Customer insights are by definition rare, and they have been defined as “a deep truth about the customer, based on their behavior, experiences, beliefs, needs or desires that is relevant to the tasks or issue and rings bells with target people” (Government Communications Network’s Engage Programme).
Analyzing billing data provides service providers with a research method that helps to capture customer behavior, does not intrude into that behavior, minimizes bias, and can affordably be applied to customers in large numbers.
In reality customer experience is the key building block of long term engaging relationships, and building and delivering actionable and personalized services based on insights is proven to help service providers take advantage of new opportunities which are tied directly into real customer profiles and intent.
As stated in his new book, Big Data, Big Innovation: Enabling Competitive Differentiation Through Business Analytics, Evan Stubbs says we’re living in a time that’s incredibly data rich yet very insight poor. We are seeing the rapid growth and adoption of new technology helping to move businesses forward, enabling them to tap into and apply analytics to the data they are amassing.
Actionable insights garnered through data analytics are catapulting many organizations into new understandings of their business processes as well as their customers’ desires.
A direct impact of this adoption will be that those service providers who learn to understand and harness value from their billing data will be the ones who benefit from reduced customer churn, improved efficiencies within their business – and they will go on to deliver award winning marketing programs tied directly into customer demands.
Analysing billing data therefore presents itself as a rare opportunity for service providers to shape the future of customer driven marketing.