Extrapolating insightful data for sales
Categories: Big Data & Data Analytics
, Customer Engagement
Tags: Tesco Bank
“You can spend a lot of time structuring the data. A lot of people aren’t really interested in that in organisations. It’s very technical. It’s very IT focused. You know lots of phrases and acronyms or words people don’t understand. But where you can bring people with you in terms of my roles I have to do that, bring people with you, is you turn that into insight. Now, insight could just be a pen portrait, a visualisation of the customer. And it could be as straightforward as, do you know who your customers are, Mr Guy who looks after savings products? And they might say, “Yeah, are people aged 50, they’ve got about 10 grand in their savings account”. They may be C1s, the majority live in the south of England. Great, and you could say, “Well factually, that’s not really right. The average is 35, they’ve only got £5,000 in them. You’ve got a higher propensity in Scotland than England, you know, you’ve got this little hotspot in South Wales” that kind of thing. They seem to be more loyal in Birmingham than Aberdeen. And you could drive things. And what I tend to find with specialist and commercial areas and product areas, they will know a lot of this stuff . But there’s always an element they don’t know. So you bring that data to life. A pen portrait is just a phrase, it could be a one page piece of information of what your customer actually physically looks like. You bring it to life. And once you get that engagement with colleagues in the organisation, that’s the first step for me. That’s one of potentially 20 things you could roll out and do and move that down, so you bring that to life. And when you start, again, what I say, you start dealing in fact. It’s not theory. It’s not based on theory. I think people are aged 50 in my database, well actually here’s what they are. So you start dealing in fact and that’s very powerful."