Data is a critical but often overlooked component of delivering superior customer experiences. Most of us know firsthand how bad data creates a negative experience. Customers, rightfully, want to be treated as if they are special. They expect the companies they do business with to know them, understand them and remember them. Delivering on that expectation requires great data.
One of the biggest challenges in today’s age is staying in tune with the constantly changing market and needs of our customers. From Facebook to Instagram, Boomerang, or Snapchat… what customers are interested in, who they are, and what they care about is always in flux. How do you stay agile in a shifting world? You must constantly be striving to understand your customer and what your company’s ideal customer persona looks like. Aligning on your ideal customer, in conjunction with understanding your prospects and customer database, will allow you to target and market to them in the best way possible.
Earlier this year, I attended the Sirius Decisions 2018 Summit. For those firms seeking a framework to help them plan their digital transformation, the summit didn’t disappoint. With well over two hundred sessions, delegates could choose form a wide range of topics grouped into four main streams: account-based marketing, channel marketing, portfolio (product) management, and sales strategy and operations. The sessions included presentations from Sirius Decisions (SD) staff covering most of their 14 different frameworks, SD framework and partner technology case studies presented by their customers, and several motivational keynotes from SD management and outside speakers.
In the ever-increasing pace of today’s business environment, everyone is looking for ways to maximize the outcomes of their efforts and create more efficient processes. And more and more, organizations are looking to data to be the fuel that accelerates their business. According to our 2018 global data management benchmark report, 99 percent of businesses believe being data-driven gives their organization a competitive advantage. They believe that advantage includes better insight for decision making (57%), more efficient business practices (57%), and better customer relationships (56%). The thing is, though, that being data-driven only provides these benefits when the data driving the strategy is high-quality and accurate.
Data has quickly become one of the most valuable resources for agencies across the United States public sector. In fact, 87 percent of agencies consider it one of their greatest strategic assets. This year, Experian conducted our first-ever study focused solely on the public sector to gain insights in the primary drivers behind their data management practices. We surveyed 200 professionals from across the United States who work for the federal government and state and local agencies including health and human services, law enforcement, departments of motor vehicles, labor and unemployment, and tax collection.
As 2018 commences, customers have sky-high expectations when it comes to their experiences with every business they interact with: retail brands, utility services, and even their banks. We expect these businesses to anticipate our needs, know who we are, and always be relevant. Essentially, we want companies to read our minds. While this is impossible and unrealistic, businesses can make strides by enriching their customer data to improve their customer experience.
This blog post is part two of three in a mini-series we are calling The art and science of matching your data.
Matching data should be simple, right? Well, that depends on your perspective. As much as processes can be automated these days, when it comes to record matching, the results still depend on the context in which you want to view the relationships.
Learning more about your customers and achieving a single customer view is a seemingly elusive goal for many companies. With the right tools, however, you can append your existing information with additional data to get a more holistic view of your customers. Prospect IQ (PIQ) is one of Experian’s data enrichment solutions that enables you to do so. PIQ is used most often by companies to enhance their marketing through greater customer insight and personalization. Whether that means better approaches to getting repeat customers, new avenues for attracting new leads, or better targeting existing leads, enriched data provides additional information that helps you approach your goal more strategically. Beyond marketing, other customers use PIQ to better understand their customers’ wants and needs, to expand product lines, and to model the likelihood of a sale.
Data is truly at the heart of every organization. We use it to back up business proposals and initiatives, prepare forecasts and projections, pinpoint areas for improvement, and substantiate cases we try to build. We can’t rely solely on instinct and gut feeling because they are intangible, and with the amount of information collected in today’s data-driven society, most businesses have come to expect the credibility that data brings and are investing in that power.
I don’t think it’s a surprise to anyone that businesses are making their most important decisions off the back of the data available to them. Within the past year, we have conducted some market research about the role of the Chief Data Officer (CDO) and data management trends and the results indicate that organizations are truly considering their data an asset. One of the most prominent responsibilities of the CDO is transforming data into a business growth opportunity. We also have seen more and more data operations and analytics roles popping up in the market to address the issue of getting accurate and complete data back to management in a timely manner.