This article contains an unedited excerpt from our new book, Leading the Customer-led Revolution, due out on 24 May. We hope you enjoy it!
Customer Data – The Key Yo Unlocking Growth
Today, data is everywhere; it’s the world we live in.
Customer data can appear in many forms + places across everything you do. Because many organisations view data as scary + aren’t sure what to do with it, they let it grow organically, unintentionally. You see this in systems everywhere.
In fact, as customers of other businesses yourselves, we’re sure you’ve had that frustration of seeing disconnected internal data systems from the outside in. It has been seen as an admin item in a transaction, not as a valued currency. Problem is, this disconnection affects you as a customer, even if the business doesn’t realise – or prioritise – it.
Check out an excerpt from our book, Leading the Customer-led Revolution, below, as we share our perspectives on why customer data is one of the most important capabilities for any business in the customer-led revolution.
Why is Customer Data So Crucial To Your Future?
[Excerpt from Chapter 21 of our new book]
In the past, customer data required special skills + capabilities, usually reserved for large scale organisations who could afford to employ a propellorhead to do some ‘smart maths stuff’. But, due to advances in technology, the machines can now do the work for us lay folk!
Customer Data is the foundation for moving your organisation from having a transactional relationship (product view) with your customer to having an experiential relationship (customer view). It gives you the collection of facts to enable personalisation of the experience, + give you a robust platform to give actionable insights that improve your tactical + strategic decision making.
Customer data is the foundation for moving your organisation from having a transactional relationship (product view) with your customer to having an experiential relationship (customer view).
Why is Customer Data So Crucial To Your Future?
In its various forms, your customer data is rich in what it can tell you. It can tell you more than just seasonality curves + peak periods. It can help you find hidden inefficiencies, identify your most valuable customers + unearth growth opportunities.
There’s a strong need to go beyond the basic sales figures, or transaction data by linking your various data sources together. In Chapter 17 we spoke about breaking your customer base down into Customer Profiles.
Imagine if you could tag your existing data to your five to eight different profiles. What if your data told you that one particular customer profile travelled weekdays, when everyone else travels weekends? Imagine what that data could do to help you build new products, services + messages that filled a traditional ‘trough’ in your business performance?
Ultimately, data helps you make better decisions based on fact, not opinions.
We’ve shown you the power of the external view through understanding customer behaviour. Customer Data is the internal view, the knowledge, insight + experience you’ve gathered within your organisation. It’s about how your customers interact with YOUR business within THEIR lives. Putting them together can help identify gaps + opportunities for growth.
This article is an unedited excerpt from the upcoming book from authors Sueanne Carr + Peter Turner (aka the Dynamic Duo of Customer-led Transformation) titled, Leading the Customer-led Revolution, due out May 2023.
Written for courageous leaders who are in charge of or charged with making their organisation truly customer-led, it provides a simple + powerful roadmap to making it happen.
Secure your copy early, signed by the authors, at our pre-sales page here.
