What is the Data Driven culture?
Every company has some information about its customers, but many don't know what to do with this data. Understand what is Data Driven, what is the advantage of turning data into intelligence and how to apply this culture in your marketing strategy.
The concept of data-driven includes all the methodologies structured from databases, enabling insights for planning and decision-making.
A data-driven company will be able to identify potential about its own industry and know how the organisation performs in order to take advantage of opportunities and anticipate trends and needs of its customers.
Data driven is not based solely on how much a company knows about its customer, but what it knows. A qualitative analysis of data collected internally and externally shows different information about the market, consumers, competitors and valuable insights to put the customer as the center of your actions.
The concept of data-driven originates from data science, which uses algorithms and scientific methods to transform information from different sources into applied knowledge. That is why a data-driven company is focused on the technologies used to collect, organise, process and interpret different data.
But how do companies use data driven and how can I apply it?
A cultural change
The first step is to understand that data driven should be part of the organization's culture. In other words, different areas and sectors of the company need to be oriented to deal with processes and operations that involve data or are structured based on it.
One of the biggest difficulties in implementing a data-driven culture is convincing managers of its importance. Strategic decision making based on organized data can still be seen as indifferent in the results.
However, in an increasingly competitive market, the data-driven culture becomes much more than a differential: it is a determining factor for the performance and survival of organizations in the face of new consumers.
With so many options available in the market, the best way to act in connection with this new consumer's behavior is to understand who they are and then offer a unique experience and anticipate their needs and expectations.
After all, price is not the only determining factor for the purchase, but all the interactions, other people reviews, the various channels of service, and if there is an omnichannel integration, in short, the entire consumer experience with the brand.(To learn more about customer relationship, read our article).
Technology and data-driven
The effectiveness of a data driven culture is directly related to the tools and technologies that will make this new direction possible. From technological resources, data driven companies find concrete and efficient solutions to support the structuring of Big Data.
Efficient tools impact different areas of the company and enable decision making based on Big Data. It is almost impossible to talk about data driven without relating it to technologies based on Artificial Intelligence, Machine Learning and tools that help in the management of data and its interpretation or data analytics.
This relationship is a two-way street: while AI helps structure your data ecosystem with insights on how to handle it, data is essential to feed AI and provide better insights.
Working with predictive models to anticipate your customers' future behaviors and personalize their interactions results in more successful campaigns, boost your NPS and generate better results.
In addition, technology will be essential for integrating the different areas of a company, so that teams and employees have more autonomy. Each sector needs customized tools according to its needs so that they interact efficiently, simply and quickly.
Technological resources that offer both automation and AI are essential to provide facilities to the teams involved, in addition to speeding up the processes and decisions supported by data.
How to use Data Driven Marketing Strategies?
Data Driven can be used in every department and initiative of an organization, but one area has stood out in applying this culture: marketing.
Data Driven Marketing is based on the use of the Data Driven culture to structure a company's marketing strategies, guiding its processes and optimizing its results.
These strategies start to be fed by Big Data and data analysis, which offer insights about the customer, the way they consume a product/service, how they are impacted by ads, what their trajectory is in the purchase journey, and other characteristics that support the development of more personalized and assertive plans and actions.
Thus, it is possible to optimize the product/service offered by the company and the way it is presented to the consumer, transforming the purchase into an unique experience for the customer and generating loyalty.
People are essential in this process
If a company is made up of the people who run it, then it couldn't be different from data driven. The implementation of a data driven culture comes up against this question: who is going to do it?
It is important for companies to have in their team professionals specialized in data or have as partners companies that offer this professional support to achieve a data driven management.
These are the professionals who will be able to take full advantage of all that data driven offers, from the different ways of collecting data, its organization and structuring, to the integration of data with IT tools, analysis and provision of results and insights. Thus, other sectors can focus on new projects based on this data.
It is based on partners and professionals from specialized companies that a data driven organization can focus on its own core-business, without running the risk of remaining stagnant and unable to outline real and tangible strategies, because its efforts are focused on the complex tasks of data driven management.
The use of data is considered to be a great ally to optimize business operation, since the possibilities of applications are countless and range from personalization of services and products, reduction of churn rates, orientation for marketing actions, to more specific uses.
Technology develops faster than people's natural ability to adapt to changes. And this shows that the future will be promising for those who learn more about the relationship between data, technology and people's behavior, that is a data driven culture that transforms the internal actions of an organization and how it relates to its public.