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“The customer is always right.”Although this is a phrase that has been a staple of business for decades, in this era of customer-focused marketing, it takes on both new shape and importance.We are living in the age of the smart consumer; they know what they want, and they also know that if one business doesn’t provide it for them, there’s likely many others just a mouse click away that will.
The crowded marketplace means that customers are less likely to remain loyal to one brand, and the advent of social media has also empowered consumers to share both positive and negative brand experiences online.
E-commerce has provided customers with a plethora of opportunities and choices sitting right on their smartphone, which can be a positive for businesses who pay attention to their customers’ needs and a drawback to those who aren’t using customer data to empower their marketing strategy.
According to a recent study published by McKinsey, businesses’ use of analytics to create a competitive edge in customer experience is only at 32%.
This demonstrates the issues that many businesses are having in trying to apply data in a universal, transactional way across their entire organization.Great customer experiences lead to higher retention rates, increased brand loyalty, and bigger customer lifetime value (CLV).
Improving customer experiences can seem like a straightforward task, but unless you base new tactics and strategies on tools like zero-party data, you might be putting in effort and resources in the wrong places.So, what are some RIGHT ways to use data analytics to improve customer loyalty?
Collaboration is vital to the successful stewardship of any project, regardless of the industry or sector in which you operate. But no matter how good you are at wrangling large teams or conveying your desired achievements, ensuring that people work together effectively is impossible without the help of certain tools.
Two decades ago the cost of not being able to find knowledge efficiently was costing businesses $12 billion annually. Today, IDC estimates put this figure at over $31 billion, indicating that no organization can afford to overlook the need to facilitate cohesive collaboration by any means.
This is where knowledge management comes into play, providing you with an opportunity to make sure that critical information can be shared and expanded upon over the course of a project. But what are some of the strategies and solutions you should pursue and are there any pitfalls to consider?
