The promise of Big Data is within reach if marketers and business managers can understand how to mine that data for insights that improve the customer experience, according to a white paper published by Allegiance.
The paper, entitled 'Achieving Customer Experience Leadership in the Era of Big Data' and written by Thomas Lacki Ph.D., found that most managers agree that businesses need to do a better job of building customer relationships. At the same time, they are sitting on a mountain of customer data, ranging from when, what and where customers buy to how they feel and what they say about a company's products.
According the paper, three key things are needed for businesses to successfully understand and act on customer data:
- The Data
Companies need to integrate all of the systems that collect customer data so that it can be easily analysed. This includes CRM, feedback, surveys, customer service interactions, store visits, financial data, and more.
- The Technology Platform
Companies need a platform to make the data readily accessible to and from all parts of the organisation by using an open source framework such as Hadoop.
- The Analytics
Analysis needs to be easy, understandable, reliable and concise to allow companies to transform the data into real-time insights that can rescue customers and increase positive behaviors such as word-of-mouth promotion. It also needs to be relatable to specific business outcomes.