How To Get Resources For Digital Intelligence

Cinny Little

Congrats.  You, like digital customer insights pros in many firms, continue to advance your ability to provide insights about your customers’ digital behavior.  However, you’re leaving money on the table. Too many digital analytics teams still operate in separate silos aligned with the firm’s channels and org chart, which means that you're not keeping up with today's device-hopping customers. You need to invest in changes that measure customers wherever they actually are, which is across all of your digital touchpoints. And to do that, you need an effective business case. 

A business case is not a blah, blah, blah checklist item.  No matter what your firm’s processes may be for budget requests, headcount requisition, or procurement, you need a management tool that tells the story of the business value you’ll deliver with the investment you’re requesting.   And that tool is a business case.  We’ve done the work to help you pull together an effective one. See the bottom of this post for a summary of the key elements you'll need.

Here’s where you’re heading with your business case.  Your analytics must mature to become what Forrester calls “digital intelligence” - a holistic view of your customers that drives continuous optimization of the digital customer experiences that matter most to business outcomes.   This integrated approach to your data and analytics technologies and practices reaps value such as growing sales by connecting customer data that lets you see across formerly siloed product lines or channels.  Visibility across channels enables insights that can drive improvement in holistic business metrics that matter, such as churn, lifetime value, customer satisfaction, efficiency.  Your business case will outline that holistic story.

Read more

Fighting FOMO: Join The Customer Analytics Party

Brandon Purcell

The first U.S. presidential debate was the most watched in history, with 84 million people tuning in.  Sure, many of us wanted to educate ourselves before practicing our solemn duty as democratic citizens in November.  However, many of us also didn’t want to miss out on what (hopefully) promised to be a once in a lifetime political event .  We were motivated by FOMO.

Read more

Categories:

The FCC Ruling And Why It Foreshadows Big Changes In Privacy

Fatemeh Khatibloo

Like other privacy nerds all over the land, I’ve been anxiously awaiting the results of the Federal Communications Commission’s vote on some stringent new privacy rules for internet service providers (ISPs). Last week, we got news that the vote passed, and now it’s time to start taking stock of what this means for digital advertisers, publishers, and the US privacy landscape overall. Here’s what you need to know:

  • The opt-in requirement represents a sea change in US privacy management. Until now, the US approach to data collection has largely been opt-OUT oriented. The FCC ruling changes that. The commission is requiring broadband internet access service (BIAS) providers – that is, mobile carriers and ISPs – to gain explicit opt-IN before making their personal data available for ad targeting. It’s important to note that de-identified data and “non-sensitive” data don’t fall under the opt-in requirement. These data can continue to be shared as it is today, and can be used for the providers own business and marketing purposes without the consent requirement.
  • Speaking of “sensitive” data… there’s a lot more of it to consider now. Historically, sensitive personal data has been limited to financial data, health data, data about minors, and a few other categories. The new rules broaden the definition significantly to include data that’s become the lifeblood of online advertising:
    • Precise geolocation
    • Web browsing history
    • App usage history
    • The content of the communication
Read more

What's My Data Worth?

Jennifer Belissent, Ph.D.

See original imageThat question seems to come up often. I know I’m sitting on valuable data but I’m not sure just how valuable. When it comes to using the data internally to improve operational efficiency or service delivery, the resulting cost savings demonstrates the value.  Or when using the data to identify new customer opportunities, either upsell to existing customers or identifying potential new customers, the resulting revenue generated demonstrates the value. But what if I want to take the data to market? What’s the data worth?  That question is harder to answer, but not impossible.

The first question I’d ask myself is what I already know.  What are the givens in the equation?  Think back to a math course. You are trying to solve a problem. What have you been told? In fact, I’ve been doing math with my son and that exercise has helped me in framing the approach to pricing data.  We know the length of one side of the triangle, and we know the relationship with the other sides. While we don’t know the length of all sides we know enough to figure it out.

Read more

Digital Government: Digitally Enabled, Not Necessarily Digitally Delivered

Jennifer Belissent, Ph.D.

The new eGovernment Benchmark 2016: A Turning Point For eGovernment in Europe? was published this week. Although many countries show progress toward the goals, the transformation is not happening as quickly as expected.  Public services are increasingly accessible, with 81% available online. However, one area that disappoints is user-centricity. While business-related services have improved significantly, citizen-related services lag particularly in ease and speed of use.  Results, however, differ by geography as delineated by a “digital diagonal” running from south-west to north-east. Those countries running diagonally through the middle of Europe seem to be digitizing more effectively. (See the figure to the right). Not all countries are transforming at the same pace – and not surprisingly.

I’ve been thinking a lot about “e-government” and “digital government” these days, and one thing bugs me: the push for online services. Yes, I like the convenience of being able to get things done online: renewing driver’s licenses, requesting permits, paying fines. But I also recognize that there are some things that might be better done in person. Yet not everyone has easy access to a government office.  My own regional administration is over an hour away by car, and I certainly don’t want to have to go there to get things done.  Therein lays a tension that isn’t necessarily solved by “digital services” but that can be addressed by “digital government.” 

