, business analytics, sales and IT, agree upon the metrics – like the operation performance, revenue, and working capital – that can give them a singular view of the customer experience. This view helps make critical business decisions like how to best approach customers, identify valuable ones and retain them, and interact with them proactively. Multiple CRM applications, dislodged ERP systems and ineffective CDI are fixed, so that the company does not receive a fragmented view of the customer.
Actively using data analytics to gain insights on customer behavior immensely helps in achieving the basic success measures – ROI, profit, growth. Moreover, since midmarket companies don’t have the budget to execute sophisticated tools to track performance or mange risk, there might be trouble in timely identifying issues and make contingency plans; which can be fixed by employing customer analytics tools.
In addition, the rise of cloud applications, which are low-cost alternatives of expensive technology infrastructure, has opened a whole new world for low budget information technology. Then there are online analytics courses and tools that can help even those without a statistical background to approach analytics. The knowledge thus obtained and the correct integrated toolsets arm the midmarket to take on the giants.
What are your views on customer analytics? Share in the comments section.