Attention all retailers: your future is dataBy Mylo Portas on August 28, 2018
There’s more value locked inside your company’s data than you realise - and you can use it to help your business grow faster than you think is possible. That’s your existing data. Data you may not even realise counts as usable.
Statements like these may feel abstract and intangible, but they’re not. Data about transactions and interactions describes your customers, their preferences and behaviours. It can be used to predict what products they’ll buy and when, allowing you to predict demand and to personalise the experience you offer. You need to think about this because your competitors already are, and report after research after study are showing the growing importance of data.
IDC research suggests retailers, in particular, are seeing the impact of improved technology and more sophisticated uses of data on their bottom lines. Marketer respondents to its 2017 Online Marketing Survey expect to see advertising language, layouts and creative being personalised in real-time increasingly, further driving sales as a result.
On the sales side, we know from our own work that applying AI to customer and pipeline data can drastically improve the accuracy of lead scoring. It’s a fact that was being touted by the likes of Marketo as far back as 2014, and was backed up more recently by HubSpot’s Radhika Ramachandran, who explained, “Adding artificial intelligence to lead scoring can help companies increase sales by better prioritising customers and aligning sales messaging and resources with customer experience.”
A lot of brands are already harnessing their data to improve customer experience. By simply analysing their emails and tweaking them towards the preferences of recipients, Virgin Holidays saw a two percentage point increase in open rates, which translated to an increase of several million pounds in revenue.
This handful of examples is undoubtedly just the tip of the iceberg, but it shows the potential value of data and that this value spans the sales journey. It shows that not only is there more value locked inside your company’s data than you realise, but that others will use data to gain a competitive advantage regardless of whether or not you do.
Here at Peak, we’re focused on helping businesses make the most of their data. Despite what you might think at first, your data is good enough, and can be used to improve your business processes and profits. You just need to know how to leverage it in the most efficient way possible – and that’s where Peak’s Connected Decision Intelligence system comes in.
To get started on your data and AI journey, arrange a quick, no-obligation chat with our team. We’d be happy to help.