Consumers today have countless shopping opportunities at their fingertips. How can a brand stand out from the crowd? One method quickly gaining traction is to take advantage of the vast amount of consumer data and use it to improve the buyer journey from start to finish.
Analyzing and evaluating such big data can’t be done through traditional forms of data processing, however. Instead, retailers and marketing professionals must cash in on the advanced analytic tools and artificial intelligence technologies emerging in today’s market. Here is a brief look at what consumer data may entail and how companies can leverage it to boost their customers’ experiences.
With every voice command and keystroke, the amount of recorded consumer data grows. In fact, across the world 2.5 quintillion bytes of data are created each day. If that figure isn’t staggering enough, roughly 90% of the world’s data has been generated in just the past two years alone. The sources of this upsurge are the growing utilization of connected devices along with the interactive nature of the Internet.
Organizations can take this data and use it to better understand their customers’ behaviors, shopping habits, and needs. Armed with this information, you can better predict purchasing behavior and tailor a meaningful, highly personalized shopping experience directly to your customer base.
Such experiences can be customized across various digital touchpoints and reach a level of personalization that has been proven to be effective. How effective? Research has revealed that organizations that utilize data to make marketing decisions are 23 times more likely to acquire customers and six times more likely to retain them. What’s more, these companies were 19 times more likely to be profitable.
A great customer experience has become so central to success, it’s predicted to overtake price and product as the key brand differentiator. Even now, more than two-thirds of companies compete primarily on the basis of customer experience. There are several practices structured to improve the customer experience.
One such method is to put the customer first and at the center of every business strategy, operation and idea. Referred to as a customer-centric or client-centric culture, this approach places heavy emphasis on fulfilling and satisfying the clients’ needs in order to create a superior-level experience. However, it relies on an in-depth knowledge of the customer to appropriately target the right audience and build a marketing campaign centered around it.
Another technique retailers are adopting to improve the customer experience is “clienteling.” Used to establish long-term relationships, this omnichannel strategy make use of wish lists, past purchases, style preferences, and additional shopping habit indicators to better meet customer needs and desires. Armed with these invaluable insights and the tools to leverage them, the end goal is to dominate in your industry.
For more information on using consumer data to enhance the retail or e-commerce experience, boost customer retention, and ultimately see a better ROI, please see the accompanying resource.
Also published on Medium.