Review: The Big Book of Customer Data & Analytics
I have just finished reading the 6th edition of this report (published by CX Network) and I can recommend it to those CX leaders looking to enhance their use of data and analytics to improve the customer experiences they deliver.
The book blends research done with 120 CX professionals, with case studies and expert commentary from organisations such as Orion Corporation, Nestlé, Google, and AECOM.
Some of my key takeaways from the research:
- Few of the respondents (13%) felt that they have a holistic, near-complete view of their customers, with 30% saying that ‘their data sets don’t tie together into a unified view of the customer', which is worse than in the 2020 edition of the report. This presents a significant challenge, as these insights are necessary for both the formation of CX strategy and for operational execution centred around the customer.
- Another significant challenge identified was in gaining an understanding of customer behaviour across digital channels, something that Anthrolytics has focussed on in order to deliver Digital Empathy at scale and speed. We know that consumers are now demanding that brands treat them as individuals, not just a number; impossible to do if you don’t effectively use the data from digital channels to get a comprehensive and current view of each customer.
- Speaking of Anthrolytics, I was interested to see that only 22% of the respondents use customer emotions and sentiment to personalise customer experiences (perhaps not that surprising when almost half of the survey respondents are also not using data for process or product improvements either).
- Only 14% of the respondents said that they use predictive analytics to proactively manage customer journeys and experiences, which presents an opportunity for those that can quickly adapt to doing so; it is the foundation to delivering data-based decisions, supporting personalised experiences. I am wholly of the belief that data only has value when it is used to achieve something, otherwise it is just a cost and a risk.
- Finally, the expert analysis and commentary are helpful, providing plenty of food for thought, but I have to admit that Sean Cramer’s (Voice of the customer director at Google) comments about the value of insights without action echo my own.
The above is not an exhaustive list and every reader will take something different from the report; facts to help assess performance and/or tips on how to turn them into actions. I am confident that you will take something of value away from it.
You can download your copy of the report here.
Peter is the inventor of Predictive Behavioural Analytics and a thought leader in the area of Customer and Employee Experience Management. Peter has spent many years as an expert in the field of analytics related to customer and employee experience and is also a renowned speaker on the topic of CX/EX and the experience economy.