Creating a data-driven culture using Customer Insights

Eighty percent of the world’s data is unstructured. The most common form of data is text, generated and collected in a wide range of forms, including Microsoft Word documents, email messages, PowerPoint presentations, survey responses, call centre transcripts, as well as blogs and social media posts.  

Many organisations realise the value of their data and are trying to tap into the value of being data-driven. For example, research by MIT professor Erik Brynjolfsson found companies that embrace data-driven decision making have increased output and productivity that is between 5 – 6% higher than companies who do not. Richard Joyce, Senior Analyst at Forrester stated, “For a typical Fortune 1000 company, just a 10% increase in data accessibility will result in more than $65 million additional net income.” Forrester also estimates data-driven businesses are growing at an average of more than 30% annually. 

Alan Duncan, Vice President Analyst at Gartner says that a data-driven culture “bolsters and speeds up business decision-making processes.”, and that the goal is to better serve the organisations customers.  

Most executives admit that their organisations don’t manage their information assets efficiently, which add to lost business opportunities and expenses that could be avoided.  

Areas of Influence 

According to Gartner, there are three areas of influence when you are trying to drive a data culture within your organisation: 

1. Identifying and communicating the actual value of the data 

Making a substantial change within an organisation takes a monumental effort, an effort that needs to be worth its while and understood by the business drivers of the companyData Scientists and Chief Data Officers (CDO’s) need to link data to business KPIs in order to prioritise and get the support they need from various business areas within the organisation. CDO’s can showcase internal and external data to identify ways to use existing data in innovative ways.   

2. Addressing the cultural change impacts of a data-driven approach 

Changing culture is extremely difficult to do and it needs to be done from the top down with a few designated champions within the organisation that will drive the change. To establish a data-driven culture change in your organisation, engage with stakeholders to secure buy-in and ongoing support in treating data as an asset — not data as a byproduct. 

 3. Design a Data and Analytics Strategy 

Finding concrete, measurable metrics that link data and analytics initiatives to information will show business and stakeholder value. Start data and analytics initiatives with a baseline measurement of the “as-is” state and show a clear path to financial and business objective contributions. 

Which organisations are successfully data-driven? 

Discovery Bank 

In an era of waning customer loyalty and eroding product differentiation, banks have a rare opportunity to reinvent themselves again- with big data discoverywhich is what Discovery Bank decided to do. 

Discovery is using the massive amount of data that they have collected throughout the group to better understand their customers and prospects and unlock customer value and achieve profitable growth. Their entire proposition is premised on Vitality Money, which rewards clients for changing their behaviourThey do this by collecting financial data, personal information, pictures you take, information about your spouse and dependents, and use it to personalise your banking experience and help you to make ‘healthier’ financial choicesThey can use this to their advantage but will need to develop strong data analytics capabilities to truly personalise banking and meet customers’ needs. 

Easy Equities 

One of our clients, Easy Equities, has an online investment platform that breaks the stigma around buying shares and the difficulty of doing it. It allows for automated investment and advice by using software and algorithms that’s scours all the data you provide, to give you an investment portfolio suited to you and your specific goals.   

 Netflix 

Did you know that Netflix started in 1997, not a few years ago, as we maybe would have thought? Netflix started by delivering DVDs through the mail. Ten years later, they decided to jump through the gates of innovation and started a streaming service with a content library.  

Netflix continues to innovate and uses a data-driven culture to deliver a world-class customer experience. They collect every bit of data and analytics to personalise the streaming experience as well as make future decisions about which shows should be added or which series should be marketed and sponsored, affecting many departments of the organisation.  

In less than a decade since the implementation of the on-demand service, Netflix has become a channel that not just distributes content; today, it competes with traditional TV networks for awards, such as the Golden Globes. 

Netflix used a data-driven culture to change the way the entire world consumes content. 

What if your sales team could look across data sets on their smartphones to figure out the current needs of their customers? What if your consultants could have instant access to a customer profile to suggest products that suit their buying patterns? How do you get more out of what you already have?

Here are five ways you can use data to better your business: 

1. Customer Segmentation

Behavioural and attitudinal insights are starting to take the spotlight with product use and channel selection, over demographics and customer transaction history that were traditionally the cornerstones of customer insight. With the explosion of data from multiple sources, it is now an absolute must for organisations to integrate data from internal sources such as CRM with various external channels (social, mobile, web etc.) in order to serve customers better. 

Using data correctly allows you to create more specific segments, such as ‘people who spend over R1000 on the app’, giving you the chance to see your existing customer base in different ways, beyond the old ways of basic segmentation, such as 20 – 30-year-old women who live in Johannesburg.  

