From a place of curiosity and building on Step 1’s business strategy, goals and culture in mind, this Step 2 ensures we have an accurate and balanced perspective from which to propel the business forwards. In this blog post we underline the value of customer & market insight as well as the power of data discovery.
With a fresh understanding of who today’s customer is (and isn’t), their attitudes, behaviours, needs and preferences, we can bring confidence to the decisions we need to make and why.
And looking internally at the business, the data discovery phase highlights the strengths, weaknesses, opportunities and threats that data poses. The outcome is a document that articulates findings.
Step 2 is typically a sprint where we want to uncover as much as possible in a fixed amount of time.
Customer & Market Research
Getting to the heart of what customers think, feel and do is critical to converting customers brand growth. And undertaking research via your CRM customers and via market panels is a competitive advantage. Because if you understand more about your customers than your competitors, you have every chance of differentiating in order to win.
There are a number of ways to understand the attitudes, behaviours, needs and preferences across pillars such as demographics, media consumption, brand, purchasing behaviour, competitor analysis and more.
At Hexdon, we believe the fastest way to this meaningful and actionable insight is via Surveys, Focus Groups and Social Listening. You can read more about our approach customer and market research and insight here.
While we seek insight from our customers and the market, it’s also critical that we gain a better understanding of the data within the business.
This phase is a sprint, because we want to capture as much information as possible, but without this being an endless task. Getting a picture of the data landscape to 90% is good enough and ensures we move onto meaningful value creation.
The outcome of the data discovery is a document of key findings. We look to systems documentation, process maps and data dictionaries (if they exist) and assess the data within the organisation based on its suitability to deliver value. Typical data come via CRM, Finance, Product, Planning, Campaign and Customer Service teams and technology platforms.
In terms of delivering value, we look to accuracy, completeness, volume and more.
To summarise this data discovery phase, the objective is to gain enough of an understanding to move to Step 3: Data Strategy & Plan.
If you would like to discuss any of the themes we covered here, contact us for a friendly chat.
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