Do you agree that the purchasing decision journey for consumers involves multiple steps? Many of these steps are now being captured, digitized, and transformed into metrics and data. As this data becomes an implied derivative of essential retail and consumer technologies, the focus is shifting from how to acquire the data to how to extract insights from it—insights that can be turned into differentiation and competitive advantage for the retailer and a better shopper experience for the consumer.
As mentioned by Upwork Global, “Businesses have numerous tools at their disposal to convert VoC data into insights that help employees do their jobs (speech analytics, digital dashboard/visualization tools for reporting customer activities, real-time reporting and alerting). The use of customer experience analytics helps VoC practitioners take large sets of historical and recent data and analyze them to reveal trends, identify correlations, and conduct root-cause analysis. For example, a business using business intelligence tools would be able to identify customers that are most likely to share positive feedback about their interactions with the brand. This information would then be used to target other buyers with similar attributes through marketing campaigns designed to drive earned-media results.”
According to Gartner, “By 2020, information will be used to reinvent, digitalize, or eliminate 80% of business processes from a decade earlier.”
Recognizing the network’s ability to deliver insights is the first step in harnessing its value, and no one is more capable of doing this than you. There are several sources of intelligence such as connected devices, applications, users, machines and sensors.
Analytics are driving the move from merchant-driven business models—where the product is the differentiator—to digital models, where every decision is informed by data. Brand engagements are becoming more closely aligned with individual shopper preferences, creating a brand relationship that is shifting from a “nice to have,” time-sensitive offer-based relationship to a “must have” digital companionship based on deep insights and understanding of the consumer. To achieve this critical differentiation, retailers are depending less on increasingly shorter product cycles and more on the enduring differentiators of relationship and customer experience created
through strategic use of data and analytics.
Conversion is the measure of transactions generated by a population of shoppers. For example, if 1,000 shoppers generate 800 transactions, the result is an 80% conversion rate.
Organizations such as Cisco believes that the possibilities are almost endless when it comes to analytics projects—retailers may choose to begin in any number of business areas, pivoting to the data-driven decision culture as technology evolves. The key is to launch and define a winning data strategy for key business areas, mapping the right metrics to decision processes. Such programs help retailers achieve differentiation of products, drive conversion, personalize the customer journey, and manage the business more efficiently. Based on a more accurate and comprehensive body of data, you will lay the groundwork for business success both now and into the future.
How does your organization convert feedback into actionable insights? Please let me know through your comments. Thanks for your time and interest!