According to Forbes, 56% of brands see managing shifting priorities and strategies as a major challenge. Since the beginning of the year, Covid-19 has scuttled any existing marketing plans or sales campaigns that business might have been prioritizing and, as such, much of their valuable budget has been spent.
Sirkin Research corroborated these figures in their recent survey of the biggest marketing challenges that businesses are facing during the pandemic, discovering that 52% are struggling to shift their priorities and strategies, 48% are working to provide increased visibility and manage fluid plans and 40% blame their inability to realign their budget to new initiatives.
Sales, Marketing, and the modern business are all up against it but there is a solution to these issues. Each of the problems listed above is borne out of a failure to utilize a data-driven approach to incite change, the wider omnichannel strategy can only succeed as long as it is built from a base of insight and credible statistics.
How does a Data Driven Approach Create Seamless Customer Experience?
According to Autopilot, companies who adopt a data-driven approach are 6x more likely to be profitable year-over-year and 23 times more likely to acquire customers. Despite this, many organizations still state that data is their most underused asset. It should not go neglected as reviewing data helps brands to keep grounded, inform their future strategy and guarantee their competitive ability even in the midst of a pandemic.
Employing a data-driven approach has become pivotal in a world in which Big Data is on the rise and brands which successfully lean on data to fuel business decisions have driven significant growth. Generally we’ve seen big brands such as Google and Amazon effectively establish a data-driven brand in 3 ways.
Accumulation and Integration
Data is everywhere and it is being generated constantly, consequently, many are finding that they are unable to keep track of the volume and multiplicity of their data. Enterprise analytics tools are the means of making sense and use of this data, and if you haven’t already, it’s time to invest in these tools.
Executives should focus on integration to help transform their information into insights, they will then be freed up to explore new technologies which work with existing platforms to help to streamline data collection, processing, and storage. Doing so will give you a more complete view of your customers’ journeys.
Finding the Insights that Matter
If the dominant form of all data that businesses produce is unstructured, valuable insights represent the needle in the haystack. The businesses which surface the information that matters most have a distinct operational advantage as they can utilize their knowledge to fuel future business decisions.
According to PwC, highly data-driven organizations are three times more likely than others to report significant improvement in decision-making. By making the most of new technologies and machine learning, brands can better identify themes and patterns, and uncover unexpected insights that will drive growth.
The Language of Data
Data is only as useful as its potential application and due to the speed at which modern business move, that application often drops off quickly, consequently, leading brands have started to overcome this issue through effective communication. Everyone should be able to speak the language of an analyst – to make the data communicable to even those who are not experts. By discussing data at every level and keeping it at the forefront of your thinking, you can better plan for the future.
To learn more, download the full report here or continue the debate at the Omnichannel Insight Summit, a GDS Summit, where we bring together senior Sales & Marketing executives who are actively seeking to share, learn, engage, and find the best technology solutions.
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