Insights, Journals

Journal: How to be A Data-driven Company?

For so many years, we have seen incumbents trying to digitize their organisations, transforming business process into paperless and automated workflow. Having said so, the next immediate step after digitization is to make good use of the growing data resources, to create actionable insights for successful business decisions.

Stakeholders should consider the following strategies to make their organisations truly data-driven:

Be Mobile

  • Create mobile-optimized version for website with responsive and mobile-friendly design (e.g. click-to-call ads, mobile video ads). Ensure mobile loading time is efficient (< 2 seconds)
  • Develop integrated ads campaigns across platforms (TV, mobile, tablet, etc.) that depicts a consistent image to consumers
  • Enable online orders and options for picking up at local convenience stores or home deliveries

Be Informed

  • Ensure website visitors’ click-stream is fully recorded for analysis
  • Measure both macro-conversion and micro-conversion to get the true values for sales optimization
  • Each customer’s records, including web visits, purchases, complaints, returns, etc. are available for representatives when communicating to the customer

Be Fast

  • Collaborate with third-party vendors or delivery services to allow same-day deliveries
  • Turn on memorable photos, videos, or live chat with representatives, to help shoppers get fast information and make their decisions
  • Collaborate with affiliate advertisers to expand your reach and bring shoppers back to carts

Be Focused

  • Create targeted hyper-local and meaningful offers, e.g. point-of-sale customized coupons, to specific customers based on their history of purchases, interaction on web sites, or geographical location
  • Reward and retain customers with the highest-level recurring revenues or the highest CLV
  • Track SKU deliveries and sales and modify inventory levels by region, season, and day of week to optimize days inventory against opportunity cost