Brand Preview 2019: Make good use of your data
The scale of your success in the next twelve months will depend on your ability to make good use of your data. The more you understand about your customers, and their behaviour, the more effectively and efficiently you will be able to communicate with them.
The challenges in 2019
The noise and confusion in the current business environment is nothing new. The on-going impact of technology, the changing nature of consumer behaviour, an uncertain global political climate… there are many factors causing this. And their influence will continue in the next 12 months. Many factors will influence how well each business responds, but the importance of your brand – your ability to communicate effectively – shouldn’t be overlooked.
In a series of posts, I’ve identified three key issues to consider. The second is understanding how to make good use of your data.
When we talk about “data” we’re referring to information within your business. What’s most interesting from a brand perspective is information about your customers, and how they interact with you. The word “data” can conjure up images of scientists in white lab coast, poring over complex spreadsheets. But the reality is that business data comes in many forms. It may be a complex spreadsheet, but it could just as easily be a simple list of customer addresses.
The value of your customer data
The reason that customer information is valuable is that it gives you the opportunity to learn more about your customers, and importantly, what they do. The more you know about your customers, the more effectively you can use your resources. You can focus your time, energy and budget on the activity that will bring the greatest benefit to your business. If measuring the ROI (Return on investment) of your marketing activity is important to your business, then your ability to make good use of your data will be fundamental to this.
The focus on customer data has increased in recent years, driven largely by the growing ability of technology to gather it. There’s the need to gather mobile data, the ability to harness Big Data, and the legal implications of personal data. The role of data in communication has grown, and that won’t change in 2019. But as the discussion around data grows, the more complicated and confusing it becomes. The conversation becomes another of the elements that is contributing to the increasingly noisy and complex business environment.
Understanding your customer data in 2019 is one of the solutions to the challenge of navigating the turbulent business environment. Look for opportunities to extract relevant information about your customers from the wealth of data that’s available. This will help you to react more swiftly and effectively than your competitors.
How to make good use of customer your data
What’s fundamental to making good use of your data, is understanding what information is valuable to you. It could be as simple as understanding which products or services are most popular with customers. Or you may want to understand more complex data, like the spending habits of a specific customer group across the year. It will vary for each business, but the ability to understand what is important to your business will allow you to make the most efficient use of your resources.
In May 2018 EasyJet CEO, Johan Lundgren, announced their aim to be “the most data-driven airline in the world”. EasyJet know that only 46% of customers fly with them more than once a year. As a result they have identified nurturing loyalty as one of three opportunities to boost growth in 2019. The other two are holiday bookings and increasing the number of business customers. EasyJet recognise that data is the key to unlocking these opportunities.
Sky found themselves in a situation where they were gathering a vast amount of customer data and measuring 2,000 different KPIs (Key Performance Indicators). There was more information than they could use. They embarked on a project to reduce the number to 30, which work across different parts of the business. They recognized that different KPIs would be more (or less) relevant for different products and services.
What’s important to you?
If you want to make good use of your data in 2019, it’s important to understand what information is important to you. What are your plans for the next twelve months? You could be launching new products or services. You may want to break into a new market. Or you may simply want to consolidate the success you have already achieved. What do you need to know, to make your plan a success?
Gather the information from the data you have available. And if you don’t have the customer data you need, find a way of collecting it. It doesn’t need to involve complex software, it could be as simple as asking your customers a question. Whatever your plans for 2019, you are more likely to succeed, if you make good use of your data.
Get in touch
If you would like to know how to make the best use of your data in 2019, drop us an email. It would be great to hear from you!
Photo by Patricia Serna on Unsplash