SigmaWay Blog

It will take several years for banks to implement the necessary changes to become customer-centric. They need to assess their operations, identify what needs to change, and then implement the changes and the systems to support them. After the 2008 crisis, customers have eschewed “too big to fail” institutions in favor of local banks. Customers realize they have multiple banking options, often selecting different institutions for different services. A customer with a credit card from a multinational may keep savings and checking accounts locally. Attracted by competitive interest rates, the same customer may apply for a loan or mortgage with a regional bank – or even an online institution.To increase their share of wallet with customers, banks must address three fundamental areas: organization, processes and technology. However, once they crack the code on how to deliver a better experience to customers, they will position themselves to seize phenomenal opportunities to engage with customers. Ultimately, that translates to higher revenues. To know more on why banks should embrace a customer-centric model go to:

http://www.banktech.com/business-intelligence/banks-must-embrace-a-customer-centric-mo/240166955 .

Customer satisfaction is an important necessity for any organization to retain customers. Few basic rules of customer service includes firstly, integrity, the service provider should be honest and commit to the mistakes and also communicate ideas to correct such follies and such mistakes in future. Secondly, there is response time. It is essential that the customer service provider is able to explain the mistakes of the company through one to one communication or through e-mails in case of large customer circle in an effective way. Thirdly, there is realistic expectation. It is necessary that the consumers are satisfied with company's promises and delivery to retain customers in the long run. Thus, under promise and over deliver is the best policy. Fourthly we have respect. For customer satisfaction it is very important to respect and appreciate them and uphold their point of view. Hence these basic rules should be followed by any business house. Read more at :http://managementhelp.org/blogs/customer-service/2010/04/12/customer-service-basics/  

Recently, Tibco made an announcement to acquire Jaspersoft for some $185 million and D&B announced that it has acquired small analytics startup Indicee. This shows that companies in order to be more focused and remain valuable to customers, it is very important to provide more value through insights from big data. Please go through the link for more details: http://www.forbes.com/sites/benkepes/2014/04/30/suddenly-everyone-wants-to-be-in-cloud-analytics/

The way technology is making a progress and competition is becoming tougher with increased uncertainty, big data and analytics tools have become important to your company. There is another matter that is also important - your customers. So, which will you give more importance? Your analytics tools or your customers? It is of no doubt that big data and analytics tools will give you hidden information that is not visible easily, by sifting through customer data. But, you have to remember one thing - analytics tools have no brains. It will never ever answer 'why' - well, that is the biggest answer for your business. The reason - analytics tools never understand your customers!

To attract customers to your shop, or to your website, you have to build an experience within them. Your marketing communication strategies will form that experience and reshape them. You have to address questions like what your customers want and why they want - in short, you have to understand their behavior. So, to excel in business, it is more important to understand your customers, not analytics tools.

How to understand your customers' behavior? Read them at: http://thenextweb.com/entrepreneur/2014/05/21/beyond-analytics-understanding-humans-scaling-business/ .

Social media - one of the most sought after tool for marketers to increase their business. Using social media, you may probably think to broadcast your products, post updates to social networking sites and introduce promotions. But, that is not the whole thing.

Every action carries a strategy. It is true in this case also. Unless and until you give updates about your products, customers will not get it. You have to build a community like situation and not just concentrate on sales. You have to create relationships using social media and along with that build a value, which is really important. Social media is giving rise to a concept called co – creation, which is much like a give and take policy. You create value for your customers through interactions, sharing experiences, etc. and they provide value to you in the form of feedbacks, contributions to your community and growing your network.

So, what are the guidelines that you will follow so that social media can be truly made to work for your business? Read them at http://timesofsandiego.com/opinion/2014/05/16/make-social-media-truly-work-business/ .