Insight means a lot of things to a lot of people. It must mean something to us, it’s in the name of our business for goodness’ sake.
To us, Insight is more than “having some data”. It’s even more than “having some stats” about the numbers.
To us, Insight is not an abstract term. Insight is the end of the thinking funnel. It’s the end of the repeated “so what’s” of one question leading to another. Insight is the product of hindsight, foresight and thought and it results in something actionable. To be specific, our insight capability stage includes,
Segmentation: Segmentation is about changing the way you interact with your customers. Segmentation is about identifying the cohorts in your database, or product range, so that they can be spoken to, or cross sold in a relevant and personal way. For example, the UK doesn’t have “a car insurance market”, it has several. There is the chunk of the market that likes to shop online. There is the chunk of the market that is price conscious and those that prefer to have a more comprehensive product for a little more money. Insurance companies that attempt to compete in “the UK car insurance market” are developing a proposition and strategy for a market that doesn’t exist. Those that recognise the markets that do exist, that understand these markets, appreciate the profitability and size of each market and develop a communication and commercial strategy for each are those that win.
Optimisation: Optimisation is the application of all the smart stuff that leads up to this point on the capability curve. Optimisation is the art of combining your models for lifetime value, expected response, econometrics & churn. It’s about going further than “what is the likely outcome given these constraints” (budget, time, etc…) and, taking everything into account, what is the best way to deploy resources to achieve maximum return.
Depending on the size of your business, the size of your budget, and your business priorities there is no single solution for providing insight capabilities.
To find out where you currently site in the capability matrix, and to plan your route map to achieving your target level of capability please get in touch with us.
For a full description of our approach to delivering strategic routemaps to “best-in-class” capabilities, please take a look at our PDF document, Atom Insight Business Solution Bundles.