KYC: Knowing your customers

Beyond the usual KYC requirements, we believe the value of knowing your customers is a massive competitive advantage for businesses. We believe that every customer-related business decision should be data-driven, or data-informed. The days of making business decisions based on gut feel, intuition or whoever shouts the loudest, should be long gone. That’s why we do what we do. We use customer data analytics to power business performance for our clients.

Most businesses are sat on a goldmine and, if they tapped into it, they could make more money…but they don’t. The goldmine is customer data…and this could include customer records, customer transactions, website behaviour, marketing responses, call centre interactions…any type of data that shows a customer touchpoint.

Most businesses have loads of data on their customers. But often data is sat in different locations, in different formats and with different people…but we always find businesses have a goldmine of customer data when they dive into it.

Imagine if you could…

  • Identify who your most valuable customers are so you could target more customers like them in future
  • Identify, in advance, when a customer might leave you, so you can intercept and apply preventative measures to retain them
  • Calculate your cost per acquisition across your sales channels so you can adapt your sales and marketing activity
  • Segment your customers, understand their value and design specific products and services to match their needs
  • Predict how customers will behave in future so you can make decisions now to maximise your business opportunities

You can do all of this, and more, with data.

Customer data analytics enables businesses we work with to:

  1. INCREASE ACQUISITION — grow your customers based on your improved understanding of customer behaviour and improved knowledge about which ones are the most valuable
  2. IMPROVE ENGAGEMENT — convert low-value customers to high-value customers based on your improved customer segmentation and targeting strategies
  3. IMPROVE RETENTION — retain more customers based on understanding the triggers for customer loss and implementing interceptions before they leave.

Knowing your customers helps businesses to make smarter decisions

We work with businesses that use new data-driven customer insight to influence their strategies on:

  • Product strategies — by analysing behaviour on what products & services customers buy, and how this varies over their customer lifetime, some businesses have decided to add a new product into their product suite, or sometimes delete one. So data can be used to make your product line more efficient and more profitable.
  • Price decisions — by analysing price elasticity and customer behaviour related to price, a business can decide when to raise/reduce prices in order to drive demand.
  • Marketing plans — by understanding who the most valuable and profitable customers are, the marketing team can target their promotional activity to their customers more effectively. And stop wasting their time on customer segments that are not valuable to them.
  • Sales targeting — by identifying the most effective sales channels, distributors or retailers, the sales team can focus their effort on the areas with the highest opportunities and/or target areas of high attrition or churn.
  • Distribution channels — by understanding how the different distributions channels (eg retail, online, intermediated) are working, the business can focus their efforts on the one/s that are most valuable to them.

We’ve helped businesses to create brand new multi-million-pound revenue streams just by tapping into their customer data.

We build intuitive customer data-driven tools in three stages…

Our customer data tools power our clients’ businesses on a daily basis.

We’re Data³ — we use customer data analytics to power business performance for our clients. Can we help yours?