Today's customers are more powerful than ever, and marketeers are on their feet to ensure an improvised CX led by consumer data to provide a hyper-personal feel. CX is more than just meeting customer expectations. Providing excellent CX is an integral part of customer retention which leads to better ROI, higher sales and ultimately bigger profit margins.
"69% of marketers plan to increase their budgets for data-based marketing next year - GDMA"
In a competitive business culture based on analytics, data-driven decisions are the most crucial decisions. It is to be noted that ultimately measuring and optimizing CX cannot be simply limited to conversion but to ensure an efficient customer journey. To ensure a prosperous business, CX requires centralized, customized tools, comprehensive analysis and, above all, a well charted strategy that focuses on data and is built around data.
The sooner your marketing team develops the ability to collect large data and process it more effectively, the better you will be prepared to focus on your CX (customer experience) strategy.
Getting the right audience at the right time with the right message is essential to drive relevant participation and meaningful communication. To achieve this, your marketeers need to align their campaigns along data rich trajectory, understand the various user profiles in depth, and start interest-based communication with them.
Data-driven marketing allows marketeers to practice dynamic customization through customer journey mapping (CJM), that is, to identify the key points of a user's journey and channel steps towards final purchase.
To know more about CJM please follow this link (Customer Journey Mapping)
Versatility is the key to meaningful conversations across multiple marketing channels available. A marketeer can easily measure how a particular customer responds to deals and offers through social media and how another client would prefer e-mail to customer service requests, often responding to coupons and offers via e-mail. Thus, organizations can provide a data-based approach to reach individuals in the most effective way and collect positive responses.
"Data enables marketing leaders to measure and optimize their programs in real time, and design and improve customer experience."
- Source : Gartner
Marketeers these days rarely consider product pricing as a way to steer ROI. However, pricing when linked to structured data can significantly improve the company's ROI. The key is to change product prices based on customers, market conditions, demand supply economics, competition, etc. These parameters must work together to reach the appropriate price points. A fully enriched marketing data bank can provide businesses potential to explore different pricing strategies that fit its product range.
Data-driven marketing gives you improved, refined statistics for your audience that minimizes product failure. This not only helps marketers develop strategies for their marketing campaigns; it also helps processes and the technical team to continually improve and update the product.
Automating your marketing tasks in the absence of correct data and without regard to buyer behavior and preferences will only automate inefficiencies. Integrating a data-driven approach and automation creates an effective way to gather and sort ideas from thousands of data points about campaigns, channels, users, products, and services. Thus, automation of marketing will be more feasible when combined with large data.
Data-driven decisions are the most important factor for businesses today. Whether it's a decision on how to divide a company's responsibilities when it comes to CX, or a decision on how to meet customer expectations, some aspects like: centralized data, detailed analysis and marketing driven data in general, have become critical.
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