Data! Data! Data! The whole potential of data is understood by everyone, everywhere. Yet, it is impossible to get things up and running as the data needs to be perfect in order to utilize that potential.
In hindsight, maybe Rome could be built in a day today, but data can’t be perfected overnight. Wonderful! So, let’s forget the notion of using data and make peace with the standard reports –
- Operation cost per customer
- Top line vs bottom line
- Market share
- Website hits & clicks
- …
Ones that you and a zillion others use until then?
Often data is perceived as a book from a reader’s lens. The author has defined everything with precise detail, and it’s only limited to the author’s viewpoint. It isn’t the fault of reader too for giving you the obvious analysis. But the task demands a creative director. One that can give you a box office shattering far from the obvious visual adaptation of the same book by bringing in a new flavor and creating something extraordinary out of it.
Impossible is a significant word and holds gravitas. It’s just that we don’t use it.
Scene 1- In the current date, are you the average customer’s first choice? With inflation scaling a new all-time high every day, price is the first factor for a customer to purchase anything. Therefore, in this climate, a company has to be affordable to be able to appeal to customers with all types of pocket sizes. The biggest brand in tech Apple, despite having a flagship $1000 marquee phone also introduced a $400 SE variant. So, what if you have a tighter budget, Apple still makes space for you.
- A quick Google search will provide the average salary of an individual in your territory.
- Extract the average premium of your highest-selling product.
- Now, if the average premium is a significant percentage of an individual’s average salary, you might not be the first choice.
Determine if you are AFFORDABLE!
Being affordable drives the client to make a case for choosing you all on their own. Next, look at your portfolio and see the degree of homogeneousness present. If the majority of the policies are quite similar, it is easy to operate and manage your books. Although, the question to answer is, are all your customers and their expectations so similar? In reality, they almost never are. Still, they end up buying the same policy as everyone else. Look into the records, see the number of policies of a product that have differences with respect to the templatized standard policy. Is the coverage period different? Are the coverage options chosen out of the normal? How many policies have special clauses added to them in order to cover additional items that aren’t part of the standard policy? The plethora of options and having the freedom to tweak and control every aspect of the phone is one of the top reasons for purchasing an Android.
- The percentage of non-standard policies is a quick indicator of the deviation between the current customer’s demands and the products you offer. Having to purchase, pay and manage separate policies for tiny differences is a huge deterrent to insure anything.
Quantify if you are FLEXIBLE!
We have the scenes ready for introduction, let’s go a little further in the middle of the script. Customer service, where the tasks might not be complex but the availability, turnaround time, and quality of service determine whether a customer will stick with you or recommend you to others or not. Phones are purchased with specific brands for the reason that they have a great product but also have an immaculate service. You must already have a time analysis on the type of service requests your team spends time on. Let’s add some nuance to the same information.
- Bring in categories of ‘Mandatory’ & ‘Redundant’ paired with ‘Urgent’ & ‘Trivial.’
- Map the requests as
- Mandatory if it cannot move forward unless the team gets involved like complaints and grievances.
- Redundant for requests that can be resolved by customers themselves but still request for assistance like basic status updates, already available online.
- Add the priority tag and now check which category ranks highest.
- The Redundant Trivial is the ideal cases for automation/delegation/both.
Evaluate if your team is DEPENDABLE for the right category.
Similarly, if you review the data in the context of Woah Woah Woah! Can’t put the whole movie in the prevue right. Send us your script @ inquisite@manomay.biz or biztechinsights@manomay.biz, let’s order a fresh brew and we’ll narrate the movie…
Biz Tech Insights Team Manomay
Disclaimer: The views and findings expressed in this material are for informational and educational purposes only. It is not intended as a guideline, recommendation, or substitute for any form of Professional (Consulting or Technology) advice. Under no circumstance shall we bear legal responsibility for using or relying on any information mentioned in this article. Unless otherwise specified, the views, case studies, and findings expressed herein are our own. The content displayed here is the Intellectual Property of Manomay Consultancy Services (India) Pvt Ltd. You may not reuse, republish or reprint any of the aforementioned content without our written consent.
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