Consumer Experience or CX is now the new norm of business growth. Be it offline or online business, the experience offered by a brand or a store at all their points of sale decides the future of their business model. And for creating the best CX, you need tons of data to analyze. Forbes has pointed out in a recent study that in nearly 3 out of 10 organizations, data driven CX has taken customer satisfaction to new heights thanks to well informed decisions. Forbes arrived at the results after surveying over 350 executives across the globe engaged in different levels of organizations in multiple industry domains.
There is no scarcity for data today as consumers generate data in truckloads every minute. Here is an interesting snapshot of what happens in an internet minute or 60 seconds of internet time:
2.4 million search queries on Google, $200K plus sales on Amazon and other such facts from the above infographic sheds light into the huge pile of data that organizations can drill into to derive insights about consumer behavior, their shopping preferences, frequencies, average spends, etc. to name a few. Black Friday and Cyber Monday 2016 just went by and their analysis sheds light into tons of consumer data as well.
The consumer has willingly released such volumes of data into the internet and they know that you as a brand can easily access the data. So they would expect a good amount of personalization in the experiences they come across. As an organization, you should be able to capitalize on this data and utilize it to meet customer expectations at all touch points. Any delay would help competitors to pounce on your market share and attract buyers with better shopping experiences.
Data Driven CX is not something that is managed and accounted for by the CMO or his team at an organization. It is a collective effort. Marketers struggle with outdated or unorganized data streams where customer data flows in randomly from different systems such as Website, Email, CRM, Social media, etc. On top of these, there are platform and device information silos like visits from desktops and mobile devices out of which mobile devices have further classifications in terms of OS, screen size, etc.
The biggest challenge that many organizations face in implementing a data driven CX strategy is the lack of integration between teams. A smooth CX requires data systems, technology infrastructure and smart people who can complement each other and deliver a single and consistent experience. Ideally businesses need to keep track of whose doing what and the ultimate goal of an integrated consumer experience. There is no point in blaming each other within an organization for a failed consumer experience as the consumer is least bothered about what happens inside your office.
For businesses, it is time to transform their customer experience to stay relevant in the highly competitive market. Seeking expert advisory to transform digital touch points is the best option available for business today to enable a data driven CX ecosystem. With over 2 decades of unparalleled service in the digital transformation space, McFadyen Solutions is rightly positioned to help your business to deliver its full potential. Drop us a message and we will be glad to assist you.
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