Is big data enough? Aggregate numbers can tell you a lot, but they say very little about how individual customers are thinking and talking about…
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McKinsey analysis finds that companies acting on journey insights have seen a 15-20% reduction in repeat service visits, a 10-20% boost in cross-selling, and a drop of 10-25 basis points in churn.
For instance, a cable television player used advanced data analysis of multichannel customer behaviors to focus on where drop-offs in the journey occurred in two journeys—on-boarding and problem resolution—to address nagging customer retention and loyalty issues. The data team helped them identify key service troubles spots and ways to improve the on-boarding process. Those insights led to several policy changes, including creating a “learning lab” that effectively operated as a mini-company to trial and refine new approaches. The changes improved customer satisfaction scores by more than 20%.
Fanderl also shares that you shouldn’t wait for the data to be perfect. Companies often hesitate to take action for fear their data is missing or a mess. Successful organizations tend not to overthink all the details and instead just roll up sleeves and get to work. Most companies, in fact, already have the data they need. The challenge is pulling the data together. Companies need to figure out where that data is stored, and what it takes to extract and aggregate it so they can understand the customer journey across multiple touch points. Since data often lives in systems managed by various functions, bring the necessary operations, IT, in-store sales, and marketing people together to identify the touchpoints.