Since the start of the pandemic, consumer behavior has changed at an unprecedented rate. For the enterprises that successfully shifted their priorities and focus, the results paid off – they stayed top of mind with their target audiences. Unfortunately, we also witnessed that most weren't prepared to evaluate their options and make fast choices to meet customers' demands. As a result, these companies were left scrambling for alternatives and were unsuccessful in delivering a clear message to their clients. In all the chaos during the pandemic, what set apart the winners is the speed at which businesses used data and analytics to adjust to new customer preferences. At Rightpoint, a Genpact company, we call this concept the experience evolution. Below, we outline four steps you can take to develop a robust data and analytics strategy with customer experience at heart.
1. Let data be your guide
The experience evolution is the intelligent use of insights from data and analytics to inform decision-making. As products and customer experiences evolve, your business can use these insights to tailor a strategy for your customers, build your brand, and solidify your relationship with your audience.
Yet, preparing your organization for the experience evolution can be daunting and time-consuming. To successfully use data and analytics, you need a holistic approach that involves all your digital assets, including websites, mobile applications, and even in-store transactions.
By connecting all your data in a centralized repertoire of information, you can identify the most relevant KPIs, interpret their findings, and use insights to maximize customer value.
2. Organize, collect, and store
To prepare for ongoing analysis of the customer's journey and experience, you need to identify and collect the appropriate data.
First, you must determine if your brand has a singular direct-to-consumer digital channel or you need to combine multiple datasets. Next, find out for each channel what data is available and how it is collected. Finally, ensure that all data is protected, and that regulation is considered.
This last step is of paramount importance, especially considering many organizations haven't factored data regulation into the equation.
All these steps are easier said than done. According to eMarketer, only 20% of organizations have the ability to manage data privacy compliance with ease.
3. Establish a data framework
A robust collection of data is not enough. You need to develop a framework to measure, learn, and act on data-driven insights. Essentially, the framework you establish from the onset provides a blueprint for how you use data and analytics in the future.
The key here is to remember not to get caught up in KPIs but instead build out deeper analysis to assess customer behaviors and motivations. These insights will help you deliver added value for your customers.
Finally, your ability to react to rapid change rests on your approach to measure and respond to data insights in real time.
4. Reap the benefits of data-driven transformation
A robust data strategy is of paramount importance to all organizations, regardless of size, sector, or industry.
When establishing a data-first approach, always begin by considering the result you aim to achieve. Then, think of ways data will help bring you closer to your customers and empower your employees to make the right choices.
Activating data insights across the organization will help your business adapt and adjust to any situation. So, focus on tailoring your approach to help your customers and employees succeed. This effort will also help you evidence the return on your investment to the wider business.
Creating a framework for always-on analysis is not a one-time engagement, nor does it involve only your analytics team. As you start to learn and adjust your KPIs, you need to revisit your strategy, ensure you update your digital channels, and deliver the optimal customer experience.
The author of this article is Kathleen Lukasik, group director of analytics and insights at Rightpoint, a Genpact company, and was first published on Rightpoint.com.