Trying to find and keep a new customer is a challenge for any business. Are you trying to find repeat customers, or high-value customers? Or just trying to understand a prospect who connects with your brand for the first time? With the sheer volume of data, finding them isn’t the only problem, it’s making sure that it’s the right customer. When looking at data, some customers can look alike.
It’s a lot like the children’s game “Where’s Waldo?®” Trying to find Waldo, along with all of his tools, accessories and friends, in a maze of clutter and intricately illustrated pictures, is a game that can keep children happily looking for hours. But the people characters can start to look alike, which makes it difficult to find the true Waldo.
The game makes a child look long and hard, and process a lot of information, in the clutter of pictures through a number of pages to find Waldo.
The same holds true for today’s analytics. The sheer volume of data can build a multi- dimensional view of your customer through social/digital behaviors, traditional demographics, purchase patterns, geo-graphics and more. But it can be hard to draw the right conclusions on a customer purchase pattern on the surface.
Taking an abstract look at the information and make sure that it fits not only what you’re thinking, but also must align with the customer profile you are targeting. Don’t begin building a precise puzzle with a thousand pieces. Start by lining up your “pieces” so you have an inventory of sources. Look at internal sources and add external information where there are gaps. Connect all of your data points.
The challenge is to know how much data you will need, then where do you find the data. So before you start to look for your customer, consider the following:
- Is your data connected?
- Does your data provide a 360 view?
- Does your data enable a customer life cycle view?
- Do you have the processes in place to maximize the data?
- Can you identify the right customer and the WRONG customer?
How do you break through the clutter of data from the data that you need to consider? Just like looking for Waldo it takes an experienced eye, and finding and keeping the right customers means you have to look for the right clues and follow these rules:
- Identify the customer profile you want, and determine the exclusion criteria. What will make an ideal customer turn into a problem customer?
- Identify the data that is relevant to the problem you’re trying to solve, you don’t need to know the customers likes and dislikes unless it relates to your products!
- Analyze the information. The most commonly overlooked part of a detailed analysis, is to present multiple vectors. Don’t look only at the top trend, look at the 100 points you want, and relate them to your customer profile.
- Shuffle the information, do data mining, spend time looking at the customer information and the rules. Then refine the models of both to determine exact information, then start from Step 1 again, and create a list of customers that meet that information.
Now that you have your core focus you can begin to build a picture of your customer target. Just like finding Waldo—you’ll begin to see a picture of your target customer. They may appear to look alike when you begin, but by using a multi-dimensional number of sources, a clear view of where your customer is in the picture of will become apparent. You will find your Waldo!
While you are on the journey to find your customer, get the help of a partner that understands how to blend the data and build the profiles. A neutral view can help shape a true profile of the ideal customer and identify what needs to happen to make it a profitable customer.
At SDLC, we partner with clients across industries—like retail, healthcare payer and providers, and other businesses, which gives us the ability to bring a world class view to your Customer Analysis needs. We’re committed to finding the right solutions and practical approached for a successful execution. We focus on delivering a collaborative experience based on proven strategies and pragmatic plans.
We’re poised to bring our execution excellence, small, high-performing teams and real-world BI and Analytics track record to you.