How To Gain Strategic Customer Insight Through Data Analytics

today more than 11 billion connected devices are producing eight Zita bytes of data per year by 2025 these devices will grow Eightfold from 11 to 80 billion while Dena will grow a staggering 22 fold from 8 Zita bytes to 180 Zita bytes in every forecast calls for continued exponential growth thereafter organizations need to learn how to harness this digital firehose to acquire retain and grow customer relations in an increasingly connected and digital world hello I'm Barton Goldenberg president and founder of is M I found that I sent 33 years ago to help organizations like yours acquire retain and grow your customer base there are lots of opportunities in the area of data analytics that I particularly enjoy segmentation acquisition modeling lead scoring cross sell upsell next best offer retention or survival modeling as its called response modeling look-alike modeling one of my favorites customer lifetime value these are all different types of data analytic opportunities what I'd like to do now is quickly show you how is M has helped three best-in-class organisations harness vast customer data to drive customer acquisition retention and growth in the first case study were talking about a global automotive manufacturer the executive team got together and said you know we really would like to confirm the benefits of a comprehensive data analytics program we want to answer simple questions like how do we measure the success of the program and to accomplish this I SEM focused on customer purchasing behaviors that included both cross cell cross brand purchases and campaign conversion we looked at things like the base sales and sales trends over a 20-year period we looked at repeat buying trends and model preferences we looked at cross brand purchase analysis including model preferences and then we built repeat buyer look-alike models we also built campaign conversion predictive models and all this was done in an effort to better understand how should this company spend his promotional dollars in an increasingly competitive and challenging environment the second company that I'd like to talk briefly about is a financial services company the situation in that particular case is there was a desire for this very old and well-established company to begin to sell mutual funds in addition to some of the other products they were selling including annuities and what the the question at hand was with the tens of thousands of financial advisors that were capable of selling these new mutual funds which advisors would be the best advisors to offer the product through because the advisor performance rating what varied widely the churn rate amongst the advisors was too high and we really needed to look at who were the high potential advisors that would be the best advisors to go to to realize this particular new product launch so what we did in this particular case was a little different we actually organized a discovery workshop and within the workshop we wrote a business case we looked at the current market for mutual funds we created a data analytics value proposition we looked at the project costs we focused on cost-benefit analysis and we came up with a business case and then we went out and built a proof-of-concept using data analytics to validate the business case more specifically we looked at six areas for quantification the value of upselling for existing financial advisors the value of cross-selling for existing financial advisors the wind back of former advisors what we call fallen angels that might actually be the better ones to sell this new mutual funds we looked at what is the optimal interaction with the advisors in terms of number of times we contacted them how we content get contacted them channels that we used etc we looked at how that advisor drove how we could drive advisor retention and loyalty so how one advisor could from another how we would approach them differently and then we focused on acquisition of advisor both recruitment and development in the and in that particular case we had a tremendous outcome whereby the the actual data model more than validated the business case and the result of that is this company that moved in to building that particular of data analytics program in the third and final case I want to move to the b2c field and that is a global consumer brand where the focus was on segmentation so this was a company that offers a program whereby training is provided to members who sign up they pay a member fee they get certified and the challenge that this company was facing was there was a high level of churn among their members and that was impacting the revenue and bottom line so in this particular case we had a lot of fun creating what was a segmentation model that it was aiming to achieve five objectives first of all to categorize the members into groups with similar behaviors and characteristics then we could hopefully better manage the member company relationship by segments we could assess the potential value of new member activities and the rate of churn amongst those members we could align our personal communications to maximize the member values as we get unique communications and then we could shape and define individual customer journeys or in this particular case it was groups of customer journeys by members segments it was a very interesting approach that we used we utilized third party demographics and lifestyle data and then we did is we built iterative models to predict the behavior we validated those models against the test group we created a scoring mechanism within the model and finally we began to identify and lock in on what we called member segmentation it was a very interesting exercise whereby we learned that certain segments once we got them to the first year of membership were actually home free and we could then leverage some of those segments to teach what we call the newbie segments that would help them get through that first year we also carefully looked at moments of truth inside the customer journey as well as risk that were we identified during that journey so those are three examples of companies we've had the pleasure of working with for more than 33 years is Emmett's worked closely with these types of world-class b2b b2c companies they include the Giorgio Armani's of this world Jaguar Land Rover Zumba Fitness Kraft Foods Pacific Life and many others on their data analytics and customer intelligent projects we would greatly enjoy the opportunity to work with your organization to create and/or deliver data analytics excellence if you'll click below to schedule a session with us we'll be able to discover together how we might be able to help your organization thrive in our increasingly data-driven world thank you

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