Experiences should be treated as products, and data strategies should be aligned accordingly

Data is the key asset that brands use to connect with customers. Even today’s most innovative businesses, their approach towards data is based on selling products.

Product and product advertising aren’t the only drivers of growth. Customers today bring their whole experience and all the moments into consideration when they make purchasing decisions.

The new paradigm of personalized experiences – delivered quickly and at scale across touchpoints throughout the buying process – demands that brands do more than just MartTech. This new paradigm of personalized experience requires a completely new view of data.

A modern customer experience mindset is essential for brands to master data. Instead of focusing on the quantity, they must shift their data strategy to focus on understanding customer needs, values and motivations.

These are the four steps that will help you make this shift.

1. New data collection.

Legislation and policies are changing the way that brands collect and manage customer information. While the future of cookieless is uncertain, one thing is certain: the high value and importance of first-party information.

What amount should your brand spend to capture this value and data? This will depend on many factors including the industry and business model. However, the foundation will be laid by goals for data enrichment, acquisition, and activation.

These are the most important questions to ask:

  1. What will you do with this data?
  2. How can you get the data that you need?
  3. Do you provide value to your customers in exchange for it?
  4. What data do your already have?
  5. Why are customers not willing to share their data with you?

2. Think of experiences as products.

A different way to approach data strategy, especially for brands that have a strong organizational and operational alignment to product driven growth, is to consider your brand’s experiences to be products.

Let’s take, for example, a product demonstration you put on your website that encourages a potential customer ask a question. In return, you will receive data such as the email address, reason for buying, time of day and location.

This example shows that it is the customer experience, not the product itself, that creates value for your brand. Your data strategy will align if you train your operations and teams around creating and delivering these experiences.

3. Make new connections

A disciplined approach is required to understand how customers experience your brand today and how it will be in the future. Find the moments that are most important and identify the gaps in data and processes. This will allow you to personalize, contextualize and connect with customers throughout the entire lifecycle of your relationship.

A bank might look at a 23 year-old customer who has just started her first job after college and declare her low-income. However, if you look at the whole picture, this same person will most likely require financing for a mortgage or an upgraded car, IRA fund, or other needs.

Cloud solutions can open up new avenues for two-way and real-time conversations with your audience. Cloud solutions will change the way data is used in marketing programs. This cloud storage offers cost-effective and simple options to scale up as your business grows, as opposed to costly on-premises options.

4. Understanding the world of your customer.

Data can reveal what customers are looking for from you brand. Data analysis teams should be able to unlock business-driving insights that could lead to new product features to target customers who have stopped using them, improved messaging to reach a larger audience segment or a new service for customers with high-value needs.

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It is important to remember that metrics are not insight. Analyzing the experiences of customers that you haven’t acquired is just as important as looking at the ones that you did. These insights require understanding the world of your customers: what other companies are talking about them, how their social dynamics are changing, and how they interact with their communities.

Marketers today need to redefine marketing measurement in order to encourage insight development. What is measured gets done.

CX is the imperative

CXM allows for personalization at scale. However, it also allows customer-obsessed companies to be able to glide to the puck before it arrives rather than following it. Brands gain more long-lasting relationships, greater lifetime value and a sustainable competitive advantage.

source https://business.adobe.com/blog/the-latest/treat-experiences-like-products-and-align-data-strategies-accordingly