Archive for category CRM Leadership
The times are changing and changing fast. Just like the data for these times. It comes fast. It changes often. This opens up new opportunities for savvy marketers. However, these kinds of opportunities need a structural and organizational mandate. These opportunities are big and the best competitors are capitalizing on them. What are the opportunities? Real-time automated customer interaction — customized customer interaction. That’s a mouth full but very meaningful — real-time automated customized customer interaction.
This is the peak of the big data mountain value. Its a mountain and that’s why it takes serious organizational commitment. Building or moving mountains. First, you need the vision of where you want to go. Then you have to make the mountain. That involves getting your data assets and resources properly organized. Then you need an infrastructure of BI and reporting to glean low hanging fruit value and initiate best practices organization governance with the right information flows. Then you take this data further through exploration and analytics. Finally you apply those analytics into your automated, customized framework.
In the ideal world — you can piece it together like this. But more likely than not, you must work in the context of legacy structures. You must incrementally build. You must generate short term wins, rally the troops, generate greater commitment and build into a vision. This is where the rubber meets the road for most of the folks who dive into big data.
Its a constantly evolving world with new tools and technologies. Its a challenging world where intellectual resources and manpower is constrained. Its a world where going it alone has some serious risks — risks of doing it with less effectiveness but also risks of not getting it done at all.
This article, authored by me, at CMO.COM, motivates the need to be on this journey and to plan your partners carefully.
Mobile apps will rock your marketing and your marketing analytics world. If they haven’t done so already or are not in process — you are behind. And, if you are behind, unfortunately you are not alone. I have talked before about assertively creating your own intelligent anlytics leadership opportunities. I have talked about actively influencing your data streams and not just being a passive recipient. Mobile apps drive active management and enable you to create rich opportunities. However, the opportunity only comes when the apps are used and when they are coded in a way to collect not only direct but indirect data.
In a recent article I was quoted about how to develop an impactful mobile app.
“The app must provide value. It must link with other apps … It needs to be social and it should be gamified … So the first thing marketers need to do is develop and deploy custom, linked, value-providing apps.”
In addition to building your own app, which gives you the greatest degree of flexibility and interaction, you will increasingly be able to take advantage of location-based app platforms — like the recently released Facebook Home. These kinds of apps will limit your flexibility, but probably give you much better access to non- or infrequent customers giving you a fresh customer acquisition channel among those who would not have your app.
So, where is your organization? Do you have an app? How well is it being used or shared? How well is it targeted? Was it developed with a data strategy in mind? How are you using the data that it generates? Have you linked it to other data streams? What solutions are you producing from it? What value do you add through the data it generates? Have you looked for other location-based app platforms you can leverage?
Answer these questions well and you are ahead of the game. If not, use them to guide your location-based app strategy, development, or refinement.
Are you optimizing? If not, start … now. Most research and analytics efforts fall short because they don’t go the extra step from descriptive to prescriptive results. This presentation I gave at the 2013 MRA Insights and Strategies conference a couple of weeks ago focuses on this message.
In addition to quick service, QSR has quick data and a lot of it. They also have the advantage of frequent interactions with customers and with the same customer. This adds up to a huge Big Data opportunity. However, many QSR companies are not very analytically oriented or they have complicating franchisee relationships to navigate for investment in data systems and analytics. The article linked below comes, in part, from an interview I had with John Morell — who was very interested in exploring the role of Big Data in QSR. He is finding that Big Data best practices and applications, while being applied well in pockets, still has a lot of opportunity in QSR.
McDonalds is exploring social media in greater depth. Dominos wowed the pizza ordering world with their online information system that lets users track pizza making progress. Taco Bell is working wonders operationally with their inventory management systems. Even given these pockets of application, few, yet, are harnessing the power of the data they have at their fingertips. What can they do?
Here is a quick list of “No Brainer” ideas. They are “No Brainers” because not because they are obvious nor because they are simple. They will all lead to increased revenues and generate a high ROI both in the short and long term if approached right.
