Big data. You’d be surprised how many businesses talk the talk but fail to walk the walk. In fact, 92 percent of companies are suffering big data paralysis, failing to get their project off the ground or avoiding big data altogether. This week’s authors stress the enormous competitive advantage conferred on those companies that actually dig in and know what they’re doing. This involves using CRM, historical real time and behavioral data as well as cross-platform, cross device and channel integration data insights. Is your company optimizing all these forms of data? If not, you’re not alone but you’ll greatly benefit from this week’s CX Buzz of the Week.
Let us know your thoughts by commenting below, or reach out to us on Twitter: @NICE_Enterprise
Is Your Brand's Personalization Really Customer-Centric? [cmswire.com]
This article compares personalization in the physical and digital worlds. In a physical store, a good salesperson will know they are looking at a married man, approximately age 40, and this knowledge helps them steer the customer to the right product.
In the digital world, such insights can be achieved as well, but not through human intuition. Rather, the knowledge comes from data you’ve collected about your customer and your understanding of the customer’s mircro-segment. Being a pioneer in customer experience optimization means taking CRM, historical, real time and behavioral data and turning it into journeys that wow your customers.
For example, explains the article’s author, Daniel Toubian, when a customer comes looking for maternity clothes, about three months later you can offer a great experience by presenting her with the infant clothes she wants and needs. A year later, show her clothes for a growing one year old — and so on.
In sum, it's not about collecting mountains of data or testing based on legacy assumptions about visitors, but instead it’s about the actionable insights, which improve customer experience and drive revenue.
8 Reasons Big Data Projects Fail [informationweek.com]
Big data is all the rage; says author Matt Asay, but 92% of organizations are still stuck in neutral, either planning to get started or avoiding big data projects altogether. What’s the reason for their failure to launch? According to the author, most companies simply don't know what they're doing when it comes to big data.
He cites 8 common causes of big data project failures, attributing the list to Gartner's Svetlana Sicular.
These reasons include management resistance, when business leaders prefer to “trust their gut,” than rely on data. Another reason is that it’s not enough to collect reams of data. Those involved may lack the right skills or the ability to ask the correct questions of the data. There is also the issue of big data silos or what the author calls big data puddles. Often, he says, there are sharp boundaries between the marketing data puddle, the manufacturing data puddle, and so on. Finally there is problem avoidance. Sometimes we know or suspect the data will require us to take action that we don't really want to take.
Technology and marketing disconnect hinders customer analytics success [cmo.com.au]
There is a gap between the data business teams have access to, and what they are currently tapping into, according to Forrester Research principal analyst, Fatemah Khatibloo.
“We see lots of lost opportunities. There has been a focus on big data projects and platforms and solutions by technology teams, or vendors are wooing marketing leaders, but they’re not so good at solving business problems. Business and technology are not working together towards a common purpose, which is using that data for customer engagement.”
For Khatibloo, the treasure trove of data marketers should be drawing insights from is the data that paints a richer, clear picture of the customer journey.
For example, in the retail sector, inventory management should be a fundamental part of customer journey mapping, or refer data from a website to customize the experience further.
The other big area is cross-platform, cross device and channel integration data insights, Khatibloo argues. “What, for instance, does a customer’s experience with my mobile app tell me about their likelihood to behave in a certain way in-store, or the next potential experience in another channel? Those are the things marketers have not traditionally been doing well using the data they hold.”
Before You Can Be Customer Centric, You Must Be Employee Centric [linkedin.com]
One of the most popular phrases in customer service today is “customer centricity,” says author Shep Hyken.
But the way you service the internal customer needs to be just as “customer centric” as you want the organization to service the outside customer. So, it stands to reason that your organization must be employee centric before it can be customer centric. There is a direct correlation between companies that are rated high in work environment and those that are rated high in customer satisfaction ratings.
Southwest Airlines is arguably the most profitable airline in the industry. CEO Herb Kelleher believes that if you take care of the employees first, they will take care of the customers (passengers). It worked for Southwest airlines, and data shows it is likely to work for your company as well.
We hope you enjoyed our picks and bookmarked a few of these articles for future reference. Please don’t forget to share the buzz with other CX professionals.
Are there any other topics of CX that interest you? Tweet us, or comment below to let us know!