During COVID-19, businesses have spent more of their tightened budgets than anticipated – through the need to replan, rethink, and restructure at pace. Priorities have changed quickly, and according to Forbes 56% of brands see managing shifting priorities and strategies as a major challenge.
In a recent survey on the biggest marketing challenges faced by businesses during the pandemic, Sirkin Research found that:
- 52% are finding it hard to shift their priorities and strategies
- 48% are working to provide increased visibility and manage fluid plans
- 40% blame their inability to realign their budget to new initiatives.
These are challenges that should be easily avoided or, at least, surmounted. Those businesses utilizing data-driven approaches, particularly in their sales and marketing teams, will find this easier than others. But such strategies can only succeed if built on a foundation of accurate insight and valid data.
How does a data-driven approach create a seamless customer experience?
Many organizations continue to claim that data is their most underused asset. And according to Autopilot, companies which adopt a data-driven approach are 6 times more likely to be profitable year-on-year, and 23 times more likely to acquire new customers. Firms should therefore analyse their data regularly, and incorporate this into day-to-day operations in order to support strategy, planning, and ensuring agility in the midst of a pandemic.
Big brands, like Google and Amazon, have long since established their data-driven credentials. By utilizing and trusting the data at hand, these conglomerates have driven significant growth at a time when big data is on the rise. We can learn from their approach in 3 ways:
1. Accumulation and integration
To avoid being overwhelmed by the volume and multiplicity of data, executives should utilize enterprise analytics tools to simplify information and swiftly navigate the information available. Integration will help to transform harvested information into insights which will feed into existing platforms, helping to streamline data collection, processing, and storage.
2. Finding the insights that matter
Crucial data is lost when data collection is unstructured – and future business decisions cannot therefore be based on facts and genuine insight. Care must be taken to collect and categorize data strategically, in order to be able to identify patterns and extract genuine value. PwC reported that highly data-driven organizations are three times more likely than others to report significant improvement in decision making, so investment may be required for data newbies to acquire the right technology to capitalize.
3. The language of data
If your whole team isn’t data-fluent, the information provided through these insights could be lost as quickly as it’s found. Leading brands have started to tackle this through effective communication strategies, even on teams with wide technical skill gaps. Ensuring the team can speak the language of an analyst means they can effectively convey the information – even to those who are not experts – opening up the conversation to all levels of the business.
GDS Group hosts experts to help experts. We strive to provide an atmosphere for our attendees that enables them to confidently lead their companies through major transformation projects. For information on upcoming events, view our Digital Summits. To remain current on our activities, visit GDS Group on LinkedIn | Facebook | Twitter.