One thing struck me as I stayed up late to watch the Olympics recently: In sport today, each individual performance is based on training programs planned around the finest of details. From nutrition plans, when to scale back training if an athlete is fatigued, and the intensity of the workout, through to the best travel itinerary for arriving in Rio.
Every single decision will have been based on the performance data coaches have at their fingertips to ensure each athlete is in peak condition.
With intense pressure to perform, nothing has been left to chance.
What we’re seeing is a great example of the role data plays in making better decisions and delivering the best outcomes.
Data is the foundation upon which strategies and visions need to be, and are, built—regardless of whether you’re an athlete or an ASX 100 listed company.
Much like a coach will personalise programs using data analysis, brands can predict and tailor engagements to consumer preferences, optimise existing resources to improve the overall customer experience and profit margins, and automate processes to focus on areas adding real value.
And as data volumes grow, the bigger the opportunity for brands to make smarter and faster business decisions. Capitalising on the improved insights enabled by the data captured, organisations are empowered to better predict consumers’ future needs to deliver the best outcomes.
And the more data you have, the smarter and faster decisions you can make around predicting future needs and delivering the best outcomes.
Data is currency for businesses, and with digital offerings increasingly becoming key pillars of business strategies, the opportunities to grab more insights are huge.
Research from SAP shows that when a customer is delighted with the digital experience provided, they are five times more willing to provide personal information – from buying preferences and web browsing history to social media usage and personal finance.
This type of information is invaluable. It enables businesses to accurately predict where its individual customers will next engage with them, the type of product they’re likely to buy, and the channel they’ll use to purchase. As a result, strategies and offerings can be tailored and personalised accordingly to drive maximum impact.
It’s also likely to result in an improved digital experience, meaning the customer will be willing to share more personal information with the business. It’s somewhat of a virtuous circle: the better the digital experience -> the more information the consumer provides -> the better the brand can tailor the experience -> repeat.
Forgive me for using another sporting analogy, but put simply, it’s customer service deserving of a gold medal.
Harnessing the power of predictive analytics through improved customer insights offers huge rewards for businesses in Australia, which need to focus on improving attributes relating to the digital experience:
- Safe and secure – Customers want to be satisfied and see an earnest effort that personal data is managed respectfully and safely.
- Cohesive, integrated, and easy – Consistent and engaging omnichannel experiences are key, such as ensuring the same stock is available in-store and online at the same price; and providing immediate relevant information.
- Available 24/7 – Businesses need to respond to customers in real time whenever, wherever, and on whatever device they choose.
- Respectful and dedicated – Share relevant offers matching customer interests and habits, recall previous purchases to make buying recommendations.
- Effortless and customisable – Services that recognise personal routines, health requirements and even financial concerns.
Alongside these, businesses will benefit from providing digital services that deliver relevant offers without infringing on privacy, and that excite and engage the customer across every interaction.
To capitalise on the opportunities enabled by these insights, businesses need to embrace digital at their core. This means implementing systems – such as analytic tools, and CRM and finance applications – that integrate all data captured at a central location, enabling a simple, unified view from across all lines of business.
Embracing a digital core empowers businesses to make smarter, faster decisions about future needs and strategies – key advantages in today’s fast-moving and competitive markets.
Just as our Olympians and Paralympians in Rio don’t leave anything to chance, neither should your business. Ground your business decisions in data as you develop a digital framework.
Drop me a message to learn more about building your digital core, or if you would like to discuss the Digital Experience Research for Australia and New Zealand in more detail.