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Enhancing the customer journey - the role of analytics

29th Apr 2016
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Understanding the importance of data in providing customers with relevant communications has never been more important for businesses. More emphasis is being placed on data management and strategy than ever before, to ensure that brands are able to satisfy burgeoning customer expectations, both now and in the future. The “data deluge” organisations are faced with means they have more and more information to collect and analyse. 

In marketing communications, data is enabling smarter micro-level interactions with customers. By understanding where customers are and analysing their preferences for receiving information, marketers can ensure that the right messages are reaching them at the right time, on the right channel, to maximise conversation rates.

By adapting practices to use data to create a complete view of customers, businesses remain one step ahead of the competition and can flourish in a digital marketplace. It’s not just marketing practices which can benefit from the use of data, it can also be used across a business to inform strategic decisions and add value in a number of areas.

Investment in Analytics

The widespread use of personal technology has put consumers firmly in control of what they see and when they see it. This has meant that a typical customer journey is flexible and fluid with customers switching across channels. People expect brands to keep up with them, tailor offers just for them, and treat them the consistently no matter which channel they choose - social media, in-store, on mobile, etc. And service providers have to respond. At Experian we have recently refocused our analytics products to enable both business and individuals to realise the potential of their data.

Analytics enables businesses to define precise segments and have their audience defined. Any successful marketing strategy will utilise consumer insights to better understand who their customers are, what they do and what motivates them. It should also seek to connect with people across all channels, effortlessly and rationally – utilising the right channel at the right time to ensure the conversation is a responsive experience.  Brands must learn how to make the most of their data. As a result, we are witnessing increased investment in analytics from organisations across different sectors, as they look to transform their data strategy.

The role of the Chief Analytics Officer

These developments in how data and analytics are used across businesses have meant that many businesses are looking to Chief Analytics Officers to help them guide their strategy in this space. They are operating at the intersection of computer science and statistics to ensure that businesses are effectively analysing and interpreting data.

A Chief Analytics Officer can provide invaluable tactical direction to an organisation. It’s about aligning the analytics capabilities to the strategic objectives of the enterprise. This can make a positive impact on all layers of a business, reaching right to the top of an organisation and influencing decisions at board level.

It is essential in this world of data overload the customer doesn’t get lost and the focus remains on enhancing their experience. Therefore, the customer view has to be accurate, and the role of data and analytics becomes ever more important for businesses. Building relationships and trust is vital, because get that right and a loyal customer base is created who will continue to come back to you for the same positive experience, time and time again.

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