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Asia Pacific firms do not understand customer analytics

Anuradha Shukla | Oct. 21, 2014
Real value of customer analytics derives from the insights it yields, says Forrester.

A large number of Asia Pacific firms are still way behind in their understanding of customer analytics and do not possess the skills to execute, according to a new Forrester Research report.

The real value of customer analytics derives from the insights it yields and it is not all about business intelligence, data warehousing, and big data.

Michael Barnes, author of the report, and vice president and research director, Forrester Research says that Asia Pacific customers expect more relevant, personalized experiences.

Changes in customer preferences have increased digital initiatives leading to increased customer interaction.

Customer insights (CI) professionals across Asia Pacific should embrace an outside-in view of customer requirements and expectations to prioritize analytics requirements and yield relevant insights.

Cheap access to digital services

Huge segments of the population in most of Asia Pacific's high-growth markets, such as China, India, and Indonesia, are getting their first access to digital services via relatively cheap and accessible mobile devices.

A huge increase in customer interactions fueled by ubiquitous mobile access has resulted in an explosion of data.

Although marketing campaign optimization is very important for cost-effective customer acquisition, it will not improve the customer experience all by itself.

Firms in Asia Pacific can succeed if they can effectively close the gap between the available data and the insights that can be derived from it.

Barnes advises CI professionals to leverage customer insights to optimize existing marketing capabilities and augment internal skills such as customer journey mapping.

These professionals should also develop strong data governance to win consumer confidence and link customer analytics to broader customer experience and digital initiatives. 

 

 

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