 

2. Personalisation& Targeted Marketing 

Data and analytics help to personalise the customer experience and provide timely and relevant offers that customers are more likely to accept. 

NOSA, a health and safety training organisation and client of ours, wanted to incorporate targeted,  personalised marketing into their practices to run a special offer. They decided to target the existing customers who had already done the introduction to SAMTRAC occupational risk course and send them an email about this personalised offer, knowing that their next step would be to do the Advanced SAMTRAC course. With this one email campaign, they generated R1, 5 million rands, just by using the data they had and marketing to it.  

Companies can determine a customer’s propensity to buy and increase the effectiveness of cross-selling and upselling. With up-to-date data, knowledge can be collected from multiple channels, with information about major life events and offer the right product and the right time with a higher chance of purchase, just like NOSA did.  

 3. Prevention of Customer Churn

With customer churn being unusually high right now, data analysts can use advanced analytics to find out the key causes of customer turnover among certain groups of customers. 

Customer profile and transaction data can be used to determine common characteristics of customers who have defected. For instance, companies get signaled if customers don’t pay on time. If this happens once, it might be a mistake, but if a pattern starts developing, someone can reach out to the person and offer them the chance to downgrade to a more affordable option. This allows organisations to keep customers, rather than losing them completely. Companies can devise specific strategies for these customers to make sure they are not lostRemember, it is much more expensive to acquire new customers than to retain old ones.  

Social data from sentiment analysis can also indicate if particular segments are unhappy and are likely to jump ship. 

 4. Distribution and Customer Engagement

As more and more customers demand to interact with their service providers in different ways, omni-channel capabilities need to be thoughtfully designed. 

A product-by-product analysis of each sales channel can be carried out to reveal channel opportunities outside traditional patterns. With actionable insights into customer engagement and shifts in channel use, companies can realign their distribution strategy.

5. Fraud Mitigation

As more organisation’s create mobile apps and online payment services to meet customer expectations, the risk of fraud incidents must also be acknowledged.  

Advanced analytics can help in recognizing patterns of fraudulent transactions, identify possible fraudulent transactions, and take preventative measures, helping both the company and the customer.  

Organisations are tapping into this ever-flowing data to create real customer value, and organisations who get there first will mark their spot as industry leaders.   

Using Data to understand and predict Customer Insight and behaviour 

Successful companies, like Netflix, put the customer in the centre of everything they do, which is why customer insights and related data could boost the customer experience, making your organisation a truly customer-centric organisation 

Businesses are realising that non-technical employees can offer unique insights–and ask questions specific to their departmental goals that others might not have thought of. Customer Insights can be woven into many different departments, including marketing, sales, customer support, and even Management to make better decisions for the various areas of work.  

 

Customer Insights allows you to:  

1. Get a holistic view of your customers 

Using all transactional, observational, and behavioural data, customer profiles can be continuously updated and promoted to based on their latest choices.  

 2. Use Machine Learning and AI Insights for discovery 

Customer Insights can use out-of-the-box machine learning templates to make predictions about what your next best actions should be, customer churn, and future product recommendations. It can help you discover new audiences to target as well as analyse advertising or email marketing.  

3. Know who consumes which products and services and gauge what customers want in the future 

Personal and relevant relationships with customers are indispensable in order to compete and boost customer loyalty. Based on the right customer data, you want to be able to quickly steer and decide when it comes to products, innovation, and service. 

4. Find new opportunities 

Your customer behaviour data is your best tool for finding sales opportunities. Look for trends and patterns by looking at common data sources such as email, web tracking, social media, your customer support teams, and product feedback.  

 

Microsoft Dynamics 365 Customer Insights is a solution we offer to help you put all your customer data in one place, which helps you understand the behaviour, needs, and wishes of your customers. With Customer Insights, you can get a 360-degree view of your customers in every department from Customer Service to Marketing and Sales, making these departments up to 6% more effective.  

Customer Insights can also be connected to Power BI to visualise deeper customer insights through customised dashboards and reports. It can connect to Power Apps to build customer apps with embedded customer insights and Power Automate to trigger workflows based on customer actions and signals 

 

Fill in the form below and one of our consultants can: 

  • Provide a live demo  
  • Provide business applications expertise and industry solutions; and 
  • Discuss how you can personalise this solution to fit your organisation and data needs.

Creating a data-driven culture using Customer Insights

Eighty percent of the world’s data is unstructured. The most common form of data is text, generated and collected in a wide range of forms, including Microsoft Word documents, email messages, PowerPoint presentations, survey responses, call centre transcripts, as well as blogs and social media posts.  

