Harvard Business Review pointed how data from contact centers and digital platforms can be analyzed, tested and optimized to draw unexpected insight and leverage them effectively in marketing decisions

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Is Your Marketing Strategy Based on the Right Data?

Leveraging Data Analytics for Marketing – Harvard Business Review pointed how data from contact centers and digital platforms can be analyzed, tested and optimized to draw unexpected insight and leverage them effectively in marketing decisions

Summary:

Harvard Business Review shared how companies can use data to inform marketing decisions. Summary of recommendations are:
  • Use Data More Effectively – Start with simplest dataset needed to make informed business decision, and build virtuous feedback loop between data, insight and action
  • Redefine “Digital” Data – Make use of digital data from customer interactions online, offline, on mobile or through Internet of Things (IoT) platforms to understand how services are used, and if customers are getting what they are paying for
  • Generate Value from Calls – Contact center conversations and in-store visits are also being digitized, and can represent point-of-sale insights into buying behavior, such as categories like finance, healthcare and telecoms
  • Identify Moments of Truth – Obtain new unexpected insights into buying behavior, such as how landing page for different product can shape customer impression and encourages action through analysis, A/B testing and optimization
  • Connect Analytics to Revenues – Marketing analytics should shed light on interactions that drive revenue not just which are easy to measure
To read article, visit https://hbr.org/2020/05/is-your-marketing-strategy-based-on-the-right-data
Company: Harvard Business Review (HBR)
Category: Customers, relationships and channels

Original publication date: May 14, 2020

Date last updated: May 18, 2020