This document summarizes key points from two presentations at a Fishbowl event on using customer data and insights to drive strategies and improve customer experience.
The first presentation discussed engaging with customers through in-depth interviews and exercises to better understand their needs and decision-making. This provides insights that can be combined with existing organizational data to create strategies and ensure the business is responding appropriately to customers.
The second presentation focused on how a bank used data science to break down silos, prioritizing a shared customer experience vision and insights that address both short and long term value. It was emphasized that different areas must collaborate to holistically serve customers and that metrics should demonstrate the impact of changes made based on customer data and insights.
3. Topic 1 take-outs
Creating strategies by combining customer needs and your
existing data
Presented by Derek Martin, Principal Consultant, BSG
4. BSG’s Principal Consultant Derek Martin
Today’s way of working distances us
from how our customers interact with
our brand. Surveys and quick telephone
calls with customers aren’t sufficient to
drive the innovative and competitive
responses required.
Customer insights drive profits,
required to keep business going. The
right data is required to predict our
customer’s responses and truly
understand them. Many organisations
lack sufficient customer information to
drive the right strategies to maximise
customer value.
Start off by defining the problem to
solve, then the data to be used. Rich but
dispersed operational data often goes
untapped because it resides in
organisational silos, which limit access
and inhibit a common data view.
5. BSG’s Principal Consultant Derek Martin
Engaging with customers in more personal 1-on-1
interviews often yields surprising results, as they freely
share information you might not learn otherwise. We play
games with customers to get them to open up and
understand their thinking and reasoning behind
decisions e.g. Monopoly money to see how they would
invest it. This allows an organisation to assess how they
should be responding to clients’ requirements.
BSG has found an iterative approach works best, in
short three week periods.
Many organisations actually know far less about their
customers than they should or think they do. Some
organisations are over reliant on certain data methods,
while others need to be capturing more data.
Today’s business needs an in-depth understanding of
their customer to define their strategy. This is not
easy to obtain, but combining data with interviews gives
an organisation an approach to help in moving the
business forward.
7. Topic 2 take-outs
Use of data science to break down silos in support of customer
experience (CX): using our financial expertise to do good
Presented by Trinesha Reddy, Head: Strategy & Insights and Pedro
Rhode, Executive: Sales & Service Effectiveness, Nedbank
8. Nedbank’s Executive: Sales & Service Effectiveness
Pedro Rhode
To remain relevant, organisations need to concentrate
on being client focused.
Collaboration can be used as a competitive
advantage.
Organisations need to invest in deeply understanding
customers.
Utilise data science to answer the difficult questions
that have longer tails on ROI, don’t only concentrate on
pursuing low complexity items which impact the bottom
line and require less effort.
Change must be led from the top down, to sit at the
centre of the organisation.
9. Nedbank’s Head: Strategy & Insights Trinesha Reddy
Create a shared customer experience vision, focusing on
customer strategy. To create the CX required, start with a clear
customer strategy. This will focus insights on questions which
can be answered.
Insights and business need to work together: business is
accountable for identifying opportunities and outlining metrics /
KPIs, while data needs to be decoded to make the insights
understandable to business.
Create incremental plans and roadmaps combining short and long
term value.
Utilising data enables the shifting of strategy to change the
scorecard, which can lead to changes in behaviour. This links to
cultural change, required to overcome the silo challenge.