Analytics & Marketing Metrics

4 Steps to Better Customer Data Strategy

You need to be able to see the forest for the trees when it comes to your metrics, and vice versa. A strong comprehensive strategy has to be paired with day-to-day common sense. In an article for Business.com, Martin DeGhetto describes four steps that he believes applies this thinking to customer data:

  1. Measure quantitatively and qualitatively.
  2. Summarize your findings.
  3. Create new strategies.
  4. Transform strategies to action quickly.

Know Your Customers to Know Yourself

As it stands, one statistic finds that only 50 percent of C-suite executives measure customer experience, so measuring it at all will put you ahead of much of the competition. Proper measurement consists of hard, quantitative metrics and also actually talking to customers to verify those numbers qualitatively. Both are required to get a full story.

And whatever that story ends up being, it is up to you to summarize it in a way that is digestible for strategic discussions. Get a grip on the strengths and gaps in customer experience and make some recommendations accordingly. After that, it is time to actually weave new strategy out of the data:

In some cases, these are easy fixes; often, however, you may need more information outside of your organization to make a decision. What does the competitive environment look like? Maybe you’re not satisfied with your customer satisfaction level, but everyone else is measurably worse. Maybe you’re fine domestically yet lagging internationally.

Most frequently, you’ll fall somewhere in the middle of the pack. While frustrating, this is also a prime opportunity to break away from the competition. If there’s a large market, such as international customers, that isn’t specifically catered to by another company, consider making a dramatic shift to secure that demographic if you can do so without losing sight of what your brand represents.

Then you just have to get out there and act on strategy, no matter how cumbersome the first few steps might be.

For further elaboration on these steps, you can view the original article here: https://www.business.com/articles/metrics-without-measurement/

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