Logistics Companies from Essex and Suffolk attended the 1st TALE Workshop on 22 November
Professor Paurav Shukla, from the University of Essex, led a session that focused on the practical steps companies could take to make use of data about their customers and consumers.
SMEs represented a diverse range of logistics functions, including software systems, manufacturing, freight containers and event hire services, and Prof Shukla commenced the workshop by looking at what was unique to the customer proposition for each company.
The session used business case studies, drawing on Prof Shukla's consultancy with over 100 companies and examined how and why data can help:
- How data drives information asymmetry - Thinking about data and how and why it can help companies achieve success in a cluttered marketplace
- The need for strategic balance - The need for companies to focus on both sides of information asymmetry and how data can help with that
- Understanding your customers and value proposition - Using information on customers and aligning your value proposition to their needs and wants
- Building a data-driven market intelligence - Identifying types of data need for market intelligence including sources, planning for data collection, and dissemination to key decision makers in time
Business managers were challenged about how much they really knew about their customers and consumers and whether their marketing was Value Driven, with particular focus on the top 3 benefits they provided and how to present these as opportunities for Three Exchange Conditions:
- Two or more participants have something of value that the other party desires.
- Exchange provides mutual benefit/satisfaction.
- Each party must meet the expectations of the exchange to become trusted by the other parties.
Companies departed with an action plan of steps to examine the benefits and costs on data systems specific to their particular logistics needs
To join a future Customer Insights Workshop contact TALE's Business Support Facilitators today or email email@example.com