Insights from Big Data

Organizations like Google and Apple have taken customer experience through innovation to the next level. Ernst & Young say that by 2030 the purchasing power of middle-class sector would triple due to rapid growth in emerging markets. Be proactive by providing an effortless customer experience to drive loyalty and fuel growth.

Gartner has closely studied the relationship between customer experience and their willingness to buy more, switch to a competitor or recommend the company to family, friends or colleagues. Create more engaging and seamless experience to your customer to stay loyal and look less into your competitors. At the same time, these customers are likely to become evangelists for your products and services.

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How does customer loyalty help in improving revenue?

  • Revenue from cross-sell and up-sell can only happen when your customers are loyal to you. Example your customer would like to upgrade on a flight, take another loan from the same financial service provider, and get a family plan from a telecom service provider.
  • Customer experience can have a positive impact on your revenue through the power of evangelists. Every business knows that “your customers are your best sales people”.

How does customer loyalty help in reducing costs?

  • It is widely know that it costs more to acquire a new customer than to retain existing ones. A great customer experience reduces customer churn thereby driving profits. “Money saved is money earned”- is a globally known adage.
  • Organizations should invest in innovative technologies that improve customer experience and reduce operational costs. Modernizing critical customer interfacing business processes like customer onboarding, self- service portals and communications across various touch points delivers immediate business benefits.

Innovative solutions that federate existing systems operating in silos to gain 360 degree view of customer interactions can quickly improve customer experience and help reduce expenses by equipping all stakeholders with right information of the customer at the right time in right format.

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Empowered customers have transformed Customer Communications Management (CCM) from traditional print based communication to personalized and targeted engagement, from cost-based to profit-enabled with TransPromo, and from customer service to managing customer experience. Today’s customer communication is all about revamping customer touch points for generating higher revenues, enhancing experience and streamlining operations.
Organizations have various departments like marketing, sales, support with individual business objectives and functions. Customers interact in a cross-functional way and are not interested in various departments or teams. Customer Communications Management solution should empower stakeholders with outside-in view to cater to customer expectations.

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Customers interact with organizations based on preferred channels. Customers switch between various digital channels while communicating and organizations need to provide a seamless experience across all available channels. CCM’s centralized hub with its Omni-channel strategy can handle such imperative needs.
In today’s service management era service excellence is driven by KPIs. Example a call center operator closes an interaction with a customer quickly to drive the call-to-resolution KPI up but loses on the opportunity to cross sell and up sell due to lack of information on the customer. The CCM’s centralized hub will give the operator a 360 degree view of the customer (services used across lines of business) for spending quality time to generate revenue from up and cross selling.

Similarly CCM can be used throughout the customer journey to benefit organizations in improving their customer experience index and enhance customer loyalty.

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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To stay ahead in this digital race, businesses need to better understand their customer to respond faster than their competition. Big data is the wealth that businesses have accumulated over years from recording customer interactions and behavior. Various departments collect data and create good analytics but cannot collate this data in the right ways to help all the stakeholders/business users to make informed decisions.

Enterprises like Google, Amazon and Netflix can analyze their data in milliseconds and have automated processes in place that respond to customers based on intelligence.

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Even though a good amount of past data is available, the present competition demands all stakeholders/business users to have a 360 degree view of customer interactions by analyzing relevant data. Having big data is not enough anymore, you need relevant data. Break the data silos with a unified data source to extract relevant data. With relevant data, businesses can maximize up-sell and cross-sell from existing clientele.

Replace your legacy technology that handles big data and move to a more integrated, responsive and data-driven automation.

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Big data is more than just a buzz word; it’s a movement where organizations can leverage customer data for personalized, relevant communication for various business objectives. Research says that about 90% of all the data in the world today has been created in the past few years. According to IBM, 2.5 exabytes of data was generated every day in 2012 and about 75% of data is unstructured. Also mobile phone penetration is forecasted to grow from 61% of global population in 2013 to nearly 70% by 2017.This is “BIG” by any standards.

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75% of unstructured data is residing in different formats in different sources. Organizations need to first move to a unified platform by collating all the available data into one place and one format. All organizations store big data but they need relevant data for analyzing and gaining insights of customer, according to EY’s analytics value chain.

Relevant data gives a 360 degree customer view to better understand the customer to provide relevant, timely interactions. Research says that early adopters of 360° view will get competitive advantage over their rivals. This relevant data is small when compared to big data and can be used by all stakeholders of an organization to fulfill different objectives.

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Today’s competitive market is reducing margins and driving enterprises from customer acquisition to customer retention approach. The need of the hour is customer centricity, to create products around customer needs.

Telecom service providers, unlike online industries like Amazon, Apple, Google and eBay, store customer data in silos due to the inherent complexities in the service portfolio. This in turn impedes 360 degree view of the customer and adversely impacts customer loyalty.

“There were 5 exabytes of information created between the dawn of civilization through 2003, but that much information is now created every 2 days, and the pace is increasing …”

Eric Schmidt, Google CEO, at Techonomy Conference 2010

The first step towards customer centricity is to break these silos and transform them to a unified platform that gives a 360 degree view of customer data and then pool all customer data into a central warehouse that maps different lines of businesses to a customer.

“The teams merged but the systems didn’t, so from the outside it looks like a merged company, but from the inside we see a mobile customer, a TV customer, an Internet customer, but sometimes they can all be the same person.”

Martin Péronnet, Monaco Telecom CEO, from www.totaltele.com

The second step is to use this unified platform to deliver customer knowledge that will be used by marketing to send relevant offers for up-sell and cross-sell. Further, you will have to move into interactive operations by identifying customers (based on daily usage)who are prone to move to another operator. These customers are given personalized and relevant offers to retain them. The final step is to align all departments in using the consolidated customer data in their day to day operations to provide a superior customer experience.

Customer centricity is not about replacing your existing systems, but it is simply a realignment of your processes for business agility and operational efficiency.

Reference
What customers really want. (n.d.). Retrieved January 27, 2015, from www.rolandberger.com

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

More Posts - Website - LinkedIn

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