Every business owner knows competition isn’t confined to your peers. To survive and prosper, you must also battle large enterprises with deep pockets.
But while those behemoths might possess vast resources and funds, small fish are often more agile and flexible. And with the right data strategy, even minnows can compete in an ocean of whales.
By understanding your customers in ways others don’t, and responding in a manner others can’t, you can gain a competitive advantage against larger, slower, less flexible organisations.
At IVE, we believe data is the key. And if you can get the following five data strategies right, you’ll discover that no pond is too large for your small business to thrive.
- Data Governance
Data governance is a collection of processes, policies, and metrics that help an organisation use information effectively to achieve its goals. It ensures data is clean, accurate, secure, timely, and readily accessible. Without effective governance, you’ll be unable to gain necessary customer insights. IVE provides data visualisation and analysis tools that make it easy for your employees to explore complex data sets, discover information that can benefit your business, and collaborate and share these insights in real time. We help your organisation become data driven and customer focused.
- Data Consolidation
Today’s decentralised landscape makes data integration challenging. Hosting data in different locations — on premises, remote sites, and in the cloud — only adds to the complexity. Data consolidation is the combining and storing of disparate data in one place. It converts raw data into valuable information that drives better, faster decision-making. IVE helps you to consolidate your data, streamline your information resources, discover patterns that wouldn’t otherwise be apparent, and more effectively interact with and leverage your various data points.
- Single Customer View
A single customer view provides the ability to track complex client interactions across all channels. This helps foster a customer-focused approach that places the client at the forefront of every decision. IVE delivers leading-edge technology that provides connectivity and data flow between each of your systems, enabling you to build a single view of every customer across all touch points. This approach improves the customer experience, increases loyalty, and boosts retention.
- Data Enrichment
Data enrichment is the process of enhancing existing information by supplementing missing or incomplete data. For example, you might know who your customer is, but not when, where, and how to best contact them. IVE helps enrich your understanding of your client’s behaviour by capturing every customer interaction and linking information back to individuals. Whether the interaction occurred via email, SMS, or video, you’ll know what your customer opened, on what device, for how long, and what they did next. This improved understanding of customer behaviour unlocks the full potential of your marketing platform.
- Marketing Automation
Marketing automation refers to software that handles routine marketing tasks while minimising the need for human involvement. Automation lets you efficiently guide your customers through an online marketing process, increasing engagement and boosting returns. IVE works with you to align your data with your preferred marketing automation platform, ensuring your customers receive relevant, contextual, personalised communications. Our marketing automation practice is one of the largest in Australia, and we work with some of the country’s best-known brands.
Summary
A smart approach to data can help small fish survive in a big pond by better understanding and marketing to their customers. Data governance, data consolidation, data enrichment, marketing automation, and a single customer view are some of the strategies that can give you a competitive advantage.
To find out more, contact us today.
