Customers forever: the recipe! – Part 1

Autor: Oscar Santa Cruz

Publicado el 30 de September, 2022

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Technology is here to stay

I’m in a street cafe in San Diego, California, reading the business section of the local newspaper. News about startups, artificial intelligence, mergers of traditional companies with technology companies, and other business innovations, are frequent, very frequent. I look up and am surprised to see a car in motion with the driver completely focused on his cell phone. He drives a Tesla. I estimate that one in ten of the cars that go down this street are those electric cars with autopilot.

Technology is here to stay. We just have to be clear that technology is a tool that can help innovate and grow businesses or, on the contrary, it can accelerate inefficiencies. So, for the result to be beneficial, it must be implemented well and used well.

Digital transformation: the customer at the center

The companies that are succeeding in their digital transformation initiatives are those that have made it their mission to better serve the customer. The strategic decision to put the customer at the center, whatever the company’s business, is the cornerstone for technology to be well implemented and well used. Serving customers better means offering them the best experiences, but not just any experience, but personalized experiences. According to McKinsey, 71 percent of consumers expect companies to offer personalized interactions. And 76 percent feel frustrated when this doesn’t happen. The fastest-growing companies derive 40 percent more revenue from personalization than their slower-growing counterparts.

Big Data or Right Data?

Having data about the customer, their profile, their purchasing habits -in the digital world and in the physical world- are the necessary ingredients for personalization. Depending on the profile of the company, that is, if it is B2C or B2B, if it has many or few clients, if clients have a lot or little activity in digital or physical channels, among other aspects, sophisticated analysis technology may be needed. of customers or simply use the data that already exists in the billing system. In any case, the important thing is to have the correct data.

“71 percent of consumers expect companies to offer personalized interactions”, Next in Personalization Report, Nov 2021

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