It’s important to understand that a customer’s journey is a living document. It needs to be continuously updated so it may serve as an accurate understanding of what customers are experiencing and any new directions they may take.
how reformulating a business strategy around prescriptive data allows distributors to become proactive rather than reactive.
Putting Behavioral
Analytics to Work Implementing a prescriptive data strategy depends on a solid grasp of behavioral analytics. In essence, effective analytics enable distributors to go beyond understanding how customers (or for that matter, channel partners) have behaved in the past. AI possesses powerful pattern- recognition capabilities that allow it to to accomplish complex goals such as:
• Reduce or eliminate customer churn by identifying customers in danger of being lost, allowing the sales team to reach out and rescue the relationship
• Improve customer retention by doing more of what keeps customers happy and reducing or eliminating friction points
• Make smarter recommendations to boost sales and reawaken flagging interest
32 FEDA News & Views
• Identify trends in demand to stay a step ahead of the demand curve
• Target advertising more effectively to reach the right customers with the right promotions
• Reach out to customers proactively with tailored deals and offers to keep them engaged.
Mastering Smarter Segmenting One of the best capabilities of analytics
transformation is the ability to segment customers more intelligently and effectively. Distributors can learn not only what, when and how customers are buying, but also find trends and then use that knowledge to extrapolate behavior. With the help of data-driven analytics, businesses can prepare now to predict and meet their customers’ needs as far out as six months to a year. What’s even better is that the benefits are not limited to the current clientele. By thoroughly studying existing customers, distributors can identify insights that allow them to reach similar new customers and expand their base.
Designing an Improved
Customer Experience One of the best applications of the data-driven approach is to redesign and radically improve customers’ experience as they engage with dealers at every point of the journey. Like never before, distributors can respond to customers’ needs before the customers themselves are aware of those needs — if they simply listen to what customers are telling them with their behavior. Doing this requires a deeper understanding of the places where friction and churn are most likely to occur, insights that demand the support of digital analytics. It’s important to understand that a customer’s journey is a living document. It needs to be continuously updated so it may serve as an accurate understanding of what customers are experiencing and any new directions they may take. Improving the customer experience is an ongoing undertaking, not a one-time project.
About the Author
Mike Marks is the Founding Partner of Indian River Consulting Group, focused on B2B channel-driven markets. Prior to founding IRCG, Marks worked in distribution management for more than 20 years. Reach him at
ircg.com.
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