Many companies operate within a customer relationship data chain: That is, one company has the know-how — and the incentive — to help its customers understand their own customers better.
Dateline: December 16, 2016
Welcome to our Friday WRAP – one thought-provoking idea to think about over the weekend.
Companies have rich troves of data that can be used to drive better decision making within their managerial ranks. But in many cases, that same organization also has data that their customers would find valuable, creating an opportunity help your customer with their customers. Recently, a case study was published at Sloan Management Review, and reviewed in a blog titled, Customer Relationships Get the Data Treatment that shared the story of South African bank Nedbank’s new analytics tool, Market Edge, designed to help their merchants make better strategic decisions using information collected by the bank.
The bank was able to provide new insights to merchants and greatly affected the merchants’ strategic decisions on products, operations, staffing, pricing, marketing, and many other aspects of their business. No surprise, the bank saw incredible stickiness with these customers since they were able to help them better serve their customers.
How can your data help your customers with their customers?
That’s a WRAP! Have a great weekend!
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