We all know the age-old saying, “high risk, high reward.” Well, what if you could minimize that risk when making decisions for your business? By studying the past, present and future trends affecting your industry, customer analytics does just that.
To help your company become or remain successful, consider voice of customer research for these four reasons.
It’s not what you know, it’s how many departments know it.
The detrimental effects of a silo mentality have been well established. In fact, one study says that an astonishing 86% of employees and executives cite lack of collaboration or ineffective communication for workplace failures.
So, you know the problem is too complex and entrenched to be solved by workplace signs like “Teamwork is less me and more we”, or by having everyone participate in a “Which Animal Are You?” exercise.
The fact is, a silo mentality reduces overall productivity in tangible ways. It also hurts morale, which affects efficiency, and ultimately profitability, in many intangible ways.Read More
So, you want to make a case for a customer analytics budget. The (ideal) problem is, your company is growing rapidly, your product is being sold to the right people, and marketing efforts seem to be effective. In this case, your boss may ask, “Why do we need customer analytics?” which is a valid question. After all, why spend resources when things are going well? Well, here is why…
Everyone is an expert at certain things. We’re all experts at parking in our own garage, at shampooing/rinsing/repeating.
But in the business world, I can remember a time when the word “expert” was reserved for a small number of individuals who had reached a rare level of skill or knowledge about a given subject.
Customer analytics data, like a computer, becomes outdated in three years.
A lot can happen in three measly years. Just ask Lord Kelvin – you know, the guy whose name is on the scale of absolute temperature. Around 1892 he proclaimed that “X-rays will prove to be a hoax.” Three years later he had his hand x-rayed.