For years sales and marketing teams around the world have failed to understand the importance of having a data scientist in their ranks. There are several reasons for that but perhaps the most significant one is a failure to recognize and embrace the difference between data analytics and data science.
Brands, no matter how big or small they may be, a common concern they all share is maximizing their campaign effectiveness. For the sake of illustration, imagine a Mercedes Benz Ad targeting a female aged 22-27, will it be effective in any sense?
The advent of ‘big data’ has completely changed the way businesses can harness the information about customers to make powerful business decisions. Data could be of any type – campaign information, customer demographics, individual transaction behavior, interactions on social networks, web usage, or satisfaction surveys etc. In this infographic, we highlight the impact of customer experience on business outcomes and BRIDGEi2i’s customer intelligence solutions.
This absurdity has to end. Way too much money is being spent on stuff that is really subjecting people to torture. The plummeting cost of communication technology is playing into the hands of these demon marketers who carpet bomb us at will. The other contributing factor is the fact that direct marketing activities are outsourced to sweatshops that employ desperate, but completely unsuitable people to execute. Lost among all this is the fact that these tactics will put off a large number of people and increase irritation and disengagement among both customers and target prospects- two very important constituencies.
Data driven customer intelligence is a fairly evolved science. Enterprises have sunk enormous investments in sophisticated data mining algorithms and the associated infrastructure in order to be able to identify the cream of their customer portfolio. As a result, these companies have a pretty good handle on who their high value customers are, what they like, where do they live, what will they spend on, when they will sneeze etc.
This information is leveraged massively to tease out the last dollar from the wallets of the high value customers by bombarding them with offer after offer, day after day. Alas, unable to withstand this battering, some customers run for the hills, never to return.
With reasonable experience in the field of Analytics, when i look back now, I must give full marks to my Uncle when it comes to Customer Intelligence. And I assure you again, he knew none of those analytical terms. I still remember spending my entire summer holiday at his shop looking for chocolates, making friends and understanding the business. It now occurs to me that he implemented all the vital customer intelligence strategies very proficiently.
Here are some anecdotes from a small town vegetable shop in Southern India and customer intelligence lessons for today’s retail world.