When CRM, Social and Big Data analytics come together, amazing things happen.
The right, relevant information meets customers where and when they are most receptive to offers; customer wants, needs, cares and worries can be uncovered and addressed in real time via the channel best suited for a desired response; company records provide customer interaction histories and inform similar; word ponds are analyzed to reveal what customers are thinking or how they are feeling about a product, service, brand or company; and customer profiles become enlightened when we know what they tweet about, pin on Pinterest, “like” on Facebook, who they follow … enough said, you get the picture.
We’re in an era where information can be spun into gold.
SAP’s new Social Contact Intelligence analytic application, which was introduced yesterday, does some of this work; it’s part of SAP’s HANA-powered Customer Engagement Solution which does the rest.
“There’s so much information and so much opportunity to know the customer,” says Jamie Anderson, Head of Global Solutions Marketing, Customer LoB Solutions (CRM), SAP.
Needless to say, companies who leverage that information best will be at a distinct advantage when it comes to winning the future.
Introducing SAP’s Social Contact Intelligence Analytics Application
SAP’s Social Contact Intelligence Analytics Application sits atop of SAP HANA, a superfast in-memory database system that processes Big Data at record speeds. It allows businesses to unlock sentiment and contact insights from both social media channels (like Twitter, Facebook, Google) and internal, company owned resources such as customer purchase and return histories, call center calls, methods of payment. points of sale, etc. That information can then be used to better target and influence prospects and customers in a variety of ways.
The solution differentiates itself because it goes well beyond looking at social or CRM data in isolation, says Anderson. It takes into account the relationship that an individual already has with a company or brand, sentiment analysis from places like call centers, and external information that can be gleaned from all over the web.
Instead of scrambling to gain insight from data where it’s often siloed in disparate applications, this solution brings it all together, processes and analyzes it in real time and puts it into the hands (or onto the screens) of customer facing workers in an instant.
That’s an unprecedented opportunity to win business.
Time, Content, Context and Contact Differentiate
“There’s a period of time in a customer interaction, three minutes, I think, during which a customer is 20 times more likely to buy,” explains Anderson.
And it is in that instance that a single platform, with real time data, real time insight and real time action-ability has the power to produce wins in ways we haven’t seen before at such scale.
An Example From the Old Days And How that Has Now Changed
Picture this: you’re a small bank in a small town that wants to sell investment vehicles to its customers. "Who’s most likely to buy what," is a question that bank officers ask themselves all of the time.
Once upon a time, the bank officer relied on his gut or mined data for insight. In the case of the latter, the mined data that he’s delivered about a particular customer reveals shopping for a christening gown. The wheels in the bank officer’s head start spinning, what could I sell to someone who’s just had a baby? A saving bond comes to mind.
Genius, he thinks. He practices his pitch. This should be a slam dunk.
But his prospect proves to be disinterested and non-receptive. Why? Because the baby already has more savings bonds then the mother knows what to do with. The christening was last week. A month ago the mother might have been interested because she thought the baby would be getting clothing, silver rattles, toys and snuggies for gifts. Not only that, but she had twins and her house is small. An extra bedroom would be nice too.
But the bank manager doesn’t know any of this.
I suck at selling, he thinks instead. Or maybe selling savings bonds to parents isn’t the thing, maybe he should try life insurance. Or maybe he was selling the right thing but his pitch was off.
Bottom line is that he doesn’t know what went wrong because his prospect has told him nothing but “not interested.”
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