Unlock Customer Insights by Integrating Big Data with CXLink CXM Application
Big data will enable organizations to access a wealth of information on their customers—transaction histories, web and search behavior, location data, social media activity, and more. One thing, however, is becoming increasingly clear: Big data alone is no silver bullet.
Most organizations still face challenges in capturing (big) data from a multitude of touchpoints, channels, devices, and applications.
Moreover, even if (big) data is captured, the majority of organizations still face difficulties in generating relevant customer insights (i.e., knowledge about customers that is valuable to the organization.
In fact, the majority of organizations may be data rich, but they remain insight poor, and not just because they lack analytics tools or expertise. The problem is that they are not effectively integrating more fine distinction “small data” with their big data to create a full understanding of their customers.
Gerry Murray, research director with IDC’s marketing and sales technology service. “By putting the two together, brands can improve existing marketing programs and discover opportunities for innovation that would otherwise be missed.”
Big data helps us see the transaction and activity of customers, but that’s not enough. Organizations need customer insight and other information to help understand the customer behavior of whys and the why nots.
Big data—those high-volume, high-velocity, or high-variety customer information assets such as transactional or clickstream data—can tell companies at a granular and often timely level what their customers are doing but cannot tell why they are doing it.
Small data can capture a thousand insights that reveal what they like or dislike about specific moments in the journey. Small data not only delivers deeper insight, but can set an organization apart from its competitors who may be overly focused on big data.
In today’s fast developing digital economy, big data analytics (BDA) have an immense potential to empower CXM as they can help organizations to achieve a better and faster understanding of the customer journey and make decisions to improve CX.
Study cited that knowing their customer from Big Data is crucial for effective CX management. This is why data has become businesses’ most valuable asset.
The challenge, however, is finding and using the right data to inform CX. While big data—clickstream data, website analytics, social interaction data—has typically become the primary data source to try to understand customers’ behavior, companies are finding that they are missing the most critical piece of data to predict how a customer will act—why customers do what they do.
To understand the why, small data through CX application can paint a comprehensive picture of an audience in the notably revenue growth, profitability, the introduction of new products, and operational efficiencies and over time, allowing a business to travel through the experience with the customer at the helm. This insight gets companies closer to the “why.”
Unlock Customer Insight by Integrating Big Data with CXLink CXM (small data) application to achieve more significant increases in performance across metrics that matter to everyone—most notably revenue growth, profitability, the introduction of new products, and operational efficiencies.