How is TrendMatrix different?
TrendMatrix aims to address the key business challenges associated with acquiring new customers, retaining existing customers and growing your business.
Specifically, we aim provide insights into
1. How to increase customer acquisition?
2. Who do I need to target for increasing market share/revenue?
3. Profitable customers, not just on Day 1, but by taking into account customer lifetime value.
4. Who are loyal and how to increase loyalty among my existing customers?
5. How prospects are evaluating your app and how to offer a customized product on boarding path and lead nurturing to maximize chances of conversion?
Your organization may need to focus on one or more of the above at various stages of maturity but it is important to collect the right metrics to build the ability to answer these questions at the right time.
Right Metrics => Right Analytics => Right Insights =>
1. Right Metrics
Defining key business goals and survey your internal and external data sources to understand what data is available and what is not collected today. Most likely, you are collecting a lot of data in disparate systems from product logs to billing records. You need to define the right metrics across the departmental boundaries to make sure the company marches to the same band.
You may start tracking this data in an integrated source and TrendMatrix aims to be this integrated source. TrendMatrix operates at a customer/account level and will collect data and attributes that are aggregated, sliced and diced in a way of your choosing.
2. Right Analytics
Although the data must be integrated and normalized in a common language from across departments, the consumers are still across departments. Providing the right customer analytics for the different business users and make sure they provide the right insights to make your analytics actionable.
TrendMatrix will let you put together reports that address the needs of various departments use cases. Revenue reports for Sales, Campaign reports for marketing, Engagement Reports for Product Management etc.
What ever your business focus and strategic direction at the moment, our goal is to make sure you are able to build the right analytic reports to make data-driven decisions.
3. Right Insights
It is not easy to get the analytical reports accessible to business folks. This is why TrendMatrix has a special focus on bridging the analytical graphs and reports to easily provide the necessary business insights. TrendMatrix integrates data from different sources and provides a comprehensive picture that tells a story.
4. Right Action
The most crucial and difficult step in the process is to turn the analytical insights into actions that can produce economic value. This is the step where customer insights deliver business value. The business can take guidance from analytical teams and choose to implement appropriate actions, measure results, adjust actions and repeat the process to hone in on the right response. Analytics will again play strong role during this execution phase to watch experiments. An analytical solution is not complete unless it supports executing on the insights and measuring results of actions taken by the firm to close the loop.
Overall it is key to align your customer analytics goals with your business objectives. Always start from your business objective in mind and then go after the right metrics and analytics and insights on the right actions to take should follow naturally.
Where do I start?
Case 1: You have a lot of existing customer data and a goal to achieve a YoY revenue growth of, say, 20%. Where do you start?
The first step is to understand who your customers are in detail.
Inside out – Start with the segments you have in place for your product or service offering. Do you offer your different levels of service, do you offer your product with different sets of features.
Outside In – If you have been in the business long enough, you must have an idea about who your customers are and probably even have a hypothesis around how you can segment your customers. This could be geographic, industry vertical, company size – revenue/employees etc.
Identify the customer attributes that you have collected and hopefully you have plenty, just sitting around in a myriad of databases. Challenge the teams to get the data loaded into a customer analytics platform to start understanding your customers and validating your hypothesis with data.
The second step is the more exciting – Why they buy?
With the key data organized about your customers, time to engage in an understanding the differences across these segments. A good customer analytics solution should help you compare and correlate the attributes and analyze the difference in numbers, revenue, engagement, profitability, lifetime value across several dimensions and offer you the critical insights needed to understand the ‘Why’.
The third step is to prioritize.
You usually have limited resources assigned to come up with your 20% YoY growth. Most likely, you do not have more resources than you had last year to meet the incremental goals. So the key here is to deploy your resources efficiently to meet your business goals. The insights from the earlier step should help you prioritize the right customer segment, right geography, right service, right plan to focus your efforts.