- Start or deepen loyalty programs and combine with social, apps and gamification elements to generate rich data — so much opportunity here to create value
- Organize individual level purchase data and combine with digital, social and media information for rich data — the basis for real time interaction with customers
- Combine unit performance data trade-area geo-demo-psycho information, social, individual level purchase and loyalty data — for much more effective targeting
- Correctly attribute sales to online, digital and offline activities and tie this attribution to the individual level for more powerful cross-channel integration
- Build recommendation systems for promotion customization, loyalty deepening, word of mouth generation, online ordering, in-person prompting
- Optimize inventory systems to decrease costs and increase quality
- Customize local menu options for increased sales
- Track and respond to customer service issues before they become big issues — by area; curate your brand
- Optimize your online and offline media spending and efforts for better ROI and increased sales
And there are many more Big Data opportunities and priorities. When considering Big Data investment, especially for QSR, here are a few guidelines:
- Always include short term (1-3 month) wins that can be used to generate momentum
- Define win in terms of ROI or even direct impact on stakeholder decisions or KPIs
- Put in place a larger vision and plan that can motivate deep emotional commitment and advocacy
The key is to start down the path and begin to gain experience and get your head in the game. Folks who keep putting it off, at this point, are at risk of just being in a different league of success than their competitors who are trying to play in this arena. While these are not quite “No Brainers” by some definitions, they should be if they were on your radar.
Connect with your customers. This article extends a theme that has become even more important as we need to prioritize Big Data efforts. Three “missed” opportunities are detailed in the article by TMCnet (http://buff.ly/ZfYllU). These opportunities include 1) connecting with customers immediately, 2) providing customized opportunities and 3) assertively creating new data. These are areas almost all companies should leverage more.
AbsolutData: Missed Opportunities in Big Data CRM
March 20, 2013
Three Big Data Opportunities Your CRM System is Missing
Social media and the Internet deliver data that offers added understanding to engage one another in real time, leading to richer emotional connections with customers. Although many customer relationship management practices involve mining big data, most regularly overlook powerful opportunities that can improve customer relationships and loyalty, and increase revenue.
The three most overlooked opportunities in big data CRM stem from lack of interaction on three different levels:
1. Connecting with Customers Immediately
Social media allows brands to see what customers are talking about in real-time. Consequently, one of the biggest missed opportunities in CRM comes from brands’ inability to act simultaneously with customers. Many companies are managed so tightly, they can’t respond fast enough.
Providing a structure for timely, relevant interactions and conversations with customers allows brands to use CRM systems more effectively. Algorithms and flexible plans for responding can help brands thrive in real-time interaction.
2. Providing customized opportunities – “These guys really ‘get’ me”
Big data allows us to listen and understand customers on a personal level. However, a missed opportunity comes from our inability to provide customized engagement to forge stronger, personal relationships.
While many brands are well-equipped to scan the airwaves for concerns or issues, and respond accordingly, they’re missing a crucial piece of the pie: the chance to engage customers already satisfied with the brand on a personal level. Brands need to have listening systems in place to engage with happy customers too. By offering customized rewards and opportunities, customers feel valued, and consequently, more attached to the brand.
3. Assertively creating new data
Brands typically take a passive role in measurement. Websites or other typical touchpoints are designed generically from a process standpoint and typically not from an information purposing standpoint. When developing a presence on new platforms or even re-examining their existing ones, brands should set up measurements for engagement ahead of time with an eye toward shaping the kind of resulting information and feedback.
The saying, ‘build your network before you need it,’ applies to social media and customer relationships just as much as anything else. Purposeful measurement of interaction is an opportunity many brands can further leverage in big data management.
Although big data can be intimidating, it drives real business through smart CRM initiatives. It can drive even more value when its unique characteristics are leveraged. With the right plan, skills and technology in place, companies can apply real-time data to their CRM practices and build stronger bonds with customers – closing the gap on missed opportunities.
Chris Diener is senior vice president of analytics at AbsolutData, a global analytics and research firm based in San Francisco.
Edited by Braden Becker