B2B Brands Are Re-Establishing Data Strategy Due To Continuous Shift in Customer Experiences

Consumers today look for information that they find engaging and helpful, leading organizations to re-establishing data strategy.

Even with the increasing thrust on customer experience amid evolving preferences, business decision-makers are still struggling with the fundamental challenges. Basically, this interferes with hefty data to deliver successful business results and customer experience.

In the past few years, customers had started to seize control of their decision journey by adjusting their research patterns while buying a product. And this unprecedented time driving them to actively look for information that is engaging and helpful – leading brands to re-evaluate their approaches.

It is well known that big data help online retailers provide personalized and targeted solutions to influence the entire customer buying journey. Particularly, in this evolving marketplace, consumer data helps organizations drive a predictive business model.

Also Read: How Customer Retention Programs Can Improve Brand Loyalty

A recent study by Forrester shows companies that prioritized customer experience, now have 1.7X high customer retention, 1.9X return on ad spend, and 1.6X more customer satisfaction rates.

In essence, a holistic customer journey experience is a primary operator for customer retention and loyalty programs. As a result, marketers are required to focus more on certain aspects to simplify the process of customer experience –

• Finding well-defined data sets: Most organizations deal with primarily two types of data: transactional data, and unstructured data. In this perspective, certain data may fluctuate during different periods and thus, data types can lead to critical loopholes – hampering scalability needs as we advance.
• Information overload: With more companies turning to omnichannel marketing, the number of customer touch-points has considerably increased. The advent of inventive hardware and software development merged with evolving media platforms and devices makes the data management process even more crucial.
• Fragmented technology infrastructure: To manage the increasing flow of data and information, firms often engage with quick fixes with the help of patching or adding fresh computing options into their legacy systems. This ad-hoc process creates data silos with data stored not in sync with the latest ecosystem – which may hinder the data visibility process for suitable decision making.
• Accessibility of information: A collective view of the customer database is the key element and helps in standardizing services to customers. Further, it facilitates an easy, positive customer experience practice. A 360-degree dashboard copying the customer engagement across various touchpoints is essential for all the teams to function cohesively.

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This could be accomplished by ending data silos and operational coordination alongside the adoption of the cloud. Many experts believe brands need to must identify the potential of the data, take measures to accumulate, and protect them. This is to be done before adopting a hybrid cloud model or moving to the cloud.

In fact, more businesses will take cognizance of the data they collect and make strong data governance policies to comply with the advanced regulatory requirements. Moreover, machine intelligence, as well as machine learning, can help to build predictive models – which can fuel customer experience to the next level.