Most respondents are not fully satisfied with how their companies leverage customer data. Retail and eCommerce responded as only 30% who are very satisfied. CPG respondents are less than half satisfied.
There is a way for respondents to be more satisfied with gleaming results from their customer behavior data. It requires companies to change their mindset about customer data. Based on this research, we recommend organizations consider addressing the following:
- How much data do we store or collect?
- How frequently do we analyze it?
- How much data is there that we need to analyze?
- How are the results of this analysis communicated?
- What decisions do we make based on the analysis of customer behavior data?
- Does technology exist that delivers more than a “garbage” software experience?
As we think about how to better analyze data, we start with what decisions we intend to make based on the data or what decisions we can actually make based on the data. Many organizations store and collect mountains of data, but their teams are not nimble enough to actually take action on any changes to customer behavior. Maybe that is part of the overarching issue? We haven’t designed our teams or processes in a way where we can take action on changes with customer behavior.
We also need to consider the frequency and amount of data that needs to be analyzed for a company. Is monthly analysis acceptable, or are daily touchpoints required on what’s happening with a company? In highly seasonal retail and CPG segments, a company might need updates daily or multiple times a day.
Also, life is all about prioritization and data analysis is no different. We can analyze all the data, but what decisions are we making based on the data we want to analyze? There might be a way to prioritize analyzing 3 – 4 data sets before taking on the 10 data sets that we would like to understand in a perfect world.
The prioritization of what to analyze is important because it directly impacts our ability to take action on the insights uncovered from the analysis, which goes back on what processes or people are in place to take action. Thinking through these points before getting started on analyzing customer behavior data, will inform our next steps.
Automated business analysis platforms like Outlier can help here. Outlier analyzes billions of data points daily for our customers in an effort to find the 4 – 8 stories that matter most each day. We analyze customer conversion data, customer segmentation data, customer purchasing, and web traffic data all to inform companies about how their customers’ behaviors are changing outside the normal pattern.
Outlier isn’t another dashboard. We deliver timely insights on the challenge a business is currently facing and needs to address or the opportunity that a business should take advantage of immediately. Our customers can take action on our easy to understand stories to make more informed business decisions. And, the best part is we deliver value quickly to our customers so that the experience is positive.
Take a look for yourself, sign up for a demo to see how we analyze customer behavior data for Macy’s, Celebrity Cruises, Lyst, and The Real Real leverage Outlier.
Read more survey results here.