Are you turning customer insights into the right action?
Organisations must fully integrate customer analytics and segmentation into all decision making to harness their full potential.
Peter Bull (contact)
16 minute read
For a customer-centric business, customer insights are pivotal for market success. At a financial and strategic level, the customer should be a constant reference point and an integral part of planning and decisionmaking processes. At an operational level, segmentation should be the driving force behind differentiated pricing and channels, innovative sub-brands, and up- and cross-selling of a wider range of products and services. This helps to deliver more value to customers and ultimately to the organisation.
Segmentation acknowledges that groups of customers want and need different things, and are willing to pay more, or less, based upon the perceived value of a product or service. Only by fully comprehending the desires of customers in different segments – and their associated perceptions of value – can businesses produce reliable demand profiles to help optimise price, and, therefore, margins.
This means blending quantitative data (“what customers do”), qualitative data (“what customers say”) and financial data (“what customers will pay”) to address unmet customer needs. However, to sustain a superior customer experience and associated outcomes, segmentation cannot be a singular exercise.
Read this report to see how you can get more value from customer analytics in your business.