Customer analytics fast facts v3

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AbsolutData and Alteryx surveyed industry thought leaders to gather insight into how organizations use Customer Analytics, including adoption levels, goals, usage, and relative maturity.
And the survey revealed:

3 focus areas that benefit the most from Customer Analytics
3 biggest challenges that inhibit analytic decision making
3 critical changes that will drive improvements in 2013 and beyond

Based on the results of the survey, AbsolutData and Alteryx will now be holding a webinar on 16th July 2013 at “5:30pm CST” to provide more information on how your peers use data to predict customer behavior, and drive measurable improvements in sales, customer retention, and loyalty.

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Customer analytics fast facts v3

  1. 1. © Absolutdata 2014 Proprietary and Confidential Chicago New York London Dubai New Delhi Bangalore SingaporeSan Francisco www.absolutdata.com April 30, 2014 FAST facts Customer Analytics
  2. 2. © Absolutdata 2014 Proprietary and Confidential 2 In Spring 2013, Alteryx and Absolutdata surveyed industry thought leaders to gather insight into how organizations use Customer Analytics, including adoption levels, goals, usage, and relative maturity. This document provides a fast summary of our findings.
  3. 3. © Absolutdata 2014 Proprietary and Confidential 3 69% 69% 61% 49% 41% 31% 30% 17% 6% Customer demographics Primary/research data POS/transaction data Customer interaction data Social media Loyalty card data Complaint data Recorded voice calls Others Companies collect many different types of customer data Data captured from every customer interaction has the potential to provide deeper insight into their behavior, attitudes, and opinions— insight that can be leveraged to improve customer relationships and gain a competitive edge. The survey results show that traditional data sources still dominate, but several new areas of insight are emerging.
  4. 4. © Absolutdata 2014 Proprietary and Confidential 4 82%18% Yes No The vast majority of companies use Customer Analytics today Organizations are listening to what customers say through their data. They use this insight to implement customer-driven marketing strategies that improve revenue and customer loyalty. But, are they getting full value from their data?
  5. 5. © Absolutdata 2014 Proprietary and Confidential 5 Customer Focus Channel Focus 69% 63% 46% 62% 60% 49% Customer acquisition/retention Enhanced customer satisfaction Increased loyalty Improve product/service design Optimize marketing/channel Design/improve channel strategy Customer Analytics contributes significant insight in support of strategic operations Product Focus WHERE IS THE VALUE? Customer Analytics is used primarily for customer-focused Sales & Marketing activities. But, many also use this insight to make product/service portfolio decisions, and determine the optimal distribution channels.
  6. 6. © Absolutdata 2014 Proprietary and Confidential 6 CHALLENGE #1: Getting the Right Data CHALLENGE #2: Lack of Access & Skills CHALLENGE #3: ROI Assessment Three Major Challenges Inhibit Analytic Decision Making
  7. 7. © Absolutdata 2014 Proprietary and Confidential 7 43% 39% 38% 37% 23% Accessing data managed by other departments Integrating massive amounts of data Integrating disparate data types Converting data into actionable insight Collecting and storing relevant data CHALLENGE #1: Getting the Right Data  Different departments use different data sources in an attempt to answer similar questions  Time is wasted with tools that cannot process Big Data efficiently  Unstructured, but valuable data such as social media and call center logs cannot be used Massive volumes of disparate data types and sources must become easier to access, work with, and blend.
  8. 8. © Absolutdata 2014 Proprietary and Confidential 8 12% 38% 42% 8% Industry leading, with a mastery of advanced analytics Advanced, using predictive and spatial analytics Basic, for modification of existing analytic workflows Limited, for generating reports only CHALLENGE #2: Lack of Access & Skills  Limited IT staff/resources require line- of- business users to perform their own analytics  Access to data and overly complex tools remains a barrier to greater analytics usage  There is limited ability for new analyses, especially in B2B companies where basic skills dominate The analytics required to answer complex questions must be put into the hands of users with the industry knowledge and skills.
  9. 9. © Absolutdata 2014 Proprietary and Confidential 9 CHALLENGE #3: ROI Assessment  Organizations struggle with defining & calculating ROI for analytics  Less than half can identify positive ROI  Implementation of marketing best practices can be accelerated using specialized support ROI remains elusive so a new paradigm is required that puts the right data and analytics into the hands of those who drive the business forward. 9% 10% 43% 38% Return is less than investment Return is equal to investment Return is more than investment Don't know or can't measure
  10. 10. © Absolutdata 2014 Proprietary and Confidential 10 RECOMMENDATION #1: Massive volumes of disparate data types and sources must become easier to access, work with, and blend. RECOMMENDATION #2: The analytics required to answer complex questions must be put into the hands of users with the industry knowledge and skills. RECOMMENDATION #3: ROI remains elusive so a new paradigm is required that puts the right data and analytics into the hands of those who drive the business forward.
  11. 11. © Absolutdata 2014 Proprietary and Confidential 11 71% 75% 95% 22% 12% 4% 7% 13% 1% External Resources People Technology Positive No change Negative Average Increase: 21% Average Increase: 25% Average Increase: 14% Average Decrease: 10% Average Decrease: 11% Average Decrease: 12% Analytics Investment Continues Despite these challenges, almost all companies plan to increase their investment in analytics technology, people and external resources.
  12. 12. © Absolutdata 2014 Proprietary and Confidential 12 Alteryx/Absolutdata will be publishing a white paper in July 2013 to provide more information about this survey and a detailed review of the results. Plus, this paper will provide insight about how to put data to work to predict customer behavior, and create targeted offers that drive critical improvements in sales, customer retention, and loyalty.
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