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Marketers understand the importance of data. However, harnessing the power of data to deliver great CX and derive retention poses several challenges.
The first challenge is to build a strategy to turn data into insights. It is not enough to focus on the infrastructure to gather and analyse data. Understand the purpose behind data collection. Set up KPIs and metrics to identify the value and worth of every piece of data.
Gleaning insights from data is useless unless such insights can scale up business conversions. This requires treating data as a key business asset and having an action plan on what to do with the collected insights.
The biggest impediment to getting proper insights and developing an action plan based on insights is data silos. Data silos impede understanding of the customer, and create disjointed customer experiences. In today’s highly competitive business environment, businesses have no choice but to align their resources around great CX. They need to leverage the power of emerging technologies such as AI, and curate a system of best practices.