During summer we as a family had a great party celebrating different mile stones like a wedding anniversary and my daughters passing exams, having a farewell party for an exchange program abroad and obtaining a master’s degree. I ordered food, party equipment and even liquor online in order to serve nice Mojito’s and Gin Tonics during a warm summer evening (and night).
So increasingly industries are yet affected by us being their consumers whose habitat has become the digital space. In order to understand consumer behavior, the art of Marketing has been advanced with scientific skills. This change of focus has challenged us Marketers to rethink the existence of the company. Many companies have embraced it step by step from the beginning. Considering this development, I believe that ‘Customer Value Analytics’ is so important in shaping market-facing strategies and thus, the challenges that Marketers face. I will explain why.
The norm becomes a customer-centric organization
Consider the following mission statements: “Help creating a world where you can belong anywhere” (AirBnB) and “Give the people the power to share and make the world more open and connected” (Facebook). Remarkably, the mission statements of these successful companies refer to values that are relevant to consumers globally.
The hidden information behind the interaction
Continuing on this customer-centric focus, the landscape in which a company operates changes to a more personal interaction between the consumer and the company. This leads to another challenge we as Marketers face and that we consider in our model. On the one hand, consumers form an impression of the interaction with the company, on the other hand the information about the interaction provides insights about human consumer intentions, motivations and emotions.
How to turn the interaction to relevant actions
However, many organizations struggle with collecting, analyzing and acting real time on the feedback from the interaction beyond doing a pilot or ‘Proof of Value’. During the interaction, companies should be able, in an ongoing manner, to create insights about the following questions: What is this customer looking for? What does this customer care about? How can I help this customer? Which products or services will improve the life of this customer? There are numerous other examples where analytical methods provide an answer. Notably, becoming an insights driven business might not be an absolute objective for all, but, as these examples show, at least should underpin today’s customer value.
Let me conclude with the following note. Whether you believe that marketing is a science or an art, or more likely, both; the ‘art’ for all us marketers is the science of turning data into business insights, into market-facing decisions, into business value.
Have a great autumn. Cheers! Ruurd