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Customer Insights and Analytics
Shining a light on profitable, lasting relationships
"Do more with less" is the new mantra for consumers and businesses alike. With less time, tighter budgets, and fewer people, it seems like the only thing that’s abundant for many companies is information. Today’s technology allows businesses to collect ever-growing piles of customer and prospect demographic, transaction, and preference data. But more information doesn’t mean more insights.
Out of the dark
Analytics is a powerful tool that can help organizations find eye-opening opportunities to improve sales, marketing, and customer service. Some companies find ways to cut advertising costs and increase sales. Others reduce customer churn and improve satisfaction ratings. Smart analytics goes beyond number crunching and can help companies develop ways to listen and respond to the needs of customers and the employees who serve them. Standing in the way of adopting an analytic approach may be a corporate culture that encourages individuals to rely on their intuition and experience when making decisions. Or perhaps the organization lacks the processes and technology needed to collect, analyze, and develop actionable insights. From there, companies may require the ability to transform the analytic insights into offers, products, information, and services customers will value.
How we can help
Deloitte combines deep industry knowledge, broad functional capabilities, and technical know-how to help our clients capture insights and create strategies for attracting, engaging, and retaining profitable customers. We look at customers from the outside in–turning everyday information into useful and actionable insights that can inform your decision-making. Here are some of the services we offer:
- Strategy: Analytics business case roadmap creation, analytics center of excellence deployment
- Marketing: Customer segmentation, data mining, customer value analytics, promotion results analysis, online advertising cost effectiveness
- Sales: Sales force alignment, prospect targeting and qualification, cross- and up-sell targeting
- Customer relations: Customer churn reduction, customer loyalty identification
- Customer service operations: Service resource improvement, service inquiry pattern analytics
Customer Insights and Analytics can help you in your efforts to:
- Generate a higher return on marketing and promotional investments
- Increase sales to existing customers
- Lower new customer acquisition costs
- Reduce customer churn and increase loyalty
- Resolve customer service problems more efficiently – or better yet, avoid them
- Increase the sales force effectiveness by targeting qualified prospects
Six ways to get more value
We've helped some of the world's best-known companies analytically use customer data to build more lasting, profitable relationships. Here are some of the lessons we’ve learned:
- Walk in your customers’ shoes: Experience what it’s like to be a customer by shopping your company’s channels and contacting your call centers. Do the same with your competitors. Talk to customer-facing employees to gain their insights. These experiences can help to identify areas for improvement.
- Ask smart questions: What information will help you better serve customers, gain competitive advantage, or fulfill the business strategy? Setting tight objectives for your research and analysis can help you avoid drowning in insights that are interesting, but don’t lead to action.
- Know your data: Do you have access to internal or external data that provides correct answers to your questions? Don’t underestimate the strength of your current data; it doesn’t have to be complete to be valuable.
- Make it count: Before you start, plan how you can turn the insights into actions and how you will measure results. Make sure you have the necessary organization, systems, and processes in place that support implementation and add value.
- Target a quick win: Pick a tight, focused project that can generate valuable insights and recommendations that will likely be easy to execute. Use this experience to learn how to tackle more complex, broader-scale projects across the enterprise—as well as to demonstrate the value of analytics internally.
- Test and learn: Be willing to test different approaches and learn from results. This requires patience on the part of your organization to do this effectively now and in to the future.