How to boost the 5 growth stages of your business lifecycle with smart data fertilizer - Part 4/5

10 Jul 2018

The expansion stage: how to trim massive data into sharp customer intelligence

This stage is about rapid growth. You need to expand market share and find new sources of revenue. To compete in an established market, you need better business practices along with automation. Sharp knowledge of your customer audience remains the key to success.

Channeling the data flood into a well-connected irrigation system

When business booms, the amount of customer data becomes more and more unmanageable. Information flows come from everywhere in an unstructured way. Some important data are missing. In order to fix this, your different teams have set up their own data management programs. But they are working in silos. As your business enters a new dimension, it might be time to do the same with your data management…

Would you like more advice on this vital matter? We’ll happily help you on your way.

Turning data into fertilizer is teamwork

In the expanding company data management must not be restricted to the IT department or to isolated data scientists. It should be part of the entire company’s DNA. Every employee should be aware that data is the fuel of the company. When customer service gets a call from an unhappy consumer, they need to register all significant data as a reflex: full contact details, time and day of the call, preferred communication channel, purchase history, reason of unhappiness, etc. When sales reps discover that a contact person has moved to another company, they should immediately update the CRM system.

Data management is not a one-shot project

Customer information is not static. People die, get another job, move… Did you know that every year 10% of Belgian population moves home? Don’t expect customers to forward you their new address.

The average Belgian database: 32% incomplete or incorrect data

In 75% of the cases, these mistakes are made by employees. For instance, in the busy store the cashier may misspell the family name or other contact details of a customer, who wants a loyalty card. This misspelling makes you miss out on extra sales. That’s why customer databases have to be cleaned and updated continuously with fresh information. To handle this on a regular basis requires the help of external parties.

Time to tear down the silo walls

Expanding companies collect loads of customer data. The problem is that these data are kept in different silos. Sales teams have their own CRM. The supply chain department gathered another set of information. Marketing knows which campaigns performed the best for which segments. Customer service has retrieved lots of feedback. Community managers have meticulously integrated all relevant social network conversations. In other words: information of one and the same customer is fragmented and isolated on different department isles, in separate silos.

Nurturing a single customer view

Imagine how your productivity would boom when you could manage all data on one and the same customer in one single place. You would get to know your customers so much better. Moreover, you could discover new opportunities by linking data. Take, for instance, a sports gear retailer who notices that the responders to his latest tennis racket promotion also talk a lot about golfing on Facebook. This provides valuable targeting insights for new cross-selling actions.

Creating a single customer view helps you get a global picture of your business to make well-founded decisions. With a deeper understanding of your customer audience, you’ll be able to:

  • deliver more efficient and more targeted marketing campaigns,
  • spot new opportunities of cross-selling and upselling,
  • get higher returns on investment,
  • provide a higher level of service towards your loyal customers.

 

Episode 5/5 of our ‘smart data fertilizer for continuous growth’ special
zooms in on the fifth phase of the business lifecycle. 5. The maturity stage: continuous innovation to remain a strong customer magnet

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