Data-driven: What it Means and the Technology that Can Help
According to Forbes, ‘Data is the catalyst of business innovation. It’s the very thing that will help define and characterise our new priorities.’
Today’s fast-paced business landscape puts data as the driver of change, decision-making and business growth. It’s clear that being data-driven is key for success, but many organisations are still struggling to align and adapt.
Creating a data-driven strategy requires more than just the data itself – companies must have the proper tools, training and attitude in order to use that data for business success.
Successful data strategies begin with an effective customer data platform (CDP).
A customer data platform is capable of aggregating data and creating a single, centralised profile of each of your customers. Using common tools such as databases, analytics, marketing automation, multichannel campaign management and live customer interactions, every step is registered in a single location.
Integration is the key to making customer data actionable.
Integration capabilities vary across CDP software. Our partners at Salesforce have built a platform that creates a unified profile of each individual customer for easy access to all their data. Customer 360 allows for more personalised and efficient communication, further increasing customer satisfaction.
The Key to CDP Success
Your CDP must be able to unify data across the organisation. According to recent research, most marketing professionals expect an increase of 40% in the number of data sources they will be using regularly in the upcoming year. CDPs are critical for connecting these disparate sources of data and giving you a single, complete view of your customer.
Marketing must be customer-centric. With CDPs, you’re able to personalise each individual customer interaction. That means that all their conversations with your brand, even digital ones, will be more meaningful, leading to increased customer loyalty.
Data doesn’t come without risks. Make sure your CDP includes privacy tools to protect customer data, identities and consent. Salesforce CDP does this through alliances with identity and consent software providers.
In order to maximise customer satisfaction, CDPs must provide options for real-time customer engagement across various digital channels.
An AI chatbot, for example, can apply rules to solve common problems, reach into a database to collect necessary information and ask questions based on previous models. All of the information it collects will remain in your CDP and be accessible to all levels of the organisation.
The Truth Behind Digital Transformation
Becoming data-driven often means making a lot of changes. These changes come with various benefits – reduced costs, shorter purchase times, increased customer loyalty – but also plenty of challenges.
To kickstart digital transformation, leaders must speak the languages of both data and business. With unified data, all departments will have access to the information and tools necessary to find and implement solutions to critical business questions. Data is no longer the sole responsibility of the chief data officer or chief technology officer. Everyone must be on board, with high commitment to training and rewarding data literacy.
Although data is increasingly important, research has shown that under 40% of companies offer data training for their staff. Improving these internal training opportunities will help teams make faster and better informed decisions, which leads to more agile processes and more satisfied customers.
Data alone is not worth much – organisations must understand how to properly use it in order to take advantage of it.
The Shift to Data-driven
Data-driven strategies require large-scale digital transformation and buy-in from your whole organisation. With over 100 CDPs available on the market, becoming data-driven may seem like a daunting task. But, with the right partner, you can find the perfect fit for your team.
We at redk have over 15 years’ experience in digital transformation, providing the expertise and digital capabilities to implement the tech that will offer the best value for you and your clients. Talk to us to find out the impact we could have on your organisation and your data strategy.