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Get personal and monetize your customer data

February 12, 2017

Sam Richardson

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Zoom in on the individual consumer

A consumer centric approach is not just a passing fad that we all use for a while and then disregard; like that Tamagotchi digital pet you swore to keep alive. It is an absolute necessity for all modern companies. But what does it actually involve? To summarize, it’s one of the best ways of monetizing your customer data by zooming in on the individual consumer.

In this connected world, consumers are bombarded by a vast array of information and choices. If you want to break through that with your message, you must understand the consumer’s desires. You must get personal on an individual level to gain and keep their trust. Marketing today is more complex than ever before. However, our tools at Nepa have evolved with the times. The companies that apply consumer-centric strategies will have plenty to gain. The companies that don’t must beware of the hungry competitors waiting to swoop in and steal their customers with just the click of a mouse.

“Data is the friendship-link between your company and that individual from New York (or Stockholm) that just ordered your product.”

Get to know your consumers and gain their trust

Data is the first building block towards a consumer centric approach. Ensuring the collection of data and understanding of customer behavior from the start of the consumer purchasing path will help you discover the vital trigger that determine why consumers act on your offer and vice versa. However, you will need even more data variables to fully understand what actually makes a consumer buy from you and also become a repeat customer. Data is the friendship-link between your company and that individual from New York (or Stockholm) that just ordered your product. Data can be collected using methods such as scripts, forms, observational techniques, and classic market research; all of which we support at Nepa.

READ ALSO: What is brand tracking and why is it important?

Customer data in itself is useless if you don’t put the 1s and 0s into action

My experience reveals that these mountains of data often become overwhelming. Therefore not surprisingly, most companies need help to get started and also need help to keep the momentum going. This is an ongoing process that grows in value the more you work with it. A lot of energy is often fueled very early into the project of data collection. This leaves very little for when you need it the most; specifically at the analysis stage. That is why we at Nepa like to take a long-term approach and evolve with you and your consumers, always staying one step ahead of your competitors.

Dashboards and action plans – tools to engage your entire organization

Your data needs to be filtered, sorted, and ranked according to importance. In addition, the data needs to be summarized into segments and the findings need to be visualized so they become easier to understand.

“In front of you lays a consumer centric action plan, upon which your decisions and your next best actions will be made – throughout your organization.”

Many companies halt at this stage; thinking that the job is done. But they are actually missing out on the crucial analysis phase. You must also consider the data in the context of what you are trying to achieve; uncovering trends, relationships, and reasons to continuously act within all those data sets. Once the analysis is complete, you will feel the presence of your customers. In front of you lays a consumer centric action plan, upon which your decisions and your next best actions will be made – throughout your organization.

For instance, lets say your customers turn out to be male joggers who also like highly educated women that love all sports. Finding the triggers that will make them buy their next pair of sport shoes from your company (and not your competitor) is crucial. To do this effectively, you need to implement consumer centric strategies. This will make your customers feel that you are talking to them and not a mesh of target groups bundled into one.

READ ALSO: Power-up your marketing mix with brand expertise and data science

Using a holistic approach; no bits and pieces left behind

Many companies hire someone to find the “big data”. Then additionally hire someone else to provide the necessary analysis, insights, and actions. This leaves these companies with an abundance of information, often stored in silos, but with no real strategy on how to actually implement it. Therefore, the abundance of information is not helpful. It can get more complicated when you consider how all of that information is intended to be used; whether it is your marketing, sales, product development, or product placement in stores.

“We believe in a holistic approach, taking into consideration all of the factors that eventually determine your success in the marketplace.”

There is no universal template for gathering and analyzing consumer data. Since most companies don’t work through this problem at outset, many end up with disappointing results. That is why at Nepa, we believe in a holistic approach. We take all of the factors into consideration that will eventually determine your success in the marketplace.

Just having relevant customer information alone is worthless

Unless you are able to use it to take effective action based on the data; but not just any action. Actions bring you financial rewards; whether it’s earnings from new sales, developing new products, or simply keeping your existing customers far away from your competitors. This can be enough to make even the savviest CEO worry.

What if there was someone who could actually guide you the entire way?

  1. Through the customer path to purchase
  2. Through the process of combining and analyzing feedback and behavioral data
  3. Deciding upon your continuously updated consumer insights
  4. With daily actions no matter where in your organization the potential for improvement is pointing
  5. With having the result addressing your own KPI´s
  6. By automating the entire process to ensure your growth opportunities never stops.

This is what Nepa, and our  Nepa Consumer Science Platform®, is all about. Real-time optimization based on continuous consumer insights, customer feedback, and footprints.  All this with a single goal – to improve customer experiences and ultimately your financial results throughout your organization.

In this post I have only scratched the surface. To become a true customer-centric business, there is of course a number of tricky tech issues, complex analysis, specific understanding of your business, and more to consider. This is our area of expertise at Nepa. So, why not get in touch with me and I promise to get you started.

Ola Bergfeldt
Head of Global Communications at Nepa