ANALYTICS: A HOW-TO APPROACH
Walk in your customers’ shoes: Try shopping your company’s sales agents and perform the same with your competitors. Talk to customer-facing employees to gain their insights. These experiences can help to identify areas for improvement.
Ask smart questions: Discover the information which will help you better serve customers and gain a competitive advantage, or fulfill the business strategy? Setting tight objectives for your research and analysis can help you avoid ineffective insights that are interesting, but don’t lead to action.
Know your data: Be objective with your data. Don’t get blinded by your current data; it doesn’t have to be complete to be valuable.
React Smart: Before you start, plan how you can turn the insights into actions and how you will measure results. Make sure you have the systems and processes in place that support implementation and add value.
Target a quick win: Pick a small project where you can discover immediate insight and recommendations that will likely be easy to execute. Use this experience to learn how to tackle more complex, broader-scale projects across the business—as well as demonstrate the value of analytics internally.
Test and learn: Be willing to test different approaches and learn from results. This requires patience on the part of your organization to do this effectively now and into the future.
Customer Insight and Analytics in action
• A Mercedes BMW and Lexus service firm that sells maintenance services through its website and local shop wanted to improve the ROI on its web-search advertising spend. We helped this client analyze past customer orders to identify the search keywords that drove the most sales. The insights were surprising: the client’s organic search terms delivered a stronger ROI than their paid search terms. As a result, the client decreased their paid online search spend by more than 75% without decreasing top-line sales.
• An immunology products and biomedical research company was actively seeking a solution to increase sales and customer retention goals. They needed a clear profile of their customer base to more accurately target advertising and promotions to attract new clients and to expand relationships with existing customers. We used customer a powerful database program to list 5000+ products with data technical information along with pricing available through a new website. This database provided the insight needed to better understand and segment the company’s customers, including identifying customers with high potential value.
• A Business Improvement District wanted to improve exposure for its 125 merchants in Northen California. We designed, developed, and implemented a tested website, analytics program, and directory to help them understand and predict customer traffic to its web property. This solution allows the Business District to precisely target customer demographics by offering special programs to increase sales.