DATA MODELLING, CRM SYSTEM AND BEHAVIOUR ANALYTICS IN THE CONCIERGE INDUSTRY
Sincura have been developing our custom in-house CRM system since 2014 and it has grown into the most complex and advanced system on the market, acknowledged by our company winning a breakthrough research and development grant in 2019.
Where many other companies use off-the-shelf such tools as salesforce we don’t believe your working practise should be dictated by your software, and instead your software should work and be tailored to you. It allows us to lead the market in response times, tailored answers, feedback and client behaviour analytics.
WHAT ISBEHAVIOURAL ANALYTICS AND WHY IS IT IMPORTANT
Behavioural analytics is a system to help our concierge better understand how and why our member acts as they do, their expectation and requirements, as well as making more accurate predictions based on that information. In short, it allows us to tailor our services towards our members, and to put tailored recommendation and offers in front of the client at the perfect time.
This increases the client satisfaction, feedback and response times. As an example Sincura have received less than 0.01% negative feedback with live Revolut Client requests – in comparison Ten Lifestyle (a company 10 times larger with huge resources) have received more than 5% negative feedback with live Revolut Client requests. Source: Revolut concierge admin tool / Revolut reconciliation reports / Revolut concierge feedback forms from August 2018 to September 2019.
ABOUT OUR TECHNOLOGY TEAM
Our technology team is headed up by our director, Tony Baxter, who has installed a strong emphasis of Sincura being a technology driven concierge. Tony started writing code at the age of 8 on his father’s BBC Micro and after studying computing, maths and finance at University he joined software house Logica as an architect for Fastwire, the world’s fastest Swift messaging system as used by Bank of England and processing 200 financial messages per second / 5million per day.
After setting up his own software consultancy at the age of 22, he won IT contracts with Nomura (strategic data management), UBS (change the bank technology), DrKW (repo desk technology), Finansbanken, Norway (front office technology), RZB (front office technology). He then joined the Credit Suisse Asset management team to implement data and behaviour modelling strategies before finishing his IT career at Lehman Brothers.
Since founding the Sincura Group it has always been his vision to bring the same strategies used by the major banks to the concierge industry, to both understand and predict client behaviour.
WHAT WE MODEL
Version 1 of our behaviour algorithms worked on a set of members as a whole – understanding the trends and behaviour as a group and has been tuned over the last 4 years to efficiently capture and process data. Version 2 is currently in beta testing and allow you to drill down to an individual member level, analysing each person. With the current systems automatically generating 20% of our concierge replies, with a further 20% being pulled from matching replies in the data store, the new version will further map replies and possible answers to the individual members.The algorithms are currently live on the Sincura CRM system and will go live in December to coincide with the release of our concierge app. We are running data through the algorithms for all corporate and white label clients in the comping months to further refine and prove the algorithm before releasing them for these clients, and allowing them to log in and interrogate their members both on a company scale and an individual scale.We show the following things:
DATA MODELLING TO SHOW COMPANY WIDE TRENDS:
DRILLING DOWN TO AN INDIVIDUAL LIKES AND DISLIKES:
HOW WE MODEL DATA
Though we are not going to give away too many of our secrets, a few things we use are:
- Positive / negative keywords. We have over 8,000 keywords we search in requests. These are weighted for their relevance and importance and range from words such as “budget, cheapest, discount” to “expensive, best, premium, VIP”.
- Venues/events requested. By looking at the level or restaurants you book we can recommend others that are of similar stature, cuisine, price point.
- The timings of a Lead-times are a useful indicator of the seriousness of a request, somebody asking to book a table at a nightclub who request a week early and much more likely to attend than somebody request at 11pm the same night.
- History of engagement. We look at whether clients follow through on requests, turn up to bookings, and engage with our team when we ask questions.
- The wording and structure of requests. Donald Trump said it best when he said “I’m, like, a smart person” when asked why he didn’t partake in daily press meetings. We look at how your phrase your requests – there is a big difference between somebody saying “I would like to go to Tramp’s tonight” and saying “Please can you help me to get a table for two people at Tramp’s members’ club tonight”.
- Frequency of requests and pattern recognition.
- Your feedback plus the feeback from venues and suppliers following your event
- Your gratitude / rudeness
YOU CAN SEE AN EXAMPLE OF OUR ALGORITHM WORKING FOR A CLIENT BELOW AND HOW WE ARE LEARNING PHRASES:
WHAT ARE THE BENEFITS OF MANAGING YOUR DATA?
The benefits of behaviour analytics is immense in understanding your clients. You only have to look at the history of Yahoo – the largest search engine in the nineties who turned down an offer of $20 billion in 2008 from Microsoft, and a year later was valued 60 percent lower. This was due to Google who are currently the chosen search engine for over 66% of users. Search engines rank pages according to the likelihood that they contain the information a user is searching for – and Google’s algorithms outweigh those of Yahoo despite them both indexing and searching the same sites.
With our behaviour analytics we can do the following:
- Tailored both the service and our replies to the clients
- Provide a better client experience – we are the only concierge who openly show our feedback and have the highest client retention of any concierge
- Increase the turnaround speed
- Understand your clients likes and dislikes
- Tailor offers and reward programmes for your clients
- Identify your client habits, and the good and bad clients
Our corporate clients have a gateway in to our CRM system allowing them to pull up and interrogate their specific data. It can help you reward clients by understand their likes and dislikes, and identify potential within clients. It also allows you to look at your members as a whole to tailor promotional activity.