Avoid These 5 Mistakes That Can Ruin Your Competitive EdgeAdmin
As organizations are focusing more on becoming customer-centric, there is an increased level of attention on customer interactions through multiple touch-points with the company. With widespread usage of internet across the globe, tech-savvy customers are carrying out most of their transactions online over myriad of digital channels. On account of simplicity and ease, greater number of customer interactions are transpiring through digital mediums. Each interaction is deemed valuable from a business point of view. These form the source of customer intelligence which can be efficiently utilized to gain a competitive advantage.
The series of customer visits leave an important stream of information with respect to customers’ journeys and their experience over every digital channel. Each individual builds their own digital profile with every page view, click, comment, bookmark, etc. A smart enterprise should tap into such crucial informational wealth with customers’ permission and utilize it to redesign customers’ journeys, understand their preferences, motivations, pain-points, requests, complaints, etc. and refine customer experience.
The fact is that even if customers are willing to share their personal data with the companies, many companies find it onerous to reap maximum value from this customer intelligence.
Let’s take a look at the top 5 mistakes to avoid with regard to customer information:
One of the prime digital analytics tools to collect data is tagging. Tags are needed to be created, tested, deployed and incessantly updated. On account of alterations to the website and every time new trends coming up, tags require renewal. The entire process is time and cost-intensive. These infallibly results in loss of data, opportunities and campaign delay.
3.Lack of Individual Data Collection
Some of the digital analytics tools which are employed to collect data suffer from the disadvantage of collecting solely group level data. These tools keep track of page views, clicks, visits, and campaign triggers. These are not individual customer level data. This poses a serious problem when syncing digital data with offline data either from CRM or single customer view systems. In case of offline channels, data sources are primarily at individual customer level which creates incongruence when clubbed with digital data.
3.Excessive Focus on Behavioral Data
Organizations should strike an appropriate amalgamation of both behavioral and experiential data. Prioritizing only behavioral data such as visits, clicks, etc. only depicts half of the picture. Experiential data involves missed opportunities, out of stock products, etc. To identify cause-effect relationship, calculation should involve both behavioral data and experiential data to get valuable insights.
4.Lack of Data Integration
With technological advancement, every day there is emergence of new digital channels, tools, tricks and techniques. Their population is becoming overwhelming every time there is a new addition. Unfortunately, precise systems are missing to collate all the siloed customer data generated within those channels. Hence, it is impossible to obtain valuable insights and visibility without a single view of customer experience data
5.Absence of Real-Time Analysis of Data
Organizations often base their decisions on outdated customer experience data. The extracted and analyzed data becomes ineffective in terms of having an influence on customers in real-time. This happens because the data analysis is generally conducted post customer interaction, leaving out valuable live insights.
To up their game and be on the forefront of the domain of digital intelligence, organizations are now focusing on real-time, omnichannel-integrated and individual customer-level data across different digital channels. This type of granular analysis is capable of providing answers to significant issues like identifying most loyal customers from least valuable customers, customers’ behavioral significance and subtle alterations to the digital strategy to provide enriched customer experience.
If you’re interested in a solution that can help you develop better customer experience strategy, including leveraging customer intelligence, eConnect can help you. With digital, data-driven, customer intelligence, you’ll understand the digital journey of your customers and how to optimize such data to gain competitive advantage. eConnect with its extensive experience with B2B, AI-driven analytics, can help you maximize the value of your data. To learn more, please get in touch and our experts would be glad to help.