![]() ![]() What is changing is the split of investment between customer acquisition and retention. Make customer retention your top goalĬustomer acquisition will always be a fundamental part of business – this will never change. We gauged the perspectives of experts in data science, asking them about the biggest emerging trends in data science. Hot topics and emerging trends in data science With the rise of no-code data tools, your employees don’t have to be data scientists to be data-driven. In today’s fast-moving world, this is enough time to be disrupted by a competitor.ĭata is infinitely more valuable if it can be leveraged by cross-functional stakeholders spanning product, engineering, sales, marketing and customer support. This operating model creates significant lags in productivity, with even simple data requests taking multiple weeks to execute and deliver. Yet, in many organisations, data science teams are still responsible for aggregating data, doing the analysis, and reporting back to other parts of the business. If digital products are essential to business growth, and data is critical to building great products, who owns the data? The correct answer is everyone. Democratise data across your organisation Instead, teams need to utilise product-specific tools that leverage machine learning and offer real-time insights. Companies have tried (and failed) to use web and marketing analytics tools to pull this off, but these products weren’t built for the scale and complexity of today’s digital products. The company re-designed its product experience around this insight, and we all know that turned out to be a success.īut the tricky part is getting your hands on this product data – the sheer number of data points needed to join, analyse, and correlate customer actions to outcomes makes this incredibly complicated. Facebook famously discovered that the key to great user engagement was adding seven friends in the first 10 days of signing up. You can use these insights to optimise your digital product. For example, what actions in the product lead to a repeat user? Where are your biggest drop-off rates? Where are users stalling in the purchase process? That’s why it is critical to have visibility into your customers’ product journeys. There’s often a disconnect between what your customers say they want to do and what they actually do. Know what your customers do, not what they say they want to do Looking to the future of ESG with digital transformationĪnna Mleczko, senior marketing specialist at Future Processing, explores the future role of digital transformation in ESG, as COP26 continues in the UK. ![]() Here are three actions every executive needs to make to optimise their digital products, accelerate innovation and ultimately increase the value of their digital transformation investments. They don’t have visibility into how their customers are using their digital products and they’re guessing at what digital experiences to build next, which bets are working, and how all of this drives business outcomes. But what’s the return on that investment? Many companies have no idea. ![]()
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