Curate Insights to Provide Information of Value

Posted by Tom Smith on Thu, Mar, 13, 2014 @ 10:03 AM

Consumer insights accelerate sales










Knowledge of the customer is key to providing information of value to the right person, in the right place at the right time.


Marketing and IT need to work together to have a digital biography of your customers -- personas, demographics, psychographics, digital journey, social media habits, interactions with your company in person, online and at tradeshows.


In order to maximize marketing effectiveness, companies need to ensure every interaction with a customer or prospect provides more awareness of the products and services that match the needs, attitudes and expectations of the customer.


Ideally the interaction is captured in the CRM which is integrated with the marketing automation software.


Most companies lack the full range of skills and capabilities to apply internal and external data to build effective targeting models. Identifying people with these skills, or training them, will be critical as customers become more sophisticated and have higher expectations of their product and service providers -- B2B and B2C.


Sending untargeted, nonpersonalized email is asking to be deleted, or worse, unsubscribed. You're better off not sending any email than sending untargeted email. Untargeted email will cause your subscriber list to shrink and make a bad impression on the recipient.


Response/conversion rates are 10% higher for prsonalized messages versus non-personalized.


Every communication does not have to sell one of your products or serivces.  Provide information of value to earn trust.


Road Runner Shoes always sends me a promotion on running shoes. They would earn my trust and respect by sending me information on nutrition or warm-up/warm-down that has nothing to do with shoes occasionally.


What information of value can you send your customers and prospects they will find useful and therefore think more highly of you because you're looking out for their best interest rather than just trying to sell them another product or service?


The trust of your customer is hard-earned and easily lost. Send them enough email and snail mail that's not relevant and you'll lose their trust.


Engage in a dialog with your customers to know how you are doing. A great way to open the dialog is with a three-question Net Promoter Score (NPS) survey. This survey has two open-ended questions that let you get voice of the customer feedback that you can respond to and that will give you insight into customers' needs and wants.


Once the customer has completed the survey, make sure you thank them for completing the survey and for their valuable feedback.


In all cases, look for client needs and determine how you can meet those needs.


For "promoters," those that gave you a 9 or 10, reach out to them to thank them for their feedback and ask if they are willing to provide a testimonial, serve as a reference, provide referrals or share their thoughts about you on their favorite social media channels.


For "passives," those that gave you a 7 or 8, thank them for their feedback and delve into what you can do to address their concerns so they will continue their relationship with you and give you the opportunity to provide a better experience than they currently perceive you providing.


You need to reach out to "detractors" immediately. Thank them for their feedback and let them know you're very interested in addressing their concerns. You don't want to lose their business and you don't want them sharing their negative experiences with you on social media.


The more you know about your customers, the more you are able to identify inflexion points at which time certain communications or offers should be made. 


Based on a study IBM conducted, the return on investment for tools that enable a highly personalized experience for the customer can reach 600%.


How are you curating insights from analytics and qualitative data to communicate more effectively and efficiently with your customers and prospects?


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Tags: consumer insights, dialog, information of value, CRM, promoters, passives, detractors