Unlocking Your Customer Insights Vault

by Jenny on October 18, 2024 Comments Off on Unlocking Your Customer Insights Vault

In today’s fast-paced business environment, customer insights are an invaluable resource. With that, there’s a tendency for brands to over-prioritize gathering new data – and continually seek more of it. Of course, having a steady flow of insights is key to making informed, confident, and agile decisions. But while there’s value in new data, this “newer and more” approach leads many brands to overlook a treasure trove they’re already sitting on – existing customer insights.

Companies often collect vast amounts of customer feedback, transaction records, and behavioral data, only to let it sit dormant, underutilized, and under-explored. Unlocking the potential of existing data can be just as valuable as seeking out new information, and the process itself is a critical step in an overarching insights strategy.

So, if you aren’t already, here are some good reasons to turn your data-driven attention inward before pursuing the newer and more.

The Hidden Value in Existing Customer Insights

The first step in unlocking the vault is recognizing the sheer amount of untapped value in existing customer data. Most businesses gather insights from multiple channels—whether it’s customer feedback from surveys or sales and behavioral data. Yet, this data often ends up siloed in different departments or altogether forgotten, creating a disconnect that leaves its full potential unrealized.

Before gathering more data, it’s wise to assess whether you’ve fully mined the information you already have. Rather than jumping to new data for new insights, try revisiting your existing data to see if anything was missed the first time around. This is especially important considering how overarching goals, competitive environments, and internal perspectives shift over time. By looking at existing data through a refreshed lens, you may uncover findings that weren’t relevant back then – but are now.

The Risk of Overlooking What’s Right in Front of You

There’s an old saying: “Why buy new when you’ve got perfectly good at home?” The same principle applies to customer insights. Companies are often so focused on gathering fresh data that they fail to realize the gems hidden in their existing databases. This results in spending unnecessary time and money to uncover insights they already possess.

The danger here is twofold. First, businesses risk redundancy by asking the same questions or looking for answers that have already been given, which can lead to survey fatigue and a poor customer experience. Second, they miss the opportunity to track trends over time – valuable patterns of customer behavior that only emerge when you revisit past data with fresh eyes. Revisiting and reviving existing data can establish a foundation of insights on which new understandings are built, and that process can play a crucial role in determining which direction new projects should go.

Turning Customer Data into Actionable Insights

Recognizing the value of existing customer data is only a starting point. The ultimate power and benefits come from knowing how to unlock it and, more importantly, how to use it. Many companies collect insights but struggle with analyzing and interpreting them effectively. Data without perspective and context are just numbers. It’s essential to shift from simply amassing data to asking the right questions of the data.

For example, imagine you’re a retailer who has collected years of multi-sourced data. Rather than immediately commissioning a new study to understand customer buying behavior, you could first analyze past customer feedback insights to identify how preferences have shifted over time. These insights could reveal valuable opportunities to improve product offerings or customer experiences – without spending an additional cent. Furthermore, those existing insights could lay the groundwork for gathering new data, ensuring that additional investments produce next-level insights and deeper understandings.

Connecting the Dots Across Departments

One of the biggest barriers to unlocking the insights vault is fragmentation. Different departments – marketing, sales, customer service – often collect and store data in separate systems. If departments aren’t connecting the dots, they aren’t forming a holistic and unified view of the customer. Furthermore, they could be missing next-level insights that are produced through cross-analysis and merging data sets.

Breaking down silos is key to extracting maximum value from existing data. Imagine what could be achieved if your product development team understood the same customer pain points that your customer service team fields daily. Or if marketing campaigns could be directly informed by granular insights from sales data. Integrating data across departments creates a clearer, more cohesive understanding of the customer journey, leading to more strategic and impactful decisions.

The Cost-Effective Strategy for Business Growth

In an era where businesses face increasing pressure to justify their spending, unlocking the value in existing customer insights represents a cost-effective strategy. Instead of continuously funneling resources into collecting new data, businesses can start by maximizing the ROI of insights they already have. This can lead to faster, more informed decision-making, and ultimately, a more competitive edge in the marketplace.

Moving Beyond Data Collection to Customer Understanding

At its core, the goal of customer insights isn’t just data collection – it’s customer understanding. Gathering endless streams of data without first understanding what your existing data is telling you tends to result in missed opportunities. To truly unlock the value of customer insights, brands ought to focus on depth rather than breadth, prioritizing meaningful analysis over volume.

A great place to start is revisiting your existing insights and asking deeper questions:

  • What are the common themes across customer insights over the past year?
  • Are there consistent pain points that have been overlooked?
  • How have customer expectations shifted over time?

These questions can uncover gold that’s been hiding in plain sight, revealing insights that drive real, measurable business impact.

In the rush to collect more data, businesses often forget they’re already sitting on a vault of valuable customer insights. By slowing down and taking a strategic approach to mining existing data, companies can unlock a wealth of actionable information that is already within reach. This isn’t just about saving time and money, it’s about maximizing the return on investment in data collection and, more importantly, building a deeper, more meaningful connection with customers.

Before you start gathering newer and more data, try asking yourself: have we truly explored the insights we already have? You might find that the answers you’ve been searching for were with you all along.

For nearly 40 years, we’ve been empowering brands with the data-driven knowledge, clarity, and wisdom needed to thrive as markets shift and consumers evolve. Whether it’s gathering new insights through market research or maximizing the impact of existing insights through in-depth data assessments, each project is built around the unique needs of our partner brands.

If you’re looking to strengthen the impact, efficiency, and ROI of your data-driven efforts, we want to join in on the fun! Give us a shout to learn more about who we are and what we offer.

Jenny

Jenny Dinnen is President of Sales and Marketing at MacKenzie Corporation. Driven to maximize customer's value and exceed expectations, Jenny carries a can-do attitude wherever she goes. She maintains open communication channels with both her clients and her staff to ensure all goals and objectives are being met in an expeditious manner. Jenny is a big-picture thinker who leads MacKenzie in developing strategies for growth while maintaining a focus on the core services that have made the company a success. Basically, when something needs to get done, go see Jenny. Before joining MacKenzie, Jenny worked at HD Supply as a Marketing Manager and Household Auto Finance in their marketing department. Jenny received her undergrad degree in Marketing from the University of Colorado (Boulder) and her MBA from the University of Redlands.

JennyUnlocking Your Customer Insights Vault