The field of customer analytics provides powerful – and profitable – advantages to organizations. The companies that continue to gain market share attribute their success to understanding the customer. Sometimes, however, executives in organizations need to be reminded of the benefits of customer analytics. Make sure to integrate the following into all your conversations with decision-makers when considering investing in customer analytics.Read More
The Metrics Your CEO Really Cares About
Out with the old, in with the new. It’s a new year, so let’s start our marketing programs the right way by tracking our performance. Metrics, or key performance indicators (KPIs), should be set up front so that the marketing team knows what goals they are striving to reach. Metrics alert us to which strategies we should replicate and which ones to improve. The following checklist includes the metrics vital to your marketing and sale’s efforts. The metrics provide insight for each stage on the customer lifecycle. Based on your industry, these should be reviewed over a given period.
Passion Backed by Facts
Tired as we all are of terms like “innovative”, “strategic” and “leading-edge”, such endless repetition is understandable — in the marketing lexicon there are only so many words and phrases available to describe the particulars of the business world.
Lately, I’ve noticed that I’m suffering market-speak fatigue with another word: “passion.” Apparently, every company on earth has a passion for what they do. Somewhere there must be a kitchen utensil company claiming they’re passionate about making shrimp deveiners.
Some of these claims are certainly genuine, but many companies are just trying to cloak their brand in a human emotion rather than admitting that every decision they make is driven by their bottom line.
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…