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Cracking the Code: Capture, Analysis & Utilization of Customer Information
Hypatia Research, LLC, July 2009, Pages: 10
“Cracking the Code: Capture, Analysis & Utilization of Customer Information” that shows gaining customer visibility across all channels, trading partners, distributors, suppliers, end-users and stakeholders with the goal of gleaning customer insight is a top priority for organizations.
Walmart, American Express, Coca-Cola, Staples, Best Buy, Harrah’s Entertainment, Procter & Gamble, Toyota, Hilton International, AOL, IBM and Oracle are among numerous blue-chip companies that believe leveraging business and consumer data is necessary to compete in today’s economy. What used to provide a “secret sauce” or competitive advantage to companies savvy enough to exploit the value of customer data within their own proprietary databases.
Previous quantitative research performed by Hypatia revealed that use of timely, complete, and accurate information leads to improved customer service levels, reduced operational costs, increased revenues, and higher customer satisfaction and retention rates. In short, it’s all about revenues and customers—market share growth and enhanced retention rates. In fact, use of marketing science and information analysis services has moved beyond a competitive advantage for companies that seek to grow aggressively. It has become necessary to stay in the game.
Leading companies consistently focus on retaining customers and growing revenues through the use of customer data for the following business functions:
- Customer service & support: Operational (64%)
- Corporate Planning: Strategic (56%)
- Product design: Strategic (48%)
- Business development / Sales: Operational (36%)
- Marketing: Operational (20%)
According to the report’s author, Leslie Ament, “Leading organizations most often take one of three approaches in creating an operational foundation for data analysis and decision-support prior to capturing, analyzing and utilizing consumer information:”
- Self-Reliant: Create an internal center of excellence comprised of statisticians, analysts and database marketing experts for Decision Analytics services.
- Source Expertise: Partner with one or more providers of information services for flexible, on-demand expertise.
- Hybrid Approach: Utilize in-house expertise combined with outsourced information services on a flexible per project basis, annual retainer or subscription model.
Vendors evaluated include: Axciom, D&B, Experian, IMS Health, IRI, and Nielson/Claritas
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