New information about your customers from surveys and focus groups is always exciting – and can often reveal needs or attitudes perhaps not fully expected.
A second source of exciting information about your customers is your own customer database. Analysis and reanalysis of that can often reveal additional opportunities.
We can’t tell you about other clients’ database analyses, but can tell you about our own reanalysis of Melbourne University’s Household, Income and Labour Dynamics in Australia survey.
That database first showed that happiness, analysed by age, is U shaped. That is, people are happier when young, less so when middle-aged, and happier again when older. The first-run analysis stopped there.
Our reanalysis of this database found marked differences by commonly recorded database details. These differences included varying satisfaction according to home type, home location and neighbourhood; age, gender; and the often-collected details of personal finances and personal health.
As examples, people living in separate houses were markedly more satisfied than those living in flats. The neighbourhood influenced satisfaction and perceptions of personal safety; and home type and health were linked.
This reanalysis of an existing database identified immediate opportunities for particular types of loan, for home security products, for specific types of insurance, for particular foods and beverages, for health services, and for modifications to existing products or services. Surveys or focus groups that may be needed after can be more specifically directed because of the database analysis, which is a powerful step in identifying more customer opportunity.
If you’d like to know more about how we can strengthen your database reanalyses, please call or email Philip Derham now.