As we discussed earlier, digital transformation is about taking a holistic approach to transforming the customer experience in all aspects. In this way, you fundamentally create new business models where the convergence of physical and digital occurs at the highest level.
In today’s quickly changing and evolving digital marketplace, there are a few macro trends that you see. The purchase path is not linear: Customer engagement occurs through many touch points, and customers expect each interaction to be relevant and personalized.
The rules of engagement are changing, and businesses are no longer the first stop for customers when they want to inform themselves. People now turn to their networks to get information and recommendations. To meet the expectations of your customers today, you need to go beyond the traditional approach of acquiring and retaining customers.
The goal today is to deliver an amazing customer experience at every interaction so that you not only acquire and retain customers, but you also gain customers who become your loyal fans, your outspoken advocates. This all boils down to the fundamental question,
How can I personalize every customer interaction across multiple channels in real time by analyzing Big Data?
This leads to transforming the operating models to a more customer-centric, integrated organization using data and analytics as the basis for decision making. The transformation can be started with very simple questions:
- Who are my “best” customers?
- Who should I target for promotion?
- How should I vary my promotion to different customers?
- What product should I sell at what channel and at what price?
- How should I keep the supply and demand in absolute balance?
A series of predictive models for each one of these questions will establish a framework to manage the customer life cycle. To achieve this, you use a variety of techniques, such as segmentation, link analysis, propensity, forecasting and more.
What do you think? We look forward to hearing from you.