Read more

Why firms are interested in insights centers of excellence now – and what matters more

Cinny Little

Over the past few months, following publication of my "Customer Insights Center of Excellence" report , there’s been a significant uptick in questions by insights and analytics teams who want to talk to us about CoEs. That’s a positive sign that firms are feeling the crunch to get more value from their insights functions. What’s the evidence for that conclusion?  What can we learn from who’s asking about insights CoEs?  And most importantly, what really matters in how you organize?

Before we dig in to answers, let’s set the bar on what “great” looks like in truly customer obsessed organizations: they use data for insights to improve customer experience that matters most to business outcomes.  As my colleagues James McCormick, Brian Hopkins, and Ted Schadler write in their recent report, "The Insights-Driven Business," customer obsessed businesses act on insights in closed loops, at speed, and at scale in all parts of the firm. They embed analytics and testing directly into operating teams. And, firms who implement these approaches run faster and fleeter than you.  The pressure is on from insights-driven organizations.

Read more

You’re Not An Insights-Driven Business - And It Really Hurts

James McCormick

In Forrester's new report, The Insights-Driven Business, my colleagues Ted Schadler, Brian Hopkins, and I have identified a predator: the insights-driven business. These businesses are vigorously applying insights to decisions and customer engagements at every opportunity. Their leaders have a fundamental and emotional understanding of the value of insights in driving their business today — and for developing its future. They have corporate strategies and cultures that mean that leveraging data, analytics, and insights is easy and deeply embedded in everything they do. For these firms, prioritizing and coordinating investments in data and technology is not a tortuous process of guesstimating ROIs and long procurement cycles.

So who are these predators? Well, there are obvious players like Facebook, Amazon, Google, Uber, and Netflix. But, less obviously, there are many long-standing mature enterprises across many different verticals: Alaska Airlines,The Washington Post, some European football clubs, some retailers, and others that we call out in our new report are successfully transforming into insights-driven businesses today.

Read more

Benchmark Your Customer Analytics Maturity

Brandon Purcell

Customer insights professionals consistently ask me what other companies are doing to turn their customer data into actionable insights.  To answer this question, Forrester partnered with Burtch Works, an analytics executive recruitment agency, to survey customer analytics and measurement professionals about their current efforts.  I’m quite thrilled to share the results in my State of Customer Analytics 2016 report.

This goal of this report is to give CI pros, marketers, and anyone tasked with gleaning insights from massive amounts of customer data a concrete snapshot of what others are doing in the space.  Here are a few of the key questions we set out to answer:

  • What are the top data sources companies are using for analytics and measurement?
  • What types of analyses are they doing?
  • How and where are they applying insights?
  • What challenges do they face?

In analyzing responses, we segmented companies based on their customer analytics sophistication so readers can see what separates leaders from laggards.  My hope is that as you read through this report, you will be inspired to evolve your own customer analytics maturity.  Please feel free to reach out to me via inquiry if you’d like to discuss how to do so.

Forrester’s Next-Generation Financial Services Summit Sydney Is Almost Here

Michael Barnes

Business leaders in the financial services industry (FSI) know that digital isn’t the future — it’s the present. How do I know this? A recent Forrester survey found that global FSI firms generated 34% of their 2015 revenue through digital products and services or products sold online. By 2020, this digital quotient will surge to more than half of their business, driving a digital arms (and capabilities) race against a new breed of competitor.

Australia's banks have already proven to be some of the most innovative globally. But faced with increasing consumer demands and financial technology (fintech) challengers, they need to continue to raise the bar. JP Morgan CEO Jamie Dimon accurately sums up the new competitive dynamic that all major banks face when he notes that “There are hundreds of startups with a lot of brains and money working on various alternatives to traditional banking.”

Our inaugural invitation-only FSI summit in Sydney on Thursday, August 4 will bring together an intimate group of senior executives from banks, insurance companies, and fintech firms to share Forrester’s latest digital business research and facilitate a discussion with industry leaders in the financial services industry. Our team of esteemed analysts will lead the discussion; here is a snapshot of the topics that will be presented on the morning of the summit:

  • Michael Barnes (Vice President and Research Director serving CMOs – Sydney): Accelerating Digital Business In Financial Services
Read more

The Customer Insights Center of Excellence: Know Your Options!

Cinny Little

“Excellence always sells.”  --Earl Nightingale

The questions below may sound familiar to you.  I hear them from leaders of business insights teams of all kinds, from quant to qual, digital analytics to database marketing, customer analytics to voice of customer, market research to competitive intelligence, campaigns to customer service, behaviorial to predictive, B2C to B2B, CPG to pharma – you name it:

  • "I lead our [name the insights area[s] here] team.  We’re struggling to get our business and operational areas to take action on insights – heck, sometimes we don’t even know what happens to the insights we provide.  How do we change this?"
  • "Our insights teams work in silos that have built up over the years.  The teams are good at what they do.  But how do we pull together and combine our different flavors of insights to get more customer understanding?  How should we organize?"
  • "I've been asked to re-organize [or, I'm new and I've taken over] our insights areas.  I need to give a presentation to the C-team about what I'll propose.  Any ideas on a framework I should use?"
Read more