conversation about maximising value from customer insight

Poll: Your level of maturity with BE

Behavioural EconomicsSince my own experience, of piloting customer treatments based on Behavioural Economics (BE) hypotheses, I have been fascinated with the subject. Having spoken at a number of Chartered Insurance Institute events and written for their Journal on the subject, I know many insurers share this interest.

This is not surprising, given the pubic pronouncements by the Financial Conduct Authority (FCA). They are clearly expecting Insurers to engage, not just with how customers should behave rationally, but with how they actually make decisions. Financial Services companies are expected to help customers avoid detriment, given these well known biases.

Given all of that, I though it might be interesting to see what level of maturity (with using Behavioural Economics) there is amongst our readership.

Please answer the question below if you have responsibility for customer insight and work within a UK based Financial Services company.

 

I will of course share what I’ve learnt from these results and conversations with others in a later post.

Poll: Interim results

SouthwarkFirstly, the normal health warning on these being only interim results. There are not yet sufficient votes with which to draw robust conclusions (hence the metaphor of a deserted Southwark station).

That said, with just over 80 votes now in, the initial results of our “What do you see?” survey of customer insight leaders is showing some interesting results.

With regard to the scope of the term “customer insight” almost all voters view this as covering research, analysis, modelling, segmentation and marketing effectiveness measurement, together with a consultancy service. Only slightly less popular is measurement of a primary customer metric (NPS, Satisfaction or Effort).  The surprise to me is that only just over half would include data management or database marketing. I am writing for the next quarterly publication of DataIQ magazine on the importance to CI leaders of data teams, so it will be interesting to see if this trend continues.

Meanwhile, with regard to current organisational design, or which elements of the above currently report into the CI leader, it’s a different story. Less of you voted, so less robust conclusions. But for now, the theme seems to be more CI leaders have responsibility for research, NPS and marketing effectiveness measurement. Far fewer appear to have responsibility for behavioural analysis and customer data management. So, perhaps not as many companies as I hoped have yet seen the benefits of bringing research and analysis together in one function.

It’s encouraging for my new business to see overwhelming interest in external support for CI leaders, with the most popular service being training for their customer insight team. So, time for me to get ready that training material.

Thanks again to those who participated. If you haven’t voted yet, please do and I’ll share final results once votes are high enough to feel more representative of this community.

Finally, do let me know if you’ve a question that you would like ask other customer insight leaders.

Poll: What do you see?

Seeing ShopTo provide a research basis for the content included in this blog, I am asking all customer insight leaders who visit this site to complete the short survey below. Knowing the scope of your roles and your views as to the true breadth of ‘customer insight’ will enable me to ensure that I balance the content published here to better suit your interests.

I will of course share the results, which will hopefully be of interest to you all.

So, if you are a customer insight leader, please complete this survey:

 

Thank you.

 

Poll: Which breed of CI leader are you?

Colourful BullIf you watch the actions and listen to the language used by most CEOs, especially where they choose to focus their time, you can often guess their background. What I mean is their functional leadership background, whether that be finance, marketing, operations, sales, etc. This, of course, is only natural and probably reveals their area of greatest interest or where they feel most comfortable. As a leader we can all have the tendency to spend a little too much time in our comfort zone or pet projects.

This got me to thinking, does such a bias affect customer insight leaders? Do leaders with a background in IT, Data or MI lead their whole team differently than those with Analytical backgrounds in Finance or Research or Marketing backgrounds? It is an interesting question and a potential blind spot for leaders.

So, I thought I’d start by gathering some data through a quick poll. Apologies if the categories don’t work for you first time, I’ll refresh this as I get more qualitative feedback…

Poll: Follow-up to Org Design Post (your experience)

As a follow-up to my latest post on customer insight team structures, here’s a quick poll to gauge the popularity of different models.

Please answer the question below and I’ll share results and reflections once I have sufficient volume.

Poll: Customer Insight, the forgotten leader?

Joseph BeuysWhilst leading the largest customer insight function amongst UK insurers, I was struck how poorly served CI leaders are; in terms of coaching or consultancy support. Compared to my peers in Marketing or Operations, this looks like a real gap in the market.

Sure, there was technical training for members of an insight team; be that in analytical software, SQL coding, statistics, data management or research methods. Plus, yes, there is a wealth of general management or leadership support available; from softer skills training courses to executive coaching at the other end of the spectrum. However, the gap I’m referring to is the “filling in that sandwich”. The art and science to effectively use the range of technical insight skills in concert and in a way that drives action (to both improve customer experience & to make money).

So, why the gap? Well, as far as I can tell the audience is not well understood. There does not appear to be an agreed common definition of Customer Insight; for example some companies use this term to refer to research, some to analysis and few to the combination. But I wonder if it is also because it is only fairly recently that customer insight leaders have risen to greater seniority and influence within companies. Few of this brave band have since moved on to consultancy and training, so a practitioners perspective is rarely available as an offering.

I’d be interested in hearing existing customer insight leaders thoughts on this: