What Is The Super-Food For Customer-Driven Business Growth In 2020?

business growth

According to a recent study from FocusVision and HBR (Harvard Business Review), leading global organizations view customer insight as key to business success in 2020, while many other smaller organizations are nevertheless missing out on this opportunity to turn widely available Big-Data into insights, which can easily be utilized across businesses to attain better decisions that drive business growth.

In the said study it showed that:

More than even 98 percent of the participants who were surveyed believe that knowing the customers is extremely important and crucial to building relevant customer experiences.

However, less than even 23 percent of businesses believe that their organization realizes why their customers act the way they do.

Hence, as we can see there is a gap between accrediting the relevance of customer understanding and effectively gaining and applying insights to it.

Moreover, in a study done recently by MCorpCX, it has been revealed that only 11 percent of all customer-related decisions made by marketers in Fortune 1000 American companies are made based on data.

Nevertheless, in spite of all these stats according to Forrester Research,insights-driven business organizations are on the rise at an average of more than 30 percent annually, and so by 2020 these businesses that understand the importance of data and its insights are predicted to take $ 1.8 trillion annually from less-informed organizations all across the globe.

In fact, data analytics and insights have been a popular and common success factor for several modern digital start-up businesses, which includes companies like Etsy founded in 2005.
Etsy for its business growth set up a dedicated research department, where they blended qualitative and quantitative insights and thereafter implemented customer insights into all its departments and also arguably into its culture, which made the company experienced a 400 percent growth since 2012.

Tesla is another example of an insight-driven business, whereby all Tesla vehicles have the capability to improve its performance over time via “over-the-air” updates as each Tesla car’s performance data is streamed in real-time to the data scientists working in the company, who build models to help in diagnosing driving-related issues and thereafter provide firmware or software updates over the air, which Tesla refers to as “Easter Eggs”.

Hence, here is a ready reckoned of insights that have created an impact in businesses  as found in a study done by MicroStrategy, which is indeed an eye-opener illustrating the benefits of integrating insights into everyday business decisions and actions which were seen as:

  • 63 percent improvement in efficiency and production
  • 57 percent efficiency in faster decision making
  • 51 percent boost in financial performance
  • 48 percent rise in competitive advantage
  • 48 percent growth in improved customer experience
  • 46 percent improvement in customer acquisition and retention rates
  • 43 percent growth in opportunities for identifying and creating new revenue streams

The Requirement To Connect Big And Small Data

As referred in the HBR and FocusVision study, mentioned at the very beginning of this article, highlights the fact that in order to completely understand your customers, businesses need to connect both big and small data, hence companies need to integrate both types of data into one insight source in order to mine most insight value for their businesses.

Now while the sources of big data are CRM solutions like Salesforce or any other Salesforce Alternative CRM tools, Web interactions, and Point of Sales in businesses, small data sources include insights that are more traditionally known as market research which comprises surveys, information received from focus groups and online communities.

Does your company have a company-wide insight framework in place?

As Forrester Research argues that most businesses have developed areas that use analytics-driven capabilities in insight-driven companies, whereby data-driven insights  have been embedded into their day-to-day workflows and processes, here are six vital question areas that you must ask yourself at the very outset if you also wish and want to become an insight-driven business organization in 2020:

  • How integrated is your insight? Does it includes all the big and small, all external and internal sources, and does it cut across silos?
  • Is your company’s business strategy insight-driven?
  • Does your business insight inform the key decisions like proposition development, organizational structure, innovations and investments in your business?
  • Does your brand has a customer-centric business plan?
  • Do you have appropriate insight enabling tools like easy to use CRM , research and,  data and analytical skills that can provide insight capabilities within your business?
  • Are your insights accessible by all?
  • Do you empower your employees with insight or raw data so that they can turn data into insight?
  • Do your business use a centralized knowledge base, that can enable your whole organization to access and make use of key information and insights like best practices, benchmarking, consumer trends, customers' needs across the journey, market, competitors, and more?
  • Does your organization make use of insights to anticipate its present and future needs?
  • Does your brand rely on feedback from your customers in finding and solving problems, and to guide innovations or use customer feedbacks as a lens for your every day business-related activities?
  • Does your organization readily share insights and thereby help in providing the right information to the right people at the right time and is it automatically connected to all the operations in business?

Now answering these above-stated simple but far-reaching questions will indeed help you to understand how mature your company is in uncovering customer insights to usher in business growth.

As warned by Forrester Research back in 2017:

“It really matters to be insights-driven: since it’s a competitive differentiator that will help in making or breaking your long-term success.”

Hence in work with our customers as a vendor of the best CRM software for SMB, we have observed that several organizations are beginning to realize this, but few small businesses and startups are really set up to leverage insights as competitive differentiators in their companies.

However, this must also be understood that if your business cannot take advantage of customer insight which is the super-food for customer-driven business growth to drive large and small decisions, your competitors or any other new entrant in the market, if they do, will surely grow at your expense in 2020 and all the near times to come.

Similar Articles

easy to use CRM

Everyone working in sales must have experienced that special moment when a prospective buyer is interested and just a little extra something is required to close the deal.

Reception Management System

Your company’s reception area can give visitors and customers a good idea about your business approach and philosophy. Are your practices careless, and disorganized without any attention to details? Or, do you wish to create the image of a trend creator that adopts cutting edge technology?

easy to use CRM

While studies have shown that data-driven business establishments that use CRM for small business are on an average 6% more productive and 7.5% more profitable than their competitors, you may find it challenging to adopt and implement data-driven practices in spite of understanding how to build a small business pretty well.

easy to use CRM

Unless you are selling some unique product or service, your business must encounter competition. Now, separating your brand from this competition involves more than beating your rivals with a new concept or lowering price.

Wholesale Packaging in Detail

The packaging is required for all kinds of manufacturing products. Some companies use wooden materials that can easily be reused or recycled while others use recyclable plastic containers and pallets. 

buy CRM

It is a well-accepted and known truth that once you buy CRM most winning lead generation strategy builds up the number of new and fresh leads that enter your easy to use CRM solution’s sales funnel.

Startup

There are some questions and answers those you need to know before choosing a branding agency for a startup

easy to use CRM

Know the reasons why in this era of self-help, businesses need to boost the experience of their support teams, which in turn can help to increase the overall experience of their customers.

Important Tips for Driving Growth via Online Job Portals

Gone are the days when a company seeking employees would put out ads in newspapers, magazines, and more to find the right candidate. No, sir; the evolution and advancement of technology have had several far-reaching ramifications for how companies now recruit and fill up available positions in their business.