“Data analytics,” “customer data,” and “data insights” are some of the most commonly used words in today’s loyalty and marketing environment. However, these words never get old because there are always opportunities for brands when they properly analyze their customer data. In a session on the second day of Loyalty Expo 2019, Mark Messing from Domino’s, Julie Roy from DSW, and John Koltonowski from FICO discussed how their teams are conducting data analytics and segmentation for all aspects of business.
During the session, all three representatives agreed that marketers nowadays have access to various sources of data. However, in a Loyalty360 survey, only 32 percent of marketers overall said that they have the right amount of data. With regard to the problem, Julie Roy said that brands must be able to understand both external and internal demands for data. This means that those brands’ C-level leaders and data analysts should know what customers are looking for and what type of questions marketers and customer service people need to answer. The ability to synchronize these two factors will give brands the meaningful data they need.
Mark Messing pointed out that companies must integrate all customer conversations into all channels for better communication. He said that this was something his team at Domino’s has done well over the past few years. From pizza points rewards, customized menus, and email offers, Messing’s team has collected and analyzed data from numerous customer interactions and transactions to tailor offerings to demands.
In addition, according to John Koltonowski, FICO has split the data analysis process into two different stages. The first stage is a descriptive study in which FICO’s analysts look into their datasets to determine “what happened” and “why it happened.” The purpose of this stage is to understand what type of problem the company is facing and what the source of that problem is. The second stage is a predictive study. This is when FICO turns past and present data into future materials. This process has enabled FICO’s leaders to make predictions of about how to segment in terms of technology trends, customer demands, and marketing approaches.
This session at Loyalty Expo 2019 gave attendees access to some important insights on the topic of data. First, brands need to understand what customer want, which enables marketers to speak to them effectively. They also need to integrate their communications into all channels, so that customers can engage through their media of choice. Lastly, they need to establish processes for turning data into insights. Only then will brands truly be able to tackle data analytics.