KYC | Do you think you know your customer?

KYC | Do you think you know your customer?

The truth is brands use innovation to gain an edge through consumer insight, Yet few understand what is the correct path to take when driving innovation.

Marketeers and brands, continually meet to discuss; customer engagement, reaching new audiences, and building loyalty. Marketing and advertising agencies respond with the latest trend re-packaged to trigger short term engagement. The common theme that emerges is the desire for deeper consumer insight. Rather than focusing on unlocking the customer data companies already have.

Consumer insight is more than just transactional data. It is about looking at customer behaviour away from the immediate brand environment and asking questions. Rich insight can make sure you connect to your customers on their level, not just on a level that you think they will like. The initial trepidation; words such as big data and long term, cast doubt on the client side. However, there are simpler smaller steps to unlocking big returns, which do not cost job livelihoods. The first point on consumer insight is to look at those who have adopted the data driven approach.

It is clear to see data driven firms are embracing digital technology and those that haven’t are on the wrong side of a digital data divide. Under Armour is a company tapping into insight on their consumers. Ceo Kevin Plank is spearheading the business strategy using innovation from insight;

“Under Armour uses data enable garments that feed information to users via multiple channels, helping them improve performance, build community or connect with the company. It allows us to get and information in real time, and, just as importantly, anticipate where the ball will be — not where it is.”

The overall objective here is to gain an indepth understanding that in turn can provide a seamless experience enabling customers and employees to smoothly move across digital boundaries. To respond to customers wants; when they want, and on the channel they want it. But it also means respecting their time.

Deeper Insight being harvested from tech, such as the apple watch and iphone. They learn to adapt to us, nestling into every aspect of our lives so it is more responsive, more useful, and more intuitive. This is very powerful, because as a brand, knowledge of your customers behaviour allows forward communications to be unique, relevant. Resulting in meaningful content delivery.

The accuracy with tailored communications exponentially increases the sales conversion percentage. Let alone the volume of insight you will collate, that can give rise to new products, events, and communication strategy.

But at what cost? Users divulge personal information daily in exchange for a tangible benefit to themselves. Take simple yet disruptive applications; Uber, needs to know your location in order to send a taxi to you instantaneously. Foursquare needs to know location in order to provide beneficial location based offers and recommendations. Huurdit needs to know where you are in order to show new music around you. Tinder, needs your approximate location to show you your ‘next relationship.’

There is a common theme and that is location, but the question arises, what happens to our data,

“How much privacy are we willing to surrender? What can these services learn about our activities? What keeps detailed maps of our lives from being sold to the highest bidder?” David Pierce. Wired  

Well the crux of the argument is this. Consumers are sensitive about their data and partly rightly so. However, you cannot expect to become embroiled with rage when applications use your data, as after all, you have given consent and they are using it to the majority of the time improve customer experience and if you had not realised: We are the customers. In an pessimistic world, not everyone is Edward snowden, there are people who are using insight to innovate for our benefit and the future.

The question is how is it important to me and my business. Each business collates data in varied methods. Some may use data collation to improve internal operating efficiencies saving millions. Others might use it to understand customers fuller and provide meaningful experiences. Whereas trends can establish the development of new products. There is a place for the analysis of consumer insight.

If you are still skeptical about taking the first step. Use a partner to show you what insight they can harvest from a small sample of data. But use someone who can analyse this data, then provide strategic application to your business. Namely, an agency who are underpinned by data, provide brand strategy and can execute marketing recommendations.

The digital data divide is upon us, insight is creating innovation and the innovators are moving far ahead of their competitors, Where is your company positioned?