Successful utilization of customer analytics, consent, and privacy

    Customer analytics

    Marketing leaders believe that sales and marketing measures can be improved by identifying certain attributes in client behavior that help pre-empt requirements

    CMOs point out that excessive focus on the “know thy client” motto will have negative ramifications on the shift towards client-centricity efforts. Major organizations and brands have to adopt the practice of viewing and analyzing client data and analytics through clients’ eyes.

    Marketing leaders say that client data is not owned by the individuals or the business as it is collated, modeled, and monetized by organizations and brands. Often entire industries are built based on such manipulated data.

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    However, this data is very poorly secured, mishandled, and often results in a bad experience for the clients, especially when often sensitive data is shared without warning or the relevant permissions. There have been many instances where clients’ data has been illegally shared and sold by organizations without proper consent before regulations like GDPR and CCPA came into effect.

    CMOs say that for enhanced customer experience strategies, organizations should bring in basic client-centric measures and mottos which become an internal part of the organizational fabric. Employees should be trained to respect the customers’ rights to transparency, . They should know how best to choose, and to require control over their data. The organization must be responsible and accountable for applications, data, and customer analytics.

    Transparent data collection with proper permission

    CMOs point out that there are numerous ways of collecting data but not all are ethical. Organizations need to consider points like the measures for secure storage of data, collected data transparency with granularity, explicit consent from the client’s end, and relevant defined uses documented.

    Marketing leaders say that clients are not aware of the depth to which data is captured. This includes data like swipe motions, location, keystroke cadence, device details, battery levels, etc. These details are used by organizations to forecast sensitive behavior like risk and fraud.

    Streamline and centralize major decision-making analytics and data

    CMOs say that on-premise data is still being used despite the long-term potential of cloud-based platforms. They point out that the entire volume of data can’t be transferred to the cloud due to factors like cost, privacy, technical difficulty, latency, etc. Only relevant aggregate data is stored in the cloud. This refers to data required for major decision-making strategies and policies.

    To implement such measures the cloud platform will behave as the organizational brain. CMOs prefer that only customer analytics and relevant data required for the CX decisions are input to the platform. Other than on-premise data, the information will come from other sources like mobile analytics, IoT, web analytics which should not cut corners on governance and collection policies.

    Also Read: Consumer Behavior – Understanding It with Big Social Data

    Establish data governance policies and controls

    Marketing leaders say that centralized and organized data will be helpful, but doesn’t ensure conscientious utilization and data safety. When drafting the data governance framework, organizations should make sure of points like change management, ownership, auditability, and data quality.

    This framework is necessary for the protection of the organization and its valuable assets. Such policies will set out the standards on a universal level for compliance requirement measures, data collection, management, and use.

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