In the age of convergence, customer churn is a concern for service providers, challenging most retention techniques...
Michelangelo once said – “the greater danger for most of us lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark”
The world of technology is awash with news of data and analytics and how the combination can be used to get actionable insights. I really get confused with the concept of actionable insights because the whole idea of insights is to know about a person or thing better and only because you want to do something with the information – especially in the context of business. I am yet to come across an enterprise that invests money to get insights not knowing or wanting to do nothing with the information it gains.
One of the biggest assumptions behind the use of unstructured data to understand individual behaviors is that the behavior in a social context is always a true expression of the person’s actual thinking and belief.
I came across a very good article published in the Harvard Business review some time ago that spoke about the difference between a satisfied customer and a loyal customer and of the fact that the chance of a satisfied customer buying a service or a product again from the same company is one sixth of that compared to a loyal customer.
This title is so apt to businesses today. This not something new and has been put into practice by companies since the time human capital gained strategic importance and even much before. Good performer always got recognised, rewarded and benchmarked and this is very much the norm in every company. It is also prominent in sales function where better clients get more attention from all functions of the organisation. Companies now have different levels of customer service based on what kind of business they get for example if one has a platinum card she does not have to wait to get her call answered at the helpdesk