Building Trusted Relationships with Analytics & Experience
“For us, it’s really about realizing that our guests are giving us a little more information – and permission to have a different kind of conversation with them. In return, we’re delivering something a little more relevant, a little more personalized, to those who choose to engage with us in this way,”. This was quoted by a Global Vice President of Marketing of a major hotel chain to the researchers at Forbes Insight as part of their latest publication Building Trusted Relationships Through Analytics and Experience.
Customers have access to more information than ever before to assist with buying decisions. As a result, winning customer loyalty gets to be an ever increasing challenge for companies. One way to stand out from the crowd is to leverage data and analytics to get to know customers better in the hope of predicting future needs, preferences and buying patterns.
Forbes Insights interviewed over 300 US-based company executives to explore how they harness the power of data and analytics to build trust and credibility among their consumers. All the respondents’ companies have more than 1,000 employees; nearly half of the interviewees were C-level; functions were spread among finance (13%), management (17%), information technology (20%) and marketing (49%), with 1% serving a strategy function.
“Big data helps us build trust because it allows us to offer more personalized experiences that are increasingly more relevant to each guest — experiences that show we are listening to them.” (Global Vice President of Marketing of a major hotel chain).
“When a sophisticated, predictive model is applied to the transaction data that is collected in the normal course of doing business, companies can better understand their customers and, in turn, drive profitable growth.” (Senior Vice President of a global technology company).
“Big Data is just that — data. It’s the ability to create dialogue with the customer and augment our interactions by using that data that brings it to life and gives it value. Companies that get that right have ‘living data’, not just big data…….. Rather than trying to earn trust, they should give customers the keys to define what trust means for them. That means talking more to customers, not at them.” Molly McCombe (Managing Director & Chief Marketing Officer at Citi Retail Services).
Consumers are deepening the integration of 21st century technologies into their purchase and consumption patterns, and expecting more from their brands and purchases. As such, they are seeking companies that stand out from the crowd.
To learn more, go to Forbes Insights.com