is your customer's experience the best it can be? leverage … · 2020. 2. 24. · forrester...
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© 2015 Forrester Research, Inc. Reproduction Prohibited 0
Srividya Sridharan, Research Director
Forrester
Vivian Braun, Worldwide Solutions
Marketing Executive, IBM
Is your customer's experience the best it can be? Leverage Analytics to grow customer life-time value
Leverage Analytics Across The
Customer Lifecycle
Srividya Sridharan, Research Director
March 18, 2015 @Srividya
© 2015 Forrester Research, Inc. Reproduction Prohibited 3
Agenda
› Key trends impacting retailers today
› The tantalizing promise of big data
› Apply customer analytics across the lifecycle
› Invest in maturing your customer analytics practice
© 2015 Forrester Research, Inc. Reproduction Prohibited 4
Agenda
› Key trends impacting retailers today
› The tantalizing promise of big data
› Apply customer analytics across the lifecycle
› Invest in maturing your customer analytics practice
Intelligence—not data—will
be the difference between
success and failure.
Customers are in the driver’s seat
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Source: October 10, 2013, “Competitive Strategy In The Age Of The Customer” Forrester report
Digitally-empowered customers are defining a new era in competition
A 20-year business cycle in which the
most successful enterprises will
reinvent themselves to systematically
understand and serve increasingly
powerful customers
Source: October 10, 2013, “Competitive Strategy In The Age Of The Customer” Forrester report
The age of the customer
A 20-year business cycle in which the most successful enterprises will
reinvent themselves to systematically understand and serve increasingly
powerful customers
The mobile mind shift
The expectation that any desired
information or service is available
on any appropriate device, in
context, at your moment of need
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Customer data ain‘t what it used to be.
Image Source: http://en.wikipedia.org/wiki/File:Google_Glass_detail.jpg
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Customers want to be recognized & rewarded.
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But beware the “cool-to-creepy continuum”
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The rules of customer engagement have changed.
Source: September 2011, “Personal Identity Management” Forrester report.
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Agenda
› Key trends impacting retailers today
› The tantalizing promise of big data
› Apply customer analytics across the lifecycle
› Invest in maturing your customer analytics practice
© 2015 Forrester Research, Inc. Reproduction Prohibited 14
Retailers and CPG brands have high expectations of big data.
Source: November 2014 “Big Data in CPG And Retail” Forrester report.
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But are slow in taking up big data initiatives.
Source: November 2014 “Big Data in CPG And Retail” Forrester report.
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Marketing is leading the charge.
Source: November 19, 2014, “Big Data In CPG And Retail” Forrester report
Source: November 2014 “Big Data in CPG And Retail” Forrester report.
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Source: November 2014 “Big Data in CPG And Retail” Forrester report.
Customer analytics is a dominant use case.
Source: November 19, 2014, “Big Data In CPG And Retail” Forrester report
© 2015 Forrester Research, Inc. Reproduction Prohibited 18
Agenda
› Key trends impacting retailers today
› The tantalizing promise of big data
› Apply customer analytics across the lifecycle
› Invest in maturing your customer analytics practice
© 2015 Forrester Research, Inc. Reproduction Prohibited 19
What is Customer Analytics?
Customer analytics uses customer data
and analytic insight to design customer-
focused programs that win, serve and
retain customers.
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Traditional analytics optimizes binary, one-dimensional customer behavior...
PURCHASE &
RESPONSE CONTEXT
Internal
Data
Source: March 2013 “The Future Of Customer Data Management”
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…and only partially serves the customer lifecycle with insights.
ENGAGE
ASK
USE BUY
EXPLORE
DISCOVER
Serve the entire customer lifecycle with diverse analytic solutions and insights.
› Understand relative adoption of analytic
methods.
› Align methods to applications.
› Map applications to lifecycle stages.
› Identify dependencies between methods.
1. Understand relative adoption of methods.
Source: February 2014 “TechRadar™: Customer Analytics Methods, Q1 2014”
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2. Align analytics methods to applications.
Source: February 2014 “TechRadar™: Customer Analytics Methods, Q1 2014”
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2. Align analytics methods to applications.
Source: February 2014 “TechRadar™: Customer Analytics Methods, Q1 2014”
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2. Align analytics methods to applications.
Source: February 2014 “TechRadar™: Customer Analytics Methods, Q1 2014”
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2. Align analytics methods to applications.
Source: February 2014 “TechRadar™: Customer Analytics Methods, Q1 2014”
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2. Align analytics methods to applications.
Source: February 2014 “TechRadar™: Customer Analytics Methods, Q1 2014”
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ENGAGE
ASK
USE BUY
EXPLORE
DISCOVER
3. Map applications to lifecycle stages.
Acquisition
Contextual marketing
Retention & loyalty
Personalization
Customer experience
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4. Identify dependencies between methods.
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Agenda
› Key trends impacting retailers today
› The tantalizing promise of big data
› Apply customer analytics across the lifecycle
› Invest in maturing your customer analytics practice
© 2015 Forrester Research, Inc. Reproduction Prohibited 32
Analytics maturity requires mastery in six dimensions.
© 2014 Forrester Research, Inc. Reproduction Prohibited 33
There is a long way to go for analytics sophistication.
Base: 170 customer analytics professionals
Source: Forrester/Burtchworks Global State Of Customer Analytics Survey 2014
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What do analytics leaders do differently? More data sources, more often More analytic methods
Broader insight application More real-time experience
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What makes these companies different?
They’ve evolved customer insight from a marketing tool
to a business planning tool.
They plan and use analytics across the customer
lifecycle.
They’ve moved beyond measuring marketing
effectiveness to measuring customer lifetime value.
Their approach to marketing and customer engagement
hinges on being contextually relevant.
© 2014 Forrester Research, Inc. Reproduction Prohibited 36
Key takeaways
› Break free of traditional notions of customer
data
› Leverage big data analytics in areas that impact
customer engagement
› Audit customer analytics needs across your
customer’s lifecycle
forrester.com
Thank you
Srividya Sridharan
+1 613.617.6393
@Srividya