THE REAL KYC
What's the best way to understand your customer
KYC is not just Identity
Do you know your customer?
Yes they have self-identified themselves when they bought your product online, but what about offline? And even online, beyond self-identity do you know who they are, how they behave with your product, your brand?
Data has changed marketing in recent years. Technology provides a deluge of customer data coming into your business daily across channels and it would be detrimental to ignore it. In fact, while data used to be a significant advantage for early adopters of marketing analytics technology, it’s a mandatory now.
Sharpen your Data Acquisition and Analysis
With the flood of data continually coming into your business, it can be tempting to think you need to centralise and utilise every piece of customer info. While big data capture and analytics sounds good, its not always ideal for every situation.:
The idea of having all of your customer info in a single silo is like sitting at a smorgasbord. But in reality, it has the ability to turn the process of retrieving data into a nightmare, leading to difficulty in working with it and analysing it. If there is one commodity we are short of it is time.
Models which are dependent on immense amounts of data, affect the ability to be agile. Tools like Adobe Analytics Cloud balances the tradeoff between flexibility and speed to insight — even for big data.
Second, even if you do have the capabilities and skill set to analyse colossal datasets, it likely isn’t optimal — to use every piece of data you own. The problem with big data is that it can quickly become too big, making marketing reliant on a team of data scientists. A marketers job is to understand the customer. You probably don’t need supply chain data or HR data to do that. Instead, look at each of the data sources that could potentially tell you something meaningful and figure out which fields are actually relevant. These focused efforts will allow you to fully leverage the skills of your marketing analytics and use your data to create better experiences for your customers.
Build the right Consumer Journeys
Look to your consumer journeys. A good understanding of these journeys helps you to know which data points are going to impact your marketing and lead to better customer experiences. The better your consumer journeys, the better your data models can be.