conversation about maximising value from customer insight
Thanks to those of you who participated in our short survey on use of Customer Insight to mitigate & report on your conduct risks to the FCA.
Our interim results suggest there are quite a few gaps still out there, with more work to be done by FS firm Customer Insight teams.
Here’s a quick summary of the findings so far from Customer Insight Leaders across Financial Services… (more…)
Where is that data? I know we’ve got it somewhere!
Ever been in that position or heard such frustration from your analysts?
This is an age of ever-growing appetite for more & more data on your customers. Data Kingdoms are expanding every day.
Sometimes this results in problems caused by lack of planning. What I mean is this… Too many databases, data warehouses or even networked (Hadoop et al) solutions resemble a “make it up as we go along” data structure. (more…)
On the day when the British Polling Council opposed a bill regulating opinion polls & provided more details on inquiry into election opinion poll failures (a cause we have championed), I’d like to encourage you to vote here on Customer Insight Leader.
Over the last year, we’ve run short surveys on a wide range of topics. Here are some of the results from you, the Customer Insight Leader “jury”. In our most popular polls so far, the results are… (more…)
In light of the largest fine the FCA (or FSA) have ever issued, more and more FS firms are taking a closer look at their wider Conduct Risk management.
Most have the required minimum of MI in place.
Most CEOs say the right customer centric words with regards to strategy or culture. However, recent work with clients tells me that many firms recognise they still have some way to go, especially in the world of Insurance.
On recent training with customer insight teams, I’ve been sharing how insight can both help mitigate conduct risks and provide the evidence needed by the FCA. Such content covers the 5 aspects where FCA appear to focus, looking for sufficient focus on the customer in each of these areas: (more…)
Back in January you voted on Customer Insight priorities for 2015. Interim results have remained stable, with two clear winners. “Improve commercial impact” and “Leadership capability“.
As we reach the end of 2015, it’s a good time to check in on progress.
How did you do? Are you making the progress you intended? Have unexpected barriers got in your way? It’s easy to get discouraged or become detached from your original convictions, but it can help to write down both actual progress made and reasons if short of target. (more…)
Hope you saw the solar eclipse in March 2015, or to clarify, enjoyed it without looking directly at the sun.
Quite an event to celebrate the first day of Spring (Vernal Equinox).
Whilst reflecting on this spectacle, I was reminded of the interim results coming through from our recent poll on how you measure your marketing performance.
Perhaps some of you feel that the benefit of your targeting efforts or insights are being obscured by inadequate measurement or big Marketing egos?
Here are some thoughts on what people have shared so far: (more…)
At the start of 2015, you responded to our poll on goals by confirming that “improving measurable commercial impact” was one of your top priorities for 2015. Amongst the CI teams that I’ve seen, the easiest place to initially demonstrate this is in marketing measurement.
The quickest way to deliver measurable incremental profit is often to either retain more customers or sell more, either way such results make an immediate impact and so help establish commercial credibility prior to longer burn insight investment in shaping strategy or new propositions.
But to achieve this requires not only generating relevant insights (say targeting models for communications) but also robustly measuring the effectiveness of the marketing once executed. This can be a stumbling block for some businesses. By popular demand, my topic when speaking at two events this year is ‘measuring your marketing effectiveness‘.
Before making assumptions about the current state of marketing measurement in your business, it’s time for some more research. Another infamous Customer Insight Leader quick survey! (more…)