By Merlin Stone
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Additional info for Consumer Insight: How to Use Data and Market Research to Get Closer to Your Customer
These benefits are savings in costs of duplicated contacts, and avoiding alienating consumers by contacting them more than once for the same reason. qxd 02/09/2004 1:58 pm Page 40 Consumer Insight identification and purging of duplicates; matching and merging of data that relate to the same consumer; postcoding of addresses, for ease of access to census data, accuracy of targeting and easier sorting for postal rebates; validation of names against relevant official or national standard files, or telephone company directories, to ensure that prospective consumers are actually resident at the stated address.
CHANNELS FOR MANAGING CONSUMERS DIRECTLY A variety of channels are used to manage named consumers directly. qxd 02/09/2004 1:57 pm Page 22 Consumer Insight ■ ■ ■ ■ ■ ■ mail; face to face – retail/branches, rarely a sales force; Internet/e-mail; interactive digital television; fixed-line telephone; mobile telephone. Notice that some of these (mail and retail/branch) can be used as a communication channel as well as a distribution channel for physical products, and all can be used as both for information-based products such as financial services.
It affects product design as well, as organizations discover much more quickly what their current customers really want, now. The gain is transformational too – it is not trivial. However, you must determine whether and what you need to transform. Transformation costs money and takes much management thought, time and effort. It must start at the top too. If your competitors get more value per consumer than you do because they are using consumer insight to meet their consumers’ needs, they may be under less pressure to recruit new customers.
Consumer Insight: How to Use Data and Market Research to Get Closer to Your Customer by Merlin Stone