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Blog

May 02, 2014

So Much Consumer Data and Not a Clue What to Do With It—Part 1

Categories:
Reporting & Analytics

customer analytics big data

As mobile devices, sensors, software and other technologies capture increasingly large quantities of data, businesses are beginning to encounter a whole new problem: how to turn mountains of enterprise data into actionable information that improves customer relationship management (CRM). After all, what good is big data if it doesn’t lead to big results?

Why big data matters

Big data plays a critical role within every business department, from HR to sales to marketing. Everything from the time it takes to convert a prospect, the location of your top customer, to how many times your product launch was viewed on YouTube; data is created thick and fast everyday. Consider that an incredible 100 percent of CMOs say that successful brands leverage customer analytics and insights to drive marketing decisions. Additionally, research from Aberdeen Group shows that more than 60 percent of best-in-class companies that integrate intelligence data into their CRM strategy, saw improved lead quality and better selling times. But, as more companies begin to focus on maximizing the value of the rich information they have gathered, a dearth of customer analytics tools and skills are posing further challenges.

Benefits of better insights

While C-level execs believe that using customer data is vital to preserving business continuity, nearly 50 percent of marketers agree that data is the most underutilized asset in their organization, with less than 10 percent saying they currently use what data they have in a systematic way. If you count your business as part of the group struggling to make sense of your customer analytics, it may be time to look into a new data management and analytics solution.

According to a 2014 survey commissioned by Jaspersoft, 56 percent of companies have big data project plans and 36 percent have a funded big data initiative—this number has more than doubled from one year ago.

Don’t be left behind

This means one thing: If your business hasn’t adopted a customer analytics strategy or isn’t currently forming one, you risk falling behind the competition. The amount of customer information being generated is not going to slow down any time soon—if anything, it is slated to rapidly grow for years to come. In fact, IDG forecasts enterprises will see a 76 percent increase in data managed over the next 12-18 months.

To help make sense of your company’s information overload, tools like Astute Insights and Astute Social deliver meaningful customer and consumer insights and automatically report on them from a range of data sources - be it through your customer service center or via your company’s Facebook page.

How customer analytics tools can help:

  • Enhance customer reporting and establish relevant KPIs across real-time dashboards
  • Augment market research with product development to better meet customer needs
  • Remain ahead of customer trends and capitalize on market patterns
  • Maintain quality focus by quickly identifying and mitigating complaints
  • Minimize your company’s exposure to threats by establishing specific crisis thresholds
  • Track effectiveness and ROI of marketing campaigns in real-time

The age of big data is undoubtedly upon us. Is your business ready? In part two of this series, we’ll discuss how you can ensure that your business is fully prepared for what’s ahead.

If your organization wants to be ahead of the curve, contact Astute Solutions to start gathering meaningful and actionable insights into your customers.

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