Many organisations realise the value of their data and are trying to tap into the value of being data-driven. For example, research by MIT professor Erik Brynjolfsson found companies that embrace data-driven decision making have increased output and productivity that is between 5 – 6% higher than companies who do not. Richard Joyce, Senior Analyst at Forrester stated, “For a typical Fortune 1000 company, just a 10% increase in data accessibility will result in more than $65 million additional net income.” Forrester also estimates data-driven businesses are growing at an average of more than 30% annually. 

Alan Duncan, Vice President Analyst at Gartner says that a data-driven culture “bolsters and speeds up business decision-making processes.”, and that the goal is to better serve the organisations customers.  

Most executives admit that their organisations don’t manage their information assets efficiently, which add to lost business opportunities and expenses that could be avoided.  

Areas of Influence 

According to Gartner, there are three areas of influence when you are trying to drive a data culture within your organisation: 

1. Identifying and communicating the actual value of the data 

Making a substantial change within an organisation takes a monumental effort, an effort that needs to be worth its while and understood by the business drivers of the companyData Scientists and Chief Data Officers (CDO’s) need to link data to business KPIs in order to prioritise and get the support they need from various business areas within the organisation. CDO’s can showcase internal and external data to identify ways to use existing data in innovative ways.   

2. Addressing the cultural change impacts of a data-driven approach 

Changing culture is extremely difficult to do and it needs to be done from the top down with a few designated champions within the organisation that will drive the change. To establish a data-driven culture change in your organisation, engage with stakeholders to secure buy-in and ongoing support in treating data as an asset — not data as a byproduct. 

 3. Design a Data and Analytics Strategy 

Finding concrete, measurable metrics that link data and analytics initiatives to information will show business and stakeholder value. Start data and analytics initiatives with a baseline measurement of the “as-is” state and show a clear path to financial and business objective contributions. 

Which organisations are successfully data-driven? 

Discovery Bank 

In an era of waning customer loyalty and eroding product differentiation, banks have a rare opportunity to reinvent themselves again- with big data discoverywhich is what Discovery Bank decided to do. 

Discovery is using the massive amount of data that they have collected throughout the group to better understand their customers and prospects and unlock customer value and achieve profitable growth. Their entire proposition is premised on Vitality Money, which rewards clients for changing their behaviourThey do this by collecting financial data, personal information, pictures you take, information about your spouse and dependents, and use it to personalise your banking experience and help you to make ‘healthier’ financial choicesThey can use this to their advantage but will need to develop strong data analytics capabilities to truly personalise banking and meet customers’ needs. 

Easy Equities 

One of our clients, Easy Equities, has an online investment platform that breaks the stigma around buying shares and the difficulty of doing it. It allows for automated investment and advice by using software and algorithms that’s scours all the data you provide, to give you an investment portfolio suited to you and your specific goals.   

 Netflix 

Did you know that Netflix started in 1997, not a few years ago, as we maybe would have thought? Netflix started by delivering DVDs through the mail. Ten years later, they decided to jump through the gates of innovation and started a streaming service with a content library.  

Netflix continues to innovate and uses a data-driven culture to deliver a world-class customer experience. They collect every bit of data and analytics to personalise the streaming experience as well as make future decisions about which shows should be added or which series should be marketed and sponsored, affecting many departments of the organisation.  

In less than a decade since the implementation of the on-demand service, Netflix has become a channel that not just distributes content; today, it competes with traditional TV networks for awards, such as the Golden Globes. 

Netflix used a data-driven culture to change the way the entire world consumes content. 

What if your sales team could look across data sets on their smartphones to figure out the current needs of their customers? What if your consultants could have instant access to a customer profile to suggest products that suit their buying patterns? How do you get more out of what you already have?

Here are five ways you can use data to better your business: 

1. Customer Segmentation

Behavioural and attitudinal insights are starting to take the spotlight with product use and channel selection, over demographics and customer transaction history that were traditionally the cornerstones of customer insight. With the explosion of data from multiple sources, it is now an absolute must for organisations to integrate data from internal sources such as CRM with various external channels (social, mobile, web etc.) in order to serve customers better. 

Using data correctly allows you to create more specific segments, such as ‘people who spend over R1000 on the app’, giving you the chance to see your existing customer base in different ways, beyond the old ways of basic segmentation, such as 20 – 30 year old women who live in Johannesburg.  

 

2. Personalisation& Targeted Marketing 

Data and analytics help to personalise customer experience and provide timely and relevant offers that customers are more likely to accept. 

NOSA, a health and safety training organisation and client of ours, wanted to incorporate targeted,  personalised marketing into their practices to run a special offer. They decided to target the existing customers who had already done the introduction to SAMTRAC occupational risk course and send them an email about this personalised offer, knowing that their next step would be to do the Advanced SAMTRAC course. With this one email campaign, they generated R1, 5 million rand, just by using the data they had and marketing to it.  

