Firms encouraged to adopt big data, social media
Experts said in an era where customers are becoming their own advocates and with the internet, mobile accessibility, social media and big data it had become “irresponsible” for brands to not engage with their customers.
Bisi Lamikanra, Partner and Head, Management Consulting, KPMG Nigeria, said there were increasing opportunities for collection, processing and analysis of vast and complex data sets, which could reveal insight for brands into their customers.
“The ability to mine and utilise insights from this data will create business value in customer engagement and retention, as well as possible new product or service development,” said Lamikanra.
Lamikanra said the shift had been spurred by customer analytics, the process of understanding the brand’s customers.
“This information can then be used to improve customer relationships and their loyalty to the brand, drive customer satisfaction, grow the brand’s customer base and/or their profitability, and decrease customer erosion – all of which will ultimately support the brand’s market share gain and revenue drives.”
Yaron Assabi, Chief Executive Officer of Digital Solutions Group, agreed but cautioned against the mentality that simply adopting new technology will result in winning and retaining customer loyalty.
“Social media platforms, in particular, have created opportunities for dialogue between brands and customers that make it easier for a customer to buy into a brand, but also easier for an entire group to disassociate from a brand,” said Assabi.
Assabi said brand messages had become secondary to experiences. For instance, the official said, word-of-mouth customer advocacy on social media platforms generated far higher levels of trust than a brand message.
“Social media can very quickly amplify customer views and brand managers who are savvy enough to analyse and respond to this form of customer feedback will continue to grow consumers’ trust,” said Assabi.
– CAJ News
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