Slideshow Customer Analytics Key to Top 10 Critical Business Success Factors

Published
  • November 16 2015, 6:30am EST
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Customer Analytics Key to Top 10 Critical Business Success Factors

A new report from Forrester Research reveals that those organizations that best use customer data and analytics will have a major competitive edge in 2016. What does that mean for the CIO and CDO? Here are the firm’s “Top 10 Critical Success Factors” that will determine who wins and fails in the “Age of the Customer.”

Personalization Is the New Bar

“In 2016, the level and quality of personalized experiences will be a key determinant in who wind mindshare and share of wallet. Leaders are leveraging systems of insight to deliver customer intelligence to the frontlines and the customer-facing systems, providing both responsive and predictive care.”

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Small CX Thinking Will Destroy Financial Results

“Customer experience (CX) tightly correlates with revenue performance: small, tactical CX efforts will directly impact growth. CMOs are leading the charge … from aligning the brand promise to transforming operations to deliver high-value personalized experiences.”

Who Leads Matters More in 2016

“The CIO owns the technology that should create differentiated customer experiences but struggles to shift to a business technology position due to IT complexity, risk, and gravity. Some firms are investing in new titles such as chief data officer, chief digital officer, and chief customer officer to change the game.”

Culture Is a Critical Path to Business Success

“Culture drives speed and efficiency, creating instincts, norms, and new muscle memory to shift to a customer-obsessed operation and work at the speed of dynamic customers and disruptive competitors. Leaders are quickly initiating culture efforts that transform operations and gain new levels of business agility.”

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Traditional Companies Stand Up to Disruptors

“Disruption is no longer disruptive — it is normal. Leaders accept those terms and will animate their powerful points of differentiation – market footprint, capital, and massive amounts of customer data – to fight back in 2016.”

Loyalty Programs Focus on Participation

“What customers increasingly value is a shared purpose with a brand. In 2016, loyalty programs will increasingly with their customers, not simply for their customers. Leaders are putting in place programs that allow customers to be a part of their business.”

Analytics Becomes a Key Competitive Weapon

“Analytics improves an organization’s ability to understand, anticipate, and act on data to drive customer value, business efficiency, and growth. Leaders are addressing the diversity of data and unlocking the value of data via algorithms tuned to anticipate and deliver customer value.”

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Digital Dabbing Is a Fatal Strategy

“Innovation spend in on the rise, digital skills are in hot demand, and a new breed of digitally savvy senior leaders is emerging. Leaders will embed digital into all parts of the business, harmonize virtual and human experiences, and be able to rapidly shift to meet the new hyperadoption/hyperabandonment behavior of customers.”

Privacy Is Moving From Niche to Value Prop

“Customers are aware; they care and are willing to act on the basis of how well their privacy is protected. Leaders have broadened the topic of privacy from a legal/risk question to a marketing goal. Asserting and providing differentiated privacy protection can, in turn, win share of wallet and drive churn.”

Operations Become the Nucleus of Value

“Leadership teams responding to a customer-led market are asking a simple yet profound question: How do we operate to win? How quickly and how well companies move to a customer-obsessed operating model ultimately determines the extent to which they can deliver differentiated experiences, drive growth, and win.”

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Thank You

Information Management thanks Forrester Research for sharing insights from its report, “The 2016 To 10 Critical Success Factors to Determine Who Wins and Who Fails in the Age of the Customer.”