Michael Kilziserial entrepreneur, data intelligence expert with a vision to redefine the role of data as an asset in today’s new economy.
getty
There is no escaping the fact that the global economy is going through out of control inflation.
As economic realities tighten, including a higher cost of living, consumer expectations are changing and becoming more cautious and cautious economical. However, we do not live in a paradigm where inflation and recession are necessarily enemies, but more where uncertainty and fragility his friends.
In other words, this situation still offers growth opportunities part of the wallet gains for those who understand the new rules of customer trust and engagement. Economic downturns can even fuel innovation and creativity. Especially when this is supplemented with data and insights, new business opportunities arise.
Digital gear and data
The digital acceleration and the pandemic have revealed new customer expectations and changing behaviors, from privacy-first expectations to frictionless and more personalized experiences. This is forcing companies to rethink their brand values, realizing they need to balance things like repetitive interactions to establish a more balanced concept of “shared interests.”
During such turmoil, your data can become a rescue tool to mitigate vulnerability and show you a contextual way forward so you can adapt to economic slowdowns and changing consumer expectations. Data, and more specifically actionable insights, can reveal what to prioritize, guide you toward an incrementality strategy, and alert you to points of friction.
However, big data can be challenging for marketers who can become overwhelmed with information that is costly or difficult to fully capture and analyze. Data being fetched because third party data may be compromised, and I think we are witnessing a huge amount of wasted data because of that. Marketers will need to identify and map their good data and focus on the relevant insights within the customer journey. I see this need as a focus on generating more voluntarily shared consumer data, or zero-party data.
What the customer wants
As consumers increasingly seek immediacy with their purchases and services, zero tolerance for digital inconvenience is a must. Brands need to become “friction fighters”, weed out these inconveniences and show more concern for frustrated customers. Businesses need to leverage the power of AI and predictive analytics to open new avenues for proactive practices, surpassing current reactive modes and identifying problems before they arise.
Customers want to live in their own world and not necessarily in the world we’re trying to push them into. Using predictive analytics to anticipate behavior and identify customer experiences in real time can eliminate friction in the customer journey.
Customers who are surprised by something they love or a favorite product suggested seemingly by accident are fulfilling a new serendipity syndrome that is becoming central to every customer experience. In the same context, the rules of customer relationship values ​​change. Pre-pandemic loyalty started from the customer to the brand; today I think it should always start from the brand and you should use shared interests to gain the trust and appreciation of the customers.
The new customer lifecycle faces challenges that are non-linear and multifaceted, including obtaining consent to share data, focusing on customer needs and interests, and effectively influencing customer emotions. These challenges can be overwhelming.
The breadth of customer engagement is comparable to being in a relationship with someone you love. Your partner is your customer and you have a relationship based on interactions. But a strong relationship is only possible if trust is confirmed within the couple – with harmony and passion also being part of the mix.
You have to discover what is important to your loved one/client and you have to listen. Your customer relationship doesn’t end after they make a purchase; in fact, it’s only just begun.
The customer engagement index
In response to these changing needs, I am confident that we will soon see a measurable customer engagement index appear. My version of the customer engagement index is a combination of a trust score, a comfort score and a passion score.
First, trust is essential and it starts with respecting customer data privacy, being transparent in your communications, and increasing your social proof around your shared interest values.
Next, comfort comes from satisfying interactions, resulting from many dimensions such as convenience, relevance, immediacy and sobriety.
Finally, passion is built through the application of a hyper-personalization approach and is associated with serendipity and an ambitious spirit. As part of this, you must also show empathy, social responsibility and loyalty towards your customers.
I see the future of data signals as the triangulation of three pillars:
1. Signals aggregations through deterministic analytics (sentiment analysis, social media tracking, etc.).
2. Probabilistic signals (friction chasing and measuring potential customer loyalty).
3. Prescriptive analytic models that can create conversational marketing with multidimensional customer centricity.
Final thoughts
Data is a good business asset; insights from data are even more valuable. Because big data can be overwhelming and costly, brands must look for shortcuts to identify their good, relevant data and connect the dots to unlock quality and actionable insights. The marketing race is about being able to experiment with customer experience analytics faster than the other parties.
In general, to minimize failures, brands should not base their marketing decisions on false and skewed data, as there are so many deceptive activities and forms of fake traffic that mimic so-called customer behavior, including fake reviews and Click fraud.
What I call good data can enable brands to keep a finger on the pulse of their customers’ ever-changing expectations, help them put their shared interest values ​​front and center, and turn a customer interaction or relationship into a long-term asset .
Brands still have a lot to do to get ready for a cookieless ecosystem. They will have to rely on sustainable first-party data solutions and implement alternative options such as social listening and other artificial intelligence capabilities. Alternatively, they should contact customers for voluntary zero-party data.
https://cafe-madrid.com/ Business Council is the premier growth and networking organization for entrepreneurs and leaders. Am I eligible?
Contents