Amidst the data explosion, shift in consumer power, and innovation in technology, companies can no longer afford to just push products. Marketers have had to lead their organisations to become customer-centric. Customer centricity holds different meaning for marketers from industry to industry and different value from company to company. At a base level, it means creating a positive experience at the point of sale and post-sale (Business Dictionary)—i.e., gathering customer feedback and satisfaction through surveys, market research, and even websites. This is rudimentary as marketers are relying on ad-hoc past feedback from people who want to provide it. Reacting to data from the past is like looking in the rearview mirror: listening but not responding in a timely way.
At the next level, this is about having a customer-centric approach to CRM, not just storing customer data in a data warehouse. It is about analysing that data, transforming it into relevant knowledge to improve offerings and services that differentiate a company from competitors.
Analytics software is the backbone that enables organisations to navigate through their big data challenges. And now, with SAS High-Performance Analytics, companies can derive value through their volume, variety, and velocity of big data to truly be customer-centric. Based on interviews with CMOs from a cross-section of industries and organisations in Asia-Pacific, we see that the rise of big data has now propelled CEOs and CMOs to finally pay attention to analytics. Analytics has been around for decades—mainly in the domain of business analysts, programmers, and researchers—but now, it has become a top priority of the C-suite agenda. It is a growth area in IT that defies economic trends. And it is stated that future investments in analytics will be driven by the CMO office, not just IT.
Most organisations consider themselves to be customer-centric, yet no CMO would claim to have reached the pinnacle of where they want to be, acknowledging it is a journey, not a destination, while few industry leaders (mainly early adopters of analytics—banks and telecommunications) consider themselves to be market-competitive but not yet leveraging the latest technology available, such as predictive modeling and real-time event trigger marketing to be proactive rather than reactive.
Government, FMCG, and hospitality groups have the greatest opportunity to catch up to other industries who invested in analytics earlier. Financial services (banks, insurance), retail services (e.g., postal), telecommunications, and energy companies have demonstrated ROI from their strategic investments in analytics. However, this is in pockets: efforts have tended to be campaign-specific, project based, or even departmental. There is still a long way to go in delighting customers through advanced analytics enterprise wide. Enterprise-wide advanced analytics is about anticipating and addressing customer needs in a discrete, personalised, and secure manner to improve every marketing move.
While some organisations admit they lack executive vision, culture, and even momentum in reaching the next level of customer centricity, others with strong intent have been constrained by their inability to execute. Here are some of the shared challenges along the journey extracted from the interviews:
- Move from silos to single customer view.
- Move from data inaccuracy to integration.
- Move from transactional to Social CRM.
- Move from politics to advanced analytics.
3 Reasons why advanced analytics matters
- Decisions at the speed of right.
- Predictive performance and profits.
- Sustained competitive advantage.
To find out what CMOs are saying, download the complimentary full white paper based on in-depth interviews with leaders from CBA, Medibank, Telstra, Singtel, Australia Post, Loyalty New Zealand and more.
I'm curious ... are you leveraging analytics and data to be customer-centric across the enterprise yet?