I talk to many CEOs. They’re people, just like the rest of us. And like people, CEOs all bear a special set of traits, interests and personalities that make them unique. But they also share commonalities – not all, but most CEOs are driven. Focused. Intelligent. Fearless. So when a CEO is eager to manage their customer data themselves, I fully understand.
Then I immediately advise against it.
“Data” is a four letter word. Managing is exceedingly difficult, like juggling chainsaws. With the demand for exceptional customer experience rising, the degree of difficulty has only become exponentially greater. Whether it’s an airline, bank, hotel, or the electric company, customers expect a hassle-free experience.
It helps to fully understand the prevalent industry issues that impact how customers are interacting with your brand. Firstly, changes in the economy (the highs and the lows) have anxious customers seeking a deeper connection with you.
Secondly, reactions from financial institutions to market conditions make your relationship to customers more important. After all, interest rates or the availability of loans and credit cards have a direct impact on customers, which makes clear, relevant communication between you and your customers essential to maintaining trust.
Last but not least, the year-long pandemic created a seismic shift in consumer behavior. How we shop, how we entertain ourselves, and how we interact with brands is different now, with the quality of digital connections playing a far more vital role.
CEOs know that their companies have all the data they need. Data quantity is not the issue. Transitioning the data into information that drives insight is the ultimate goal. The mandatories to meet that goal can feel overwhelming. Oftentimes, when CEOs see that attributes tagged to customers can number into the thousands, they immediately shift to “Who’s gonna manage this data?”
The urge to go in-house is understandable. However, brands need to be vigilant and proactive in managing data to ensure it is cleansed, corrected, and enhanced. It is accurate and enhanced data that drives analytics, in depth personalization, next best offers and next best actions.
In most cases, developing from the ground-up that level of in-depth data experience and skills can be expensive, time consuming, and ultimately futile. If you truly want to create next-generation strategies that drive better customer experiences, consider a partnership with a well-practiced partner, such as Acxiom.
With Acxiom taking point, you can build a next-gen data strategy that will achieve a significant measure of positive outcomes that lead to better customer experiences:
- Understand what data you capture.
- Understand what data you need to obtain.
- Create, develop, and publish a formal data strategy – make sure it is dynamic, not static.
- Actively manage data on your existing customers and prospective customers.
- Turn to data and data management professionals to help you. Don’t try this on your own.