The rise of data is having a direct impact on the professional services industry. The client relationship is now even more strictly defined by metrics, milestones and KPIs, with success relying heavily on being more data-driven.
Data represents a change from a traditional business model to a more dynamic and agile one. The guarantee of large, long-term contracts has been substituted by the trend towards services offered on a project-by-project basis and aggressive competition from specialised firms. Bespoke operations are often oriented around industry-specific insight, compensating for smaller staff with specialised skillsets which is augmented using data, AI and automation. This change in data in professional services is leading to 44% of enterprises acquiring new customers and increasing revenue based on the adoption and integration of customer analytics, while 58% are seeing a significant increase in customer retention and loyalty.
In this blog, we take a look at 4 of ways you can unlock the power of your data to increase customer loyalty and grow revenue.
Become more client-centric
Professional services need to harness the full potential of data to become more client centric, building a 360 view of the client. To do this companies have to use data to provide faster results, greater innovation, and industry-specific insights. While the professional service has been collecting data for years, that data is siloed across various systems that don’t talk to each other. To create that 360 view of a client that data need to be joined together from each system. Having a deeper understanding of a client will enhance internal structure and operations. Unifying data from every possible source; websites, in-app browsing, marketing interactions, chat, social media, customer support, and in-store to build that 360-degree view of the customer. This level of personalised service humanises a brand and makes customers feel like they know them.
Provide better service and support
Data across the organisation also reduces the risk of a historical hurdle for Professional Services firms, retaining and consolidating Intellectual Property. When this knowledge is obtained and documented then turned into actionable insights and data, every team member can benefit from this view and the customer Lifetime Value (CLV); the sum of all the revenue you make from a customer over the spans of their relationship with a company. When employees and systems know everything about every customer interaction over time, they can provide better service and support. Retention models can be used to identify which of your customers are most likely to leave and why, so you can figure out what to do to keep them. Companies also growing this knowledge and expertise will make them a more valuable partner and demonstrate their value to clients.
Real-time Contextualised Interactions
Real-time contextualised interactions personalise the customer journey from marketing to selling to the service channels.
For faster interactions technology can correctly interpret what customers are saying and respond appropriately the first time. Live customer and transaction data can help assist with real-time inquiries to the right team at the start of each interaction. Agents with context and accurate account information can answer questions knowledgeably and solve problems quickly to increase client satisfaction. Marketing campaigns based on real customer profiles become highly flexible, quickly responsive, and easy to replicate across each channel. As well retention models can be used to identify which of your customers are more likely to leave, and why. This then given you the chance to strategize about what to do to keep your most profitable parts.
With better data security you can also elevate the customer experience for new and existing clients. Customers are becoming more educated in the dangers of data protection and cyber security with one recent survey showing 86% of respondents saying they have a growing concern about data privacy, it comes as no surprise that customers will now choose organisations that can demonstrate high levels of data security. As well as helping you secure new customers, secure data will also help you retain existing customers and loyal customers are typically the most profitable. This is something that should already be on the forefront of your digital transformation.
When you’re ready to become more client centric, increase loyalty and boost revenue, we will help you get started on your data journey. Still not convinced? Our complimentary Modern Data Platform Navigator is designed to provide you with the knowledge and insights you need to embark on your data modernising journey. At the end of the engagement, you will be presented with an unbiased data strategy that will detail how you’re using data today, how you want to use data in the future and most importantly, how to bridge the gap to enable you to achieve your long-term goal.
Keen to find out more about our Modern Data Platform Navigator? Click here