Companies can determine a customer’s propensity to buy and increase the effectiveness of cross-selling and upselling. With up-to-date data, knowledge can be collected from multiple channels, with information about major life events and offer the right product and the right time with a higher chance of purchase, just like NOSA did.  

 3. Prevention of Customer Churn

With customer churn being unusually high right now, data analysts can use advanced analytics to find out the key causes of customer turnover among certain groups of customers. 

Customer profile and transaction data can be used to determine common characteristics of customers who have defected. For instance, companies get signaled if customers don’t pay on time. If this happens once, it might be a mistake, but if a pattern starts developing, someone can reach out to the person and offer them the chance to downgrade to a more affordable option. This allows organisations to keep customers, rather than losing them completely. Companies can devise specific strategies for these customers to make sure they are not lostRemember, it is much more expensive to acquire new customers than to retain old ones.  

Social data from sentiment analysis can also indicate if particular segments are unhappy and are likely to jump ship. 

 4. Distribution and Customer Engagement

As more and more customers demand to interact with their service providers in different ways, omni-channel capabilities need to be thoughtfully designed. 

A product-by-product analysis of each sales channels can be carried out to reveal channel opportunities outside traditional patterns. With actionable insights into customer engagement and shifts in channel use, companies can realign their distribution strategy.

5. Fraud Mitigation

As more organisation’s create mobile apps and online payment services to meet customer expectations, the risk of fraud incidents must also be acknowledged.  

Advanced analytics can help in recognizing patterns of fraudulent transactions, identify possible fraudulent transactions, and take preventative measures, helping both the company and the customer.  

Organisations are tapping into this ever-flowing data to create real customer value, and organisations who get there first will mark their spot as industry leaders.   

Using Data to understand and predict Customer Insight and behaviour 

Successful companies, like Netflix, put the customer in the centre of everything they do, which is why customer insights and related data could boost the customer experience, making your organisation a truly customer-centric organisation 

Businesses are realising that non-technical employees can offer unique insights–and ask questions specific to their departmental goals that others might not have thought of. Customer Insights can be woven into many different departments, including marketing, sales, customer support, and even Management to make better decisions for the various areas of work.  

 

Customer Insights allows you to:  

1. Get a holistic view of your customers 

Using all transactional, observational, and behavioural data, customer profiles can be continuously updated and promoted to based on their latest choices.  

 2. Use Machine Learning and AI Insights for discovery 

Customer Insights can use out-of-the-box machine learning templates to make predictions about what your next best actions should be, customer churn, and future product recommendations. It can help you discover new audiences to target as well as analyse advertising or email marketing.  

3. Know who consumes which products and services and gauge what customers want in the future 

Personal and relevant relationships with customers are indispensable in order to compete and boost customer loyalty. Based on the right customer data, you want to be able to quickly steer and decide when it comes to products, innovation, and service. 

4. Find new opportunities 

Your customer behaviour data is your best tool for finding sales opportunities. Look for trends and patterns by looking at common data sources such as email, web tracking, social media, your customer support teams, and product feedback.  

 

Microsoft Dynamics 365 Customer Insights is a solution we offer to help you put all your customer data in one place, which helps you understand the behaviour, needs, and wishes of your customers. With Customer Insights, you can get a 360-degree view of your customers in every department from Customer Service to Marketing and Sales, making these departments up to 6% more effective.  

Customer Insights can also be connected to Power BI to visualise deeper customer insights through customised dashboards and reports. It can connect to Power Apps to build customer apps with embedded customer insights and Power Automate to trigger workflows based on customer actions and signals 

 

Fill in the form below and one of our consultants can: 

  • Provide a live demo  
  • Provide business applications expertise and industry solutions; and 
  • Discuss how you can personalise this solution to fit your organisation and data needs.

Written by

Tania Camacho

As a digital storyteller and marketing professional at Enterprisecloud, Tania helps businesses understand the importance of their customers and how to be truly customer-centric using customer engagement tech. She studied Industrial Psychology and did her research in Consumer Behaviour, which is where her fascination for marketing began. She has written content for companies like Mastercard, Internet Solutions, and Blue Label Telecoms. 

Written by

Tania Camacho

As a digital storyteller and marketing professional at Enterprisecloud, Tania helps businesses understand the importance of their customers and how to be truly customer-centric using customer engagement tech. She studied Industrial Psychology and did her research in Consumer Behaviour, which is where her fascination for marketing began. She has written content for companies like Mastercard, Internet Solutions, and Blue Label Telecoms. 

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