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Brandon Purcell, Senior Analyst

WEBINAR Benchmark Your Customer Insights Success With Forrester’s State Of Customer Analytics 2016 Survey Data. Brandon Purcell, Senior Analyst. January 11, 2017. Call in at 10:55 a.m. Eastern time. In the age of the customer, we gather massive amounts of data. Behavioral data Social data

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Brandon Purcell, Senior Analyst

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  1. WEBINARBenchmark Your Customer Insights Success With Forrester’s State Of Customer Analytics 2016 Survey Data Brandon Purcell, Senior Analyst January 11, 2017. Call in at 10:55 a.m. Eastern time

  2. In the age of the customer, we gather massive amounts of data • Behavioral data • Social data • Mobile data • Environmental data • Sensor data • Financial data • Sales data • Product data • Transaction data • Customer data • Third-party data

  3. “We are drowning in data and starving for insight.”— Global Bank

  4. Customer insights are the gold buried within your data.

  5. Customer analytics unlocks the potential value in your data Customer analytics P E/P = ~1 P = potential value of data E = value extracted from data

  6. What is customer analytics? Customer analytics uses customer dataand analytic insight to design customer-focused programs that win, serve, and retaincustomers.

  7. The potential value for analytics is real across the customer life cycle. Source: How Analytics Drives Customer Life-Cycle Management Forrester report

  8. Customer analytics is different. Really. Methods Data Technology Prescriptive Multisourced, in-motion, multistructured Data science and customer analytics Non-relational • Optimization • Decision arbitration • Sensor, open data, IoTdata, device data • Hadoop, noSQL Predictive Externally-sourced, unstructured • Predictive modeling • Forecasting • Simulation • Social, location, VoC Relational Descriptive Internally-sourced, at-rest, structured Traditional analytics • Traditional EDWs • Reporting and measurement • Business intelligence • CRM, EDW, POS, web

  9. However, customer analytics can be as confusing as it is exciting Machine learning Predictive analytics Data visualization Artificial intelligence Data mining Text mining Statistical analysis Forecasting Simulation NLP Optimization Discovery/ exploratory analytics

  10. Deciding where to begin may be the hardest part. Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  11. The analytical process begins and ends with business requirements. Source: Close The Insights-To-Action Gap With A Clear Implementation Plan Forrester report

  12. Key business questions before beginning analysis • What is the key business objective of the project? • Who is the project owner? Who are the relevant stakeholders? • What will the cost and benefits of the project be? • Are there risks/constraints we need to take into account? • What would an ideal solution look like in action? • How will we measure the success of this project? • What is my project plan?

  13. Now, let’s turn to the data.

  14. Customer data ain’t what it used to be

  15. Actually . . . in analytical terms, there are only a few types of data

  16. Choosing the right analytical method depends on your business objectives and your data

  17. Chez Customer Analytiques Now, let’s explore the menu.

  18. CI pros have a wide range of options to choose from Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  19. Methods that improve the customer experience • Customer experience analytics methods: • Customer satisfaction analysis • Customer engagement analysis • Customer journey analysis Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  20. Methods that drive personalization • Personalization analytics methods: • Next best action • Recommendation analysis • Cross-sell and upsell analysis Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  21. Methods that increase retention and loyalty . . . • Retention and loyalty analytics methods: • Customer propensity analysis • Churn and attrition analysis • Social network analysis Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  22. Methods that drive acquisition . . . • Acquisition analytics methods: • Behavioral customer segmentation • Customer lifetime value analysis • Customer lookalike targeting Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  23. Methods that inform contextual marketing • Contextual marketing analytics methods: • Sentiment analysis • Customer location analysis • Customer device usage analysis Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  24. Identify dependencies between methods Source: TechRadar™: Customer Analytics Methods, Q2 2016 Forrester report

  25. Aren’t we forgetting something?

  26. Aren’t we forgetting something?

  27. New methods deliver new output and require new operational processes

  28. The current state of affairs

  29. The state of customer analytics survey • Fielded by Forrester and Burtch Works to senior-level analytics professionals in March 2016 • 142 respondents answered the survey in its entirety. • Half of respondents have more than 13 years of measurement and analytics experience. • More than three-fourths of respondents are influencers or decision-makers in their organizations. • Broad industry representation: • 25% retail, wholesale, and CPG

  30. Customer analytics — key drivers and challenges Source: The State Of Customer Analytics 2016 Forrester report

  31. Key phases of the insights life cycle

  32. Top data sources Source: The State Of Customer Analytics 2016 Forrester report

  33. Top analytics techniques Source: The State Of Customer Analytics 2016 Forrester report

  34. Planned analyses focus on customer relationship management. Source: The State Of Customer Analytics 2016 Forrester report

  35. Top applications of insights Source: The State Of Customer Analytics 2016 Forrester report

  36. Forrester’s analytics sophistication modelexposed three distinct groups:

  37. What sets leaders apart?

  38. Analytics sophistication grows as leaders . . . Source: The State Of Customer Analytics 2016 Forrester report

  39. . . . use more data sources . . . Source: The State Of Customer Analytics 2016 Forrester report

  40. . . . combine multiple analytics techniques Source: The State Of Customer Analytics 2016 Forrester report

  41. . . . and apply marketing insights broadly across channels Source: The State Of Customer Analytics 2016 Forrester report

  42. Recommendations

  43. Take Forrester’s assessment for customer analytics — measure your capabilities across six dimensions Strategy Organization Data Analytics Process Technology

  44. Results reveal four analytics personas Strategy Organization Data Analytics Process Technology Rookies Dabblers Pros Gurus

  45. Start by defining your customer analytics strategy Strategy Organization/ process Technology Data Analytics and measurement

  46. Organize for analytics

  47. Develop ROI calculations to prioritize projects and measure impact Just 26% report that measurement and analytics projects are prioritized based on a methodical ROI/business justification process.

  48. Invest in scalable customer data architecture.

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