Customer Insight Drives Today's Marketing Landscape -
When It's Actionable
Sparking conversions, client satisfaction and growth requires actionable customer insight. The good news is the answers are out there. The bad news is they're cloaked in data.
And while we often feel lost in a sea of data, the true challenge is speed. How quickly can you leap from challenge to action? Take too long to uncover relevant insights, and you could miss an opportunity- or alienate a customer.
These issues for marketers are often urgent and ongoing:
Churn/ Retention Prediction
Who is likely to leave my company, and why?
Behavioral Engagement Segmentation
How engaged with my brand are our existing customers? How can I reach new customers?
Predictive Customer Lifetime Value Analysis
Who are my most valuable customers now, and who will be valuable in the future, if I keep them happy?
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A recent report shows 87% of marketers rely on data to do their jobs well1.
However, consider these findings from that same study:
55%
Say their analytics tools are too hard to use and don't provide information in an easy-to-understand format.2
66%
Want to widen the reach of the analytics tools to more people in their organizations.3
59%
Believe the existing analytics framework is too slow in processing Big Data.4
Sources +
1 Domo's Data-Driven Marketing Survey. Rep. Domo, Dec. 2013. Web. 20 June 2017. <https://web-assets.domo.com/blog/wp-content/uploads/2013/11/2013-Data-Driven-Marketing-Survey-Report-Final.pdf>.
2, 3, 4 Pal, Kaushik. "KDnuggets." KDnuggets Analytics Big Data Data Mining and Data Science. KDnuggets. Aug. 2015. Web. 20 June 2017. <https://www.kdnuggets.com/2015/08/big-data-analytics-pain-points.html>.
Automated Insights That Work for You
(because time isn't on your side)
You can’t add more hours to the day, but you can do more in those hours. Start by automating insights. More than 80% of companies with some automated capability say they save valuable time as a result5. It can offer benefits across the business:
- Marketers can quickly discover issues and opportunities, especially when paired with alerting systems that notify you when events occur (e.g., a rising abandonment rate)
- Analysts can redirect their attention to more strategic tasks
The move toward insight automation isn’t just a timesaver. It catalyzes action.
"As enormous traditional companies have fallen behind more nimble competitors, it has become clear that time is a business’s most precious resource: time to understand and experiment, time to develop solutions, time to change.”
2016 Econsultancy report Secrets of Elite Analytics Practices
Sources +
5 Tornquist, Stefan. Secrets of Elite Analytics Practices. Rep. Econsultancy, Aug. 2016. Web. 20 June 2017. <https://econsultancy.com/reports/secrets-of-elite-analytics-practices/>
Explore two areas of automated insights:
Illuminate Critical Customer Insights
through Watson Marketing Insights
Watson Marketing Insights transforms your role as a marketer with the power of cognitive analytics and deep understanding of customer behaviors. Built for marketers – rather than as an afterthought – it surfaces the insights that matter to you.
Analytic
self-sufficiency
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Faster, directly
actionable insights
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Accelerated
time to value
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With a range of analytic techniques, predictive models and cognitive analytics, Watson Marketing Insights relieves you from having to secure data scientist resources and wait for models to be built, tuned and refreshed. While the prepackaging simplifies data preparation and configuration, it still allows for some unique tailoring to your individual organization. Why? Because simplicity, speed, and ease of use matter.
Visualizing Journeys to Gain an Accurate Understanding of Customer Behavior
Paid, earned and owned media. Internal data. Partner data. Data from the myriad marketing tools in play. No data shortages here. But how can you marshal it into a cohesive, crystalline picture of your customer journey? True understanding requires the integration of disjointed data sources with a single analytics solution that can be used across the organization by analysts and business users alike – for the same view of the customer. With Watson Customer Experience Analytics, you can do just that.
See the paths taken by your top customers at an aggregate level. And get critical visibility into your most valuable customers. No digital or database expertise needed.
Key Advantages
Know the paths to purchase – and desertion. Visualize and quantify complete customer journeys, across desktop and mobile, to identify the most successful routes to business success. Or scout out under-performing paths to better understand lackluster customer experiences.
Recognize where customers are in their journey. Meet them wherever they are, and introduce the right offers at key moments in the customer lifecycle. Also, learn how activity in one channel impacts performance, like conversion, in another.
Pinpoint opportunities. Identify ways to improve the customer experience and refine journeys to boost conversions.
Gain insights. Macro-to-micro views take you from question to decision in minutes, empowering you to shift resources and take appropriate action to drive results.
Detect and address struggle. Replay where and why customers are having problems and get alerts, so you can get ahead of issues before they become widespread.
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A Look at the Numbers
Companies with a sophisticated customer journey analysis practice see:
+27%
Average customer satisfaction
as measured by Net Promoter Score
Companies with a sophisticated customer journey analysis practice see:
+104%
Conversion rates when using strong customer journey analysis
+188%
Conversion rates with strong capability in customer struggle analysis
Sources +
Tornquist, Stefan. Secrets of Elite Analytics Practices. Rep. Econsultancy, Aug. 2016. Web. 20 June 2017. <https://econsultancy.com/reports/secrets-of-elite-analytics-practices/>
Watson's Got Your Back
The muscle behind these advanced marketing tools comes from the power of Watson. Curious how cognitive works? Check it out.
Cognitive systems understand imagery, language and other unstructured data like humans do.
Understand
They can reason, grasp underlying concepts, form hypotheses and infer and extract ideas.
Reason
With each data point, interaction and outcome, they develop and sharpen expertise, so they never stop learning.
Learn
With abilities to see, talk and hear, cognitive systems interact with humans in a natural way.