|
|||||
|
|||||
|
W: www.tkp.co.uk E: info@tkp.co.uk T: +44 0845 241 2221 Can we help?
Customer Insights
Customer insights are integral to CRM and business development.ÂCompanies can not be efficient in providing a product or a service without understanding what their customer needs and wants. Understanding customer behavior is important to adjusting business strategies, increasing revenues, and identifying new opportunities. The vital importance of such knowledge to these objectives isn't new; in fact, it's always been a fixture of business success. What's new is that many organisations now have at their disposal an impressive variety of data and information resources that promise to reveal far more about customer behavior than previously thought possible. This potential has unfortunately created an agonizing paradox, especially for large and diverse businesses: the more data resources available, the harder it is for the organization to understand its customers. Nowhere is the paradox of rich data and poor utilization more apparent then in a multichannel retail environment. Initial data-mining efforts in the online domain focused primarily on site statistics and transaction logs, analyzing such factors as how many hits a site received, which pages visitors viewed, how long customers stayed at the site, what they purchased, and how much they paid. Such Web site analytics are fine as aggregate statistics, but they don't go nearly far enough to help retailers get the most value out of customer interactions.
|
complaints, wishes, gifts, and more. Yet, how many businesses are truly using this data effectively? The reason for this paradox is that technology for generating, capturing, and storing data has far outpaced the human capacity to understand, analyse, and exploit it for maximum impact. Data mining technology, which focuses on identifying interesting patterns and developing predictive models from data, has the greatest potential for enabling businesses to leverage data resources for strategic business success.