Alejandro Martinez is CEO of US and Canada SDG group. Share insights on how data and analytics drive business impact and value.
Inflation – now in its third straight month of moderation, slightly above forecast – food and fuel prices, supply chain issues and rising interest rates worry us as citizens and preoccupy us as entrepreneurs.
To protect a business in a time of great volatility like the one we are experiencing now, we need to build on what we learned during the pandemic: a focus on resilience and nurturing our relationships with our customers. Meeting the high expectations of consumers is every company’s dream, but it is only an achievable goal for organizations committed to managing data for its application in intelligent decision-making.
To deliver different customer experiences, we need to know and understand consumers and their habits so that we can foster a range of personalized interactions, whether they choose a physical store, a digital channel or BOPIS (buy online and collect on site). store). This experience must be designed holistically, taking into account not only the message we want to convey as an organization, but also the expectations of the customer. Data is our best ally in helping us address consumer pain points to drive conversions.
Moreover, it is a strategy that not only benefits customers, but also enables companies to develop smarter data management practices. In my experience of turning data into powerful insights that can generate positive and measurable changes in ROI, I can say that it is necessary to:
• Define and understand the organization’s sales and communication channels – monitor their performance and extract relevant analytical indicators and attributes.
• Explore the impact of all commercial actions per channel on sales.
• Identify the inflection point per channel.
• In the same funnel, unite the relevant events from all channels to find the common elements that drove the conversion.
• Generate impact and involvement from the information.
• Based on the data, build a model that can simulate and predict sales results.
Wherever you are, the consumer comes first.
Extrapolating from what Microsoft CEO Satya Nadella recently said, the only way to eliminate paranoia (in this case, keep the company competitive despite uncertainty) and make intelligent decisions is undoubtedly to take advantage of data.
The concept of customer experience helps us encompass all the perceptions a customer has when interacting with a company, brand or product. These perceptions can be rational, physical or emotional. In other words, in an omnichannel environment, every interaction becomes data that, thanks to technology, supports our decision-making. This customer data facilitates the calculation of the ‘customer lifetime value’. In this way, it is possible to know the non-financial profit margin that a customer brings to a company over the course of his life.
If we focus intelligent decision-making on an integral customer-strategy-channels model, we can directly influence the performance of our commercial strategy. We can implement Advanced Analytics models that are trained using the history of sales and commercial actions. With these models we can gain valuable insights that are able to identify which actions have a positive effect on our goal (for example, the degree of influence of advertising campaigns, the communication channels with the best conversion rates or which actions make sense to maintain or ignore) . ).
In short, by basing your business model on the combination of a solid data strategy and a scalable structure, you can thoroughly and dynamically map and monitor the customer journey to reduce unnecessary risk.