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Chapter 4
It’s not what people say, it’s what they do (and the data shows)
Data presents a way to increase the transparency of customer engagements.
It allows you to analyse weaknesses in the value chain and develop personalised – value led - products and services.
For example, food service companies have used the pandemic to develop rapid low-cost convenience food delivery services. Insurers can set premiums and make payout decisions based on historical data trends at an individual level. And fitness technology industry can use goals and past performance data to design personal training plans.
Data can act as a signpost for your next action, so use it, because others will.
It’s worth remembering that you are dealing with people, each with their own distinct need and agenda. You will always be in with a shout of winning their business, but because there is now more choice and easy access, larger and well-established organisations are no longer the obvious choice.
But you may have something many digital natives do not …
You have history.
A history of customer engagement. And a deep well of data to draw from.
Data you can use to advise of buying trends and behavior of customers. And that isolates the point of value.
This data may be historical, but what each customer deems as value to them will not change. So remove guesswork and look at your data – see what your customers are doing. And use this to build out and shape your offerings.
Here’s where investments in Machine Learning and Artificial Intelligence can pay off.
Analysing your data allows you to create models for prediction and pattern recognition. Generating analytical insights that support new products and services and reduce market frictions and inefficiencies.
By fulfilling this this potential, consumers could benefit from more tailored, lower cost products and you can become more responsive, leaner, and, above all, valued.
To discover how HSO can help you extract the hidden value in your data, book your complimentary, no obligation, consultation. Fill out the form below