- May 17, 2017
- Posted by: Allen Kruse
- Category: Big Data, Customer Experience
Not getting the job done.
Like many today, you may have poured an immense amount of time and resources to get onboard the Big Data train to improve Customer Experience. That by simply having access to big data and analytics, it was going to provide clarity toward understanding your customers.
But when it’s all said and done, a large gap remains. Between what data you have access to, versus what the customer expectations are and how you can provide analytics to it.
A new study by Researchscape did a deep dive look at brand loyalty within the age of big data. Their study concluded that “despite a wealth of data available about customer behavior and purchasing choices, companies have a long way to go in terms of effectively using this data to better meet customer expectations.” Ashley Stirrup, chief marketing officer at Talend, which helped sponsor the study had this to say, “While the majority of companies recognize the importance of data in driving company strategy, many are just scratching the surface when it comes to understanding the dramatic impact customer-360 initiatives can have on increase their ‘share of wallet’ and inspiring lasting customer loyalty.”
Getting information about your customer; their patterns, expectations, and satisfaction is more than just an IT issue. Although companies are increasing their budgets on data analytics and CRM. Many organizations still are failing to spend on how to gauge the effectiveness of their efforts. This should be a company wide concern.
“Fifty percent or less of the surveyed companies are deploying elementary barometers of customers’ satisfaction,” noted the survey.
Let’s assume that you are a company that has made the right investments. You have big data along with specific customer experience analytics (i.e. CSAT, NPS), Yet are still not getting the results you want. So – then why you are failing at utilizing Big Data to improve your Customer Experience? It’s because before you implemented these initiatives, operations, programs, etc… you didn’t take the time to ask, “Why?”
- “Why am I asking the question?”
- “Why does that question matter to the customer?”
- “Why does that answer to the question matter to me?”
If you don’t know these three basic query’s to any question you are asking for your big data initiatives – then it’s very difficult to determine the value of that data analytically and thus are spinning your wheels.
This opens up an entirely different discussion topic around Who, What, How, When. Maybe for another article. Remember – just because you have the ability to collect data, doesn’t mean you are executing initiatives properly that move your company forward.
Spinning your wheels takes time away from you doing the key things that drive revenue. Your competitors are on the hunt to figure it out, it’s up to you to determine who gets to the finish line first.