Where IT Leaders Share Ideas
The term “Big Data” is highly reminiscent of terms like “Big Pharma”, and it has a tendency to make consumers and professionals alike a bit nervous. However, whereas Big Pharma refers to large pharmaceuticals companies with market sway and seemingly countless political lobbyists, big data simply refers to the exponentially rapid growth of large data sets and the ability to analyse them.
The cost of keeping an existing customer is in general around 10% of the cost of acquiring a new one. Reducing churn to increase client retention therefore is a major reason to optimise the customer journey. And to do so, you need a proper cross-channel view of your customer journeys.
The company in this case operates in a very competitive market, where retention is a key success factor. Therefore, they wanted to optimise the cross-channel customer journeys to make sure their customers get the experience and the service they are looking for. A special cross-channel team was in charge of establishing and maintaining this process.
Although there isn’t the same level of competition for utility companies as there is in some other industries, they...
Along with the rise of Big Data and the desire for companies to better understand their customer base comes the...
Once your data capture, data quality, data management and data delivery is managed effectively then you can start to measure and assign value to your customers. By getting to know your customers you can start to proactively engage with them and create a dialogue. If you have a mutually beneficial relationship with your customer they become your client, your regular and your brand advocate.
“When you are a company driving change, this kind of flexibility is invaluable to help you to manage peaks and troughs in development, and that is when I need KETL to take our department’s levels of expertise and experience up a notch.”
Pete Byrne, former Head of IT at Monsoon Accessorize
