In this highly commoditized global marketplace where companies are unable to compete on price alone, Companies are looking forward to ways that defend them by building greater customer intimacy via investing in smarter consumer insights gathering initiatives. It has been seen that the under 40 demographic in particular expects a much better level of customization and personalization from the organization they interact with. In fact, these organizations also are very much aware of the fact if they won’t deliver such a seamless experience then they risk losing their potential customers.
This great need of smooth customer experience has left many organizations with some questions like: How they create actionable user insights from the vast quantity of data or I can say out of the ample of unstructured information that they collect about their customers? How do they utilize this information to reach their customers and convince them to purchase goods from you? Although companies are successfully moving along with this maturity grid but still they have to reach that visionary level where they are effectively using this insight. There are a number of reasons behind this. Let’s check them out step by step:
A Large volume of data:
Enterprises today are collecting large volumes of traditional and structured forms of customer data as well as companies are also capturing user generated content such as their blogs, comments, and their other social activities. Organization understands the fact that there is value in this information but they are lacking somewhere in the techniques required to process this large volume of data so that critical information is made available to the decision makers when they need it. They are continuously facing the challenge of collecting, managing, and value creation from the data. Moreover, the growing number of devices has compounded this challenge of management. The amount of structured and unstructured data that is being collected along with the multiple data collection channels has converted customer data management thing into an elusive goal.
Tracing out the customer journey:
Today business enterprises need to be fully fortified with the real-time customer data, various touch points for their interaction, their several behavioral stages and much more such things that can be proved very helpful in providing the best in class customer experience. In the current digital age, No one can clearly depict the track of customer conversions. Today a customer might first be introduced to you via an advertisement, check you out on their desktops and ultimately make a purchase via their mobile device. So you can see the whole customer journey has very quick turns and to track these we really need some tools that can shed some lights upon the customer’s path.
Collection and storage of huge customer data:
The rapid change in the customer behavior is making it tougher for organizations to get essential customer knowledge. Moreover, the collection and management of such huge amount of data have become a massive challenge for businesses today. They require a single customer view in order to remain competitive. Omni-channel marketing, on the other hand, is regularly enhancing the problem of creating a unified persona of the customer. The digital marketing insights report has found that 70% of organizations believe that single customer view is extremely important for generating improved customer insights.
Protection of Customer data:
Customer data is no doubt has been recognized as a key asset by numerous business enterprises nowadays. Privacy protection of such huge data has also become the key concern here. Many of the organizations have already included a separate team for the purpose of protecting this sensitive data present within the organization. Although the complete prevention of cyber attacks is virtually impossible but it can be minimized.
So, protect this highly vulnerable asset of your company and take a step forward for its safeguarding by understanding these key challenges of managing the data.