Data holds the answer to many of these questions. Many leading retailers now rely on an enterprise data hub to complement their existing analytical approaches, giving their product, marketing, and data science teams the power and freedom to test offers and recommendations in real-time, analyse the results, and iterate quickly. Experimentation is key to a modern online product strategy, and an enterprise data hub helps make it possible.
Keep customers (by keeping them happy)
Voluntary churn is the service provider's enemy. Unfortunately, it is increasingly challenging for businesses to understand what keeps customers happy or why they leave. This is because the number of touchpoints have increased — at home or at work; online, mobile, or physical — there are more opportunities for a brand to thrill or disappoint, and even anger customers than ever before. Predicting customer churn risks and judiciously applying tactics to retain key customers — such as those with high social media influencer scores — has never been more critical.
An enterprise data hub combines the analytical power necessary to build comprehensive models of churn behaviour, with the real-time capabilities to take action. Nothing beats engaging directly with loyal users to increase their likelihood to recommend, or with dissatisfied users at the critical moment to avoid attrition.
These days, customer loyalty is not enough. New channels create new opportunities for customers to interact with a brand's products and services, or opportunities for competitors to encroach. Media companies know this all too well, as online streaming services battle for market share in a space that hardly existed even just a few years ago. Designing the right bundling strategies becomes imperative.
Similarly, financial institutions compete across a broad array of offerings, where the best integrated customer experience can be the difference between a committed customer and one who will seek more compelling offers elsewhere.
By developing a more complete view of consumer behaviour through analysis and modelling of the diverse data available in an enterprise data hub, organisations can drive strategies to grow share of wallet and identify new revenue channels, solidifying or expanding their competitive positions in the market.
Get better and better
Every company is concerned with the quality of their products and services. With the increased online availability of consumer reviews and recommendations, coupled with the persistent risk of a bad customer experience gone viral, it has never been more important to use data to improve product quality. Assessing quality, however, can be extremely challenging.
An enterprise data hub allows businesses to aggregate quality data from the entire manufacturing process and supply chain, from customer service channels, and from the online and social sphere, to comprehensively assess quality. This also means they can better align investments to where they are most needed.
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