While many marketers have updated and modernized their customer experience strategies to keep up with changing customer preferences, others still lack a unified customer picture, seamless interaction between internal departments, and a clear understanding of the ROI of their CX projects.
Following a tumultuous 2020, the world has emerged with new viewpoints, habits, and preferences. Digital transformation plans have been reduced to weeks instead of years. Many struggled to establish their footing as unlikely businesses leapt into the spotlight and succeeded. During these seismic shifts, the sheer volume of data surged as customers became more reliant on digital experiences to explore, interact, transact, research, and review, more than ever before.
Marketers are working harder than ever to maintain brand preference, and in order to do so, they’re focusing on delivering a personalized customer experience on a constant basis. It’s a crucial component of their success. Unsurprisingly, seamless data management is at the heart of this tailored customer experience, enabling a comprehensive, single view of the consumer.
This lays the groundwork for gaining deep customer insights that can be used to personalize each customer touchpoint. Challenges do exist, as they always do. Many companies have downsized teams and now face the difficulty of managing and, more critically, activating an increasing volume of data. There are competing priorities between running and maintaining the day-to-day business and devoting the time and resources necessary to analyze data and extract useful insights.
Also Read: 3 Ways Businesses Can Succeed in the Age of Adaptation
Back to the Basics
With the flood of new data added to the mix, marketers are suddenly confronted with gaps in their understanding of their customers. To evolve their strategy, they’re going “back to the basics,” or returning to the cornerstone of good data management.
In order to create a single view of the customer, constantly draw greater insights, and eventually inspire new product development, there is a growing need to manage and activate data more effectively. Multiple departments are increasingly interacting to share data in order to drive customer centricity beyond marketing campaigns and lay the groundwork for new products that are the result of an insights process. Companies will be able to convert to data-driven decision-making and more aggressively pursue new growth targets as a result of improved data management.
Furthermore, data privacy and cookie deprecation are putting further pressure on data enrichment initiatives, underscoring the importance of prioritizing these activities. Directly collecting data from customers via preference centres, progressive profiling, surveys, as well as third-party data appends, are all effective approaches to improve the customer experience.
Quick Insights for Personalization and Better Decision Making
Many companies are now utilizing custom business intelligence reports to keep a track of the key performance indicators, with excellent data management strategies. Brands can also unlock new personalization opportunities with data science: predictive models can be built in a machine learning environment, which allows for full data transparency as well as frequent rebuilds and scoring accounting for business changes, market fluctuations, and rapid customer behavior changes. These models also allow organizations to increase marketing relevance by hyper-targeting consumers based on their projected behaviors.
Also Read: Optimizing CMS to Keep up With Customers’ Ever-changing Expectations
Connected customer experience
Despite the fact that data management has long been referred to as the base of a pyramid that leads to a connected customer experience, it is now witnessing a renewed interest. To “up-level” their customer experience and ensure they remain customer-centric, brands are taking a proactive approach to data management. Many businesses compete solely on customer experience, and with the shift to digital, the next competition is only a click away. Strategic pricing, personalized offers and free shipping are no longer differentiators; they are a given.
Clearly, effective data management is required to go beyond the ordinary and discover the extraordinary.
For more such updates follow us on Google News TalkCMO News.
