Customer data is strategic, why not use it?
Jeffrey Pfeffer at The Corner Office:
With the number of airline-issued credit cards, grocery-store club cards, department-store credit cards, and reward accounts with hotels, airlines, and car-rental agencies, companies have tons of information about their customers and their purchase patterns. But almost no companies use that data strategically. By “strategically” I mean using information to identify their most profitable customers and figure out, by running experiments, what to do to capture a larger share of the customers’ expenditures on a given category of product or service.
I suspect companies don’t do more with customer data because rigorous analysis and experimentation can be costly. Is there an efficient and less expensive way to “know your customer”? Perhaps through informed and strategic use and assessment of social media?
Do you do all your own writing? Or do you outsource some of it? I’m looking for some similar content for my blog! These are great posts!
Thanks, Benny! Yes, we do all our own writing.