West Monroe Partners can help you create effective customer analytics, tailored to your organization’s business strategy. Our approach looks at the cost of customer acquisition and retention, return on all marketing and customer service investments and evaluates buying patterns to allow your team to understand profit margins by customer segment.
Companies of all sizes and industries have one thing in common: they require an effective customer strategy that focuses effort and investment on the customer segments that produce the most value for the organization. Without such a strategy, an organization’s marketing, sales, and/or customer service efforts may be inefficient, improperly targeted, and difficult to track and measure. Consider:
- Do you collect information about customers from multiple channels, but have a difficult time using this information to make sales, marketing or service decisions?
- Are you able to determine the return on investment in sales, marketing, or customer service efforts?
- Are you able to calculate your customers’ lifetime value to your organization or determine which customers are more profitable than others?
- Do you have disparate systems for tracing customer information?
How well do you know your customers?
One of the keys to an effective customer strategy is insight about the organization’s customers and prospects — information that enables executives to make effective and timely business decisions. This is the role of customer analytics.
The data that drives customer insight
Customer analytics comprises the processes, key performance indicators, and technology tools that enable an organization to refine and manage its sales, marketing, and customer service strategies. Analytics provides specific and targeted data that helps executives understand the health of their business, future growth opportunities, and trends in customer buying patterns in order to increase the return on marketing campaigns.
Among other things, customer analytics can help organizations calculate:
- The cost of customer acquisition and retention
- Return on marketing, sales, and customer service investments
- Purchase frequency and other buying patterns
- Profit margin by customer segment
If you are looking for a way to improve the quality of customer data and use that data to drive acquisition and loyalty, take a look at West Monroe Partners. We specialize in optimizing the vital processes and systems that drive business performance.
We can help you define appropriate key performance indicators (KPIs) for your customer strategy and then put in place the processes and systems needed to measure performance relative to those KPIs.
A proven approach to customer analytics
West Monroe Partners applies a proven and comprehensive approach to creating effective customer analytics—one that we can tailor to suit your unique customer strategy.
To provide actionable business intelligence about your customers, we take some or all of the following steps:
- Understand the systems and processes that currently support your sales, marketing, and customer service strategies
- Define KPIs to assess your organization’s customer experience
- Conduct a customer segmentation analysis to help your executives understand: Who your customers are; Which customer segments are most profitable
- Identify any immediate opportunities for improving customer intelligence
- Define a longer-term strategy for improving the intelligence available from existing systems and processes
- Implement the strategy in a phased approach—one that is comfortable for your goals, resources, and budget
Customer experience expertise
West Monroe Partners has years of experience working with companies of all sizes and across many industries to optimize their customer experience. Our expertise begins with developing comprehensive customer strategies that consider all touch points with your organization. And, it extends through defining the metrics that match your strategy and establishing the enterprise level business intelligence capabilities for reporting those metrics— when and for whom they are required.
Our experience across a variety of disciplines—including customer service, Internet marketing, customer relationship management, and content management—provides the foundation for understanding and optimizing all aspects of your organization’s customer experience.
Attract and retain customers
With the right perspective on your customer relationships, your organization is primed to take the steps that it can to be more successful in attracting and retaining customers:
- Answer complex sales, marketing, and customer service questions quickly and with confidence
- Reduce marketing costs by aligning campaigns more intelligently — learning from past successes and applying insights about customers’ propensity to act
- Reduce the time required to create and execute marketing efforts
- Improve profitability of the sales lifecycle by reducing the cost of converting opportunities to orders
- Identify your most valuable customers and re-allocate resources to keeping those customers satisfied
In short, all the things that come from knowing your customers a little better.
That’s business in the right direction.