How can businesses leverage technology to build a data-driven strategy?

By Jasal Shah, MD and CEO – Avidestal Technologies

There’s an age-old saying, “you can’t manage what you can’t measure”. Data analytics tools and software provide organizations with the means to measure. By collecting, analyzing and reviewing data, organizations gain invaluable insights to streamline marketing strategy and growth. These can be long-term or short-term growth opportunities. For example, in the automotive industry, automakers and the government have collected data over the years about people’s behavior on the road and their driving habits. The analysis of this data has made it possible to make the autonomous car a reality! In industries such as fast food, banking, insurance, and retail, data is routinely leveraged to drive down the cost of customer service.

The benefits of data-driven marketing are well understood and documented. On the one hand, it provides consumer behavior analysis, in which companies can use data to better understand the demographics, interests, pain points, and other aspects of their audience. It provides insights for each phase of the customer journey, helping businesses determine customer habits at each stage and personalizing communication accordingly. It provides insight into the cost of acquiring new customers. Entrepreneurs make sure their efforts are successful with every advertising and marketing campaign to ultimately provide ROI and revenue for their business.

“Spray and pray tactics in which marketing messages are sent to as many people as possible in the hope that they will buy the product/service no longer work. Instead, delivering a personalized customer experience is key to growing and gaining competitive advantage. In fact, more than 70% of online consumers say they are more likely to shop with companies that provide personalized experiences. Additionally, according to a Hubspot report, companies that leverage personalization in their email marketing strategies get 72% more positive responses.

The Challenge of Managing Big and Dynamic Data

The challenge is that as a business it is not easy to level up quickly in a rapidly changing digital world. While descriptive and predictive analytics can help companies better understand their customers, the whole process can be very difficult to implement and execute.

Additionally, over the past decade, there has been an explosion of mobile-powered digital data in every pocket. Companies are swimming in pools of data from different sources. Just consider all of the possible customer touchpoints for a typical business today – beyond physical channels, there’s email, websites, search engines, social media, plus logistics tracking. based on technology. New era technologies like artificial intelligence and the adoption of voice-based technology tools have further enhanced the pool of consumer behavioral data. Whether it’s tagging someone’s photo on Facebook or auto texting a friend using Siri, AI-powered data intervention has begun, and it won’t. than accentuate.

We have also moved from e-commerce to m-commerce to q-commerce or quick commerce, where the cycle from order to delivery to the customer is greatly reduced. Therefore, it is necessary not only to understand the pulse of the customer, but also to do so on a daily basis and, in some cases, even on a transaction-by-transaction basis. In such a dynamic landscape, how can companies leverage all the data they have access to efficiently, quickly and cost-effectively?

Real-time data tracking

In today’s environment, collecting, analyzing and reviewing data needs to happen faster and more dynamically. Businesses can no longer afford delays between collecting and reviewing data to formulate a business strategy. Mapping of usage patterns, customer experience, and feedback must be compiled in real time, and data analysis software must be smart enough to not only analyze the data, but also recommend strategy. A product that covers all of this can help companies scale and grow in their business.

The fact that companies like Google continue to thrive, despite several others who have come and gone in its field, is proof enough that data analytics and business intelligence are the gateways to excellence and success. future business success. Google relies entirely on the results of the analysis of data produced by online consumer interactions for its commercial success.

Making crucial business decisions such as introducing a new product, investing in marketing, purchasing products, etc. is facilitated by customer satisfaction surveys. In the media industry, The New York Times, considered one of the most successful digital publications in the world, attributed all of its success to data analysis. He created a machine-learning program that collected consumer likes, likes, and dislikes using surveys, then analyzed the results to create more personalized offers and display targeted ads.

In a rapidly changing world where data is created so frequently, it is imperative to make data capture and review an inherent process in the customer transaction. Automated, predefined questionnaires for industries/purposes and smart data analytics software can help businesses of all sizes – from niche to mass, unorganized to organized – appropriately leverage data from the explosion of the Big Data and make smarter predictions. This will allow companies to significantly increase the productivity of marketing campaigns.