Over the past few years, we’ve seen rapid transformation in how consumers engage with brands across a wider variety of touchpoints. The explosion of new technologies and the surge in online experiences has led to a zero-tolerance attitude for digital inconvenience and triggered a paradigm shift in customer relationships. In today’s always-on economy, if your CRM strategies aren’t pivoting to meet customer-centric goals and mapped out using advanced customer intelligence, then you’re already on the backfoot.
Serving up best-in-class customer experiences has become a top priority for brands wanting to increase their customer lifetime value (CLV), and there are two key reasons for this. Firstly, today’s consumers have become increasingly vocal about their willingness to pay more for great experiences, leading to the redefining of loyalty which has historically being tied to value for money. Secondly, the trust that is built in the shadows of great CX and increased customer satisfaction makes those same customers more likely to share their data. Yet, it’s a cyclical conundrum whereby you can’t have the first without the second: you need the data to design the experience.
For these reasons, leading companies are doubling down on their data and analytics capabilities knowing that to connect with consumers via on-target experiential campaigns, to deliver hyper-personalized experiences and retain long-term loyalty, a deeper level of insight is what sets you apart from the competition. And they’re racing ahead with the knowledge that…
1. Privacy by Design is the gateway to customer-centricity
In today’s world, customer centricity and data privacy are intrinsically linked. And companies cannot be customer-centric if they do not understand the value that people now place on privacy. At the same time, companies are reliant on customer data to predict future needs and wants, while nurturing lasting relationships that increase lifetime value and reduce churn. With customer-centric companies proven to be 60% more profitable than those that aren’t, those baking privacy-by-design into systems and operations are seeing measurable business benefits. As such, we’re observing an accelerated uptake in privacy-enhancing technologies. Future-thinking companies are turning to trusted providers who have the expertise to deliver a data-protected playing field that enables them to focus on their analytics end game rather worrying about falling foul of regulations.
2. You can’t know your customers inside out if you’re operating in a vacuum
Data-driven CRM strategies now require greater contextual knowledge and advanced customer intelligence that can be used to shorten the sales cycle and continually engage customers. To deepen their insight, companies today need to know what their customers are doing when they aren’t spending with them. But the only way to get this ‘outside’ customer view is through mutually beneficial data collaboration partnerships. If businesses want to boost bottom lines and power loyalty through enhanced customer journeys, then there has to be a buy-in to Gartner’s ‘Must Share Data Unless’ mantra and an understanding that connecting your insights with external partners is possible without ever sharing your underlying data. Not only this, but it can be done securely and responsibly without compromising on trust.
3. Data is great but actionable insight is what’s needed
Having access to an abundance of customer data is great, but actionable insight is what’s needed to get ahead. Too many data projects are put into motion without consideration being given to the front-line needs. Are you looking to reduce customer churn? Conduct headroom analysis? Predict what – or when – a given customer segment are most likely to buy? When you start with the end in mind and get explicit about the questions your teams need answers to, you can sift through big data much more efficiently. You’ll know when you’re really generating value from your data when you repeatedly (and speedily) connect your data, create relevant insights and turn those insights into action that meets the objectives of marketing teams, CRM teams, product development teams and more.
4. Moving from insight to activation with collaborative analytics is key
In a market where competition is fierce, speed to insight matters but activation is what drives success. Brands are having to constantly reinvent the way that they engage with their customers and having access to deeper insights into those customers ensures they can boost segmentation, target campaigns with laser-precision and personalize journeys in a way that both attracts and retains loyalty. It’s for this reason that future-thinking businesses are looking to solutions, like Trūata’s Combined Analytics solution, which provide access to a privacy-by-design ecosystem that takes care of the legal, structural and technical complexities of generating combined insights with external partners. Such solutions enable them to focus on unlocking value in the data and leveraging market-share opportunities.
5. You have to constantly be looking at the road ahead…
For many data-driven companies, leveraging innovative technologies to increase the depth and breadth of customer insights through collaborations with external data partners enables them to gain a competitive advantage and demonstrate a commitment to transparent data practices to those who care most: their customers. However, those pushing the boundaries of human-first strategies are already looking at the possibilities presented by data ecosystems, like that of Trūata’s Data Hub, which have the potential to unlock significant revenue opportunities. But much like the complexities at play when facilitating privacy-compliant data collaboration, only those that have the expertise to deliver on the legal, structural and technical safeguards will be able to bring such visions to life.
Curious to learn how Combined Analytics can help your organization get ahead? Contact us today, and one of our experts will give you the step-by-step guidance needed to put your data to work and boost your bottom line while unlocking untapped insights to stay ahead of the competition.