Globally, business models are shifting towards delivering a positive customer experience across all touchpoints. A satisfied customer is a critical differentiator in the success story of any business. How does Event Data lead to building satisfied customers?
One can’t argue with the fact that the Internet is a throbbing global virtual marketplace for businesses, new and old, big and small. In short, the internet can cater to most demands a person has. Be it shopping, Social interactions or finding information in general, the internet is the go-to place for users all around the world.
E-commerce as a global phenomenon erupted due to the vast presence of internet globally. Here are some staggering facts about e-commerce –
- 2021 will usher in 2.14 billion e-commerce buyers, globally
- 2021 will also see e-commerce to bring in revenues worth 4.48 trillion U.S. dollars, globally
- Amazon is the largest e-tailer in the world
- Jeff Bezos, the founder of Amazon is the richest entrepreneur on the planet, currently
Following the tremendous success of e-tailers, enterprises are open to a variety of channels to engage customers. But the way customers are buying things is changing. There are millions of potential buyers doing a variety of activities on several online channels.
Businesses need to know how consumers are engaging online.
Changing Buying Patterns
Consumers today engage with the internet at various touchpoints before finally making a purchase. These touchpoints are digital mediums like-
- Social Media
- Search Engines
Users would engage in a combination of these platforms for several reasons. These reasons maybe product reviews, what Social Media Users/communities opine about the business and how other products compare with it.
Tracking all these touchpoints of one single customer seems like an impossible task. Businesses will never know what exactly triggered a consumer to buy or drop a product or a service.
But businesses are coping fast. They are enabling marketing teams with more tools that help them map touchpoints. Marketers are redesigning their strategies to cope up with the complexity of understanding the buying process.
However, in order to take the bull by the horns, marketing teams would need to zero in on exceptionally functional technologies.
Customer Interactions generate tons of data. This data needs to be processed in order to get precise statistics about customer behavior. This is where Event Data capabilities come in the picture.
What is Event Data?
Everything is an event. In the real world, it may be something as simple as you getting up from your chair to get coffee. When it comes to the internet, Event Data will account for every action being taken by a user when online.
In online marketing terms event data will mean tracking the location of an internet user when he/she accesses a website, checks an ad, surfs YouTube, changes privacy settings et al. All these actions are based out of separate digital mediums. This provides marketers with pinpoint information pertaining to user behavior.
Event Data is a unique capability. Only a few years ago, executing event data needed an army of data specialists. Today, a lesser number of data scientists are required to gain insights out of event data.
How does Event Data Help Enterprises?
Enterprise stakeholders can query vast meaningful data to make critical business decisions. Stakeholders can understand consumer behaviors, shopping patterns, and drop-off points. This will help enterprises to—
- Innovate with new products
- Design products that consumers didn’t even know they needed
- Upgrade customer touchpoints where required
- Be in a better position for client servicing
Other benefits will be to build Smartphone applications and browser plug-ins that provide richer engagement experience to the user. The user will benefit due to the promotion of the right content, products and/or actions.
Enterprise’s with Successful Event Data Implementations
Netflix captures 500 billion customer interactions on a daily basis. That roughly calculates to 1.3 Petabytes per day. Their team comprises of almost 100 data scientists. Netflix is considered to be one of the best in broadcasting, program packaging, and customer experience.
Airbnb is the largest hospitality chain in the world without owning a single property. By leveraging Event Data, Airbnb is able to serve 100 million customers browsing 2 million listings. Their team comprises of 30+ data scientists and they are upscaling.
How Would Event Data Make Businesses Rich?
There are multiple ways via which correct usage of Event Data can make a fortune for Enterprises. Some of them are—
- It will be easier to retain customers due to prior knowledge of their needs. Enterprises would have already optimized user experience to a maximum level.
- Rich content promotions will ensure that enterprises can ask for high advertisement revenues
- Organizations can develop exceptionally niche products and strengthen their brand value
- Organizations will have their hands on precious data which they can leverage to give correction direction to ROI
- Due to the appropriate prediction of the future, companies can scale faster and decide better
Why Is Customer Gratification so Important?
We are living in an enterprising world. The globe is becoming a melting pot of technological ideas. More so, since the internet has truly opened the world, it is really driving people to develop their ideas.
So, we have a swarm of enterprises that we are looking at to enter the market. These businesses will be both, product and service-based.
Every business today thinks that their idea is right! Although, this is going to cause a lot of competition and saturation in the market. In order for businesses to sustain they would need–
- An exact idea of who their customers are and what they want
- A well-developed product or service
- Technological Prowess
- Long-term commitment
Customer satisfaction in today’s fast-paced world has become a completely different ball game. No enterprise has a monopoly today and customers have multiple options for buying anything. Enterprises, especially the newer ones, are leaving no stone unturned, to win the hearts, minds, and wallets of customers.
But, will enterprises be able to retain new customers? It costs a lot to get new customers. Moreso, it is way easier to sell to an existing customer than it is to a new one.
Customer focus is critical because they are the number one factor for revenues. Hence, organizations need to leverage on technological capabilities to know their customers.
Event Data Assisting Enterprises to Build Customers
Behemoths like Google, Amazon, and Facebook have built their business leveraging Event Data. For an eon, they were in nascent stages. But their decision to integrate Event Data technological capabilities paid off.
Marketing efforts can help enterprise building through insights they get from customer data. Enterprises should aim not just for revenues, but to be a brand that a global audience can resonate with.