Analytics 101

Customer Value Management: How Analytics Is Raising the Bar

Every business is striving to install a personalized digital infrastructure. Firms believe it will generate more revenue and enhance the quality of their products and services. Consumers have become loyal to their preferences and brands in recent years. Companies are trying hard to make a place in the market where their brand is valued and the customers are satisfied. Experts believe that the incorporation of analytics into customer value management will change the market for the better. Enterprises will develop a better understanding of consumers’ needs and provide a personalized experience for them. In their article for McKinsey, Lars Engel Nielsen, Lars Fiedler, Stanislav Kucherenko, Klemensas Mecejus, Marcelo Leal, and Davide Schiavotto talk about the future of analytics-driven customer value management (CVM).

Tips to Strengthen Analytics-Driven Customer Value Management

Here are a few tips that will help you introduce an effective CVM ecosystem:

  1. Telcos believe that churn reduction is the most effective technique to analyze and implement data for business success. However, experts believe that telecommunications companies should also incorporate data related to their customer lifecycles.
  2. Be quick with your customer queries and feedback. Ensure your firm is not relying too much on legacy systems that stretch the feedback loop unnecessarily. Use an encompassing data lake and keep adding customer-based information regularly.
  3. Work backward. Most companies that have revolutionized their customer value management usually build a data and martech roadmap when they have the desired end picture in mind. It allows them to identify the positive aspects of the project and provides them with an objective overview of the entire process.
  4. Introduce a cross-functional agile approach to optimize your customer value management operations. It will improve the personalized experience of consumers.
  5. Invest in and train your workforce to the best of your capabilities. Create opportunities for them and guide them to hone their skills.

How to Continue the Growth Trajectory

The above-mentioned tips will provide an effective groundwork to introduce analytics and enhance its usage. However, if you want to be persistent with your growth, here are a few tips that you must pay attention to:

  1. Make every customer count.
  2. Expand your market strategy. Ensure you are addressing all the touchpoints be it contact strategy or data comprehension.
  3. Create a data-driven customer value management system that enables you to sort data based on different parameters.

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