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Introduction to Customer Analysis

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DOCUMENT DESCRIPTION
In this deck, we introduce a 5-phase approach to Customer Analysis:
1. Get Customer Data
2. Segment Customers and Derive Insight
3. Evaluate Customer Relationship Strategy and Customer Value
4. Develop Value Proposition
5. Build Approach Customer Experience

This presentation will focus on the first phase: Get Customer Data. Topics include the types of data (primary vs. secondary), data collection tools, and segmentation types.

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Introduction to Customer Analysis

  1. 1. This is an exclusive document to Flevy Pro community - http://flevy.com/pro Management Consulting Training Introduction to Customer Analysis Get Customer Data Segment Customers and Derive Insight Evaluate Customer Relationship Strategy and Customer Value Develop Value Proposition Build Appropriate Customer Experience Technology
  2. 2. 2This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro The objectives of this deck are to give an introduction to our consulting approach to customer analysis Presentation Overview In this deck, we introduce a 5-phase approach to Customer Analysis: Get Customer Data Segment Customers and Derive Insight Evaluate Customer Relationship Strategy and Customer Value Develop Value Proposition Build Approach Customer Experience This presentation will focus on the first phase: Get Customer Data. Topics include the types of data (primary vs. secondary), data collection tools, and segmentation types. The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  3. 3. 3This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro Customer analysis is a key part of the data gathering and analysis phase of problem solving Management Consulting Problem Solving Process Form Hypotheses Find Insights Develop Conclusions and Make Recommendations Define the Issues So what?—aha, new thought What the client should do What are the questions keeping the client awake at night? Statements that provide direction and structure for the analysis Gather Data Analyse Data Factual information gathered to prove or disprove hypotheses Analyse what the data tells us 1. Market & Industry Analysis 2. Company Analysis 3. Customer Analysis The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  4. 4. 4This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro Our approach to customer analysis focuses on creative analysis and technology to add value Customer Analysis Approach Get Customer Data Segment Customers and Derive Insight Evaluate Customer Relationship Strategy and Customer Value Develop Value Proposition Build Appropriate Customer Experience Technology The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  5. 5. 5This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro There are a number of options for gathering primary customer data Data Collection SURVEY What does it involve? • Collecting standardised data from a population or a sample drawn from that population What is it used for? • To study attitudes, feelings, facts, beliefs, perceptions, behaviours, needs (past, current or future) Self-administered QuestionnairesObservational (e.g. work sampling, diaries) Telephone InterviewsPersonal Interviews Focus Groups The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  6. 6. 6This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro Secondary data is also useful to give a rapid insight Secondary Data – Advantages & Limitations LimitationsAdvantages Provides a rapid insight into markets: useful when conducting in- depth interviews If available, can provide a cost- effective insight into markets and companies Not always accurate: − Can be out of date − Not always based on full understanding of market The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  7. 7. 7This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro Different techniques are often combined to gain a more robust understanding of needs Types of Segmentation Needs Database Update database Reduce variables in database Reduce variables Validate variables Validate segments Validate variables Reduce variables Reduce variables Conduct Day-in-the- Life of a customer studies Conduct focus group interviews Generate hypothesis about markets and reduce variables Develop and pre- test phone surveys Identify segments based on needs Conduct phone surveys Develop segments based on needs • What is the customers value to the end user? • What is the customers value delivery system? • What is the company’s value to the customer? • What is the company value delivery system? Conduct market focus workshops Example of Process Followed to Deliver Needs Based Segmentation The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  8. 8. 8This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro Financial analysis consists of understanding a company’s financial performance, over time and against its peers Primary Data Collection Tools – Advantages and Disadvantages QUESTIONNAIRES Advantages: • Low cost of data collection • Low cost of processing • Anonymity • Can get at feelings/attitudes/beliefs • Avoid interview bias • Ability to reach respondents in wide geographic locations • Can get a large number of respondents Disadvantages: • Low response rate and consequent biases • May not be answered by right person • May skip difficult questions • Cannot probe, correct misunderstandings, offer explanations • Unsuitable for certain respondents (e.g. with poor literacy, language problems) INTERVIEWS Advantages: • Good for motivating respondent and building rapport • Follow-up • Can adapt interview to situation • Good for handling complex topics • Can use probes Disadvantages: • Expensive and time-consuming to administer • Social desirability bias (i.e. respondent may not express extreme or socially unacceptable views) • Interviewer bias • Difficulties with sensitive topics OBSERVATIONS Advantages: • Can observe real behavior rather than perception of behavior Disadvantages: • Cannot observe perceptions, feelings, etc. • Observer may be biased, assume the reason for actions that he observed • Resource intensive • Subjects may disagree to being observed The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  9. 9. 9This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro A good questionnaire is extremely difficult to develop… and takes several drafts Validity Reliability Ethical Does the questionnaire measure what it is supposed to measure? − e.g. Is the relationship between variables genuine, or could there be another explanation (internal validity)? A measure of consistency—will the same measure yield the same results on different occasions? − e.g. Does the questionnaire obtain the same results with the same person on different occasions? − e.g. Is your sample size large enough? Does the research protect the welfare of the subjects? − e.g. Do the questions asked, methods used to obtain answers, procedures used to choose subjects, the way subjects are treated, or uses to which the data is put generate any cause for concern? The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  10. 10. 10This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro Selecting your sample population is an important step which must be discussed with the client You do not want your client to reject your final recommendations because they were based on an “unrepresentative” sample! Lower HigherLevel of Accuracy Lower HigherLevel of Cost Smaller, more general sample Smaller, or more specific sample The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  11. 11. 11This document is an exclusive document available to Flevy Pro members - http://flevy.com/pro Flevy (www.flevy.com) is the marketplace for premium documents. These documents can range from Business Frameworks to Financial Models to PowerPoint Templates. Flevy was founded under the principle that companies waste a lot of time and money recreating the same foundational business documents. Our vision is for Flevy to become a comprehensive knowledge base of business documents. All organizations, from startups to large enterprises, can use Flevy— whether it's to jumpstart projects, to find reference or comparison materials, or just to learn. Contact Us Please contact us with any questions you may have about our company. • General Inquiries support@flevy.com • Media/PR press@flevy.com • Billing billing@flevy.com The content on this slide has been partially hidden. FlevyPro members can download the full document here: http://flevy.com/browse/flevypro/introduction-to-customer-analysis-1706
  12. 12. 1 Flevy (www.flevy.com) is the marketplace for premium documents. These documents can range from Business Frameworks to Financial Models to PowerPoint Templates. Flevy was founded under the principle that companies waste a lot of time and money recreating the same foundational business documents. Our vision is for Flevy to become a comprehensive knowledge base of business documents. All organizations, from startups to large enterprises, can use Flevy— whether it's to jumpstart projects, to find reference or comparison materials, or just to learn. Contact Us Please contact us with any questions you may have about our company. • General Inquiries support@flevy.com • Media/PR press@flevy.com • Billing billing@flevy.com

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