- In 2021, B2C businesses will boost their engagement and retention marketing investment by 15%.
- A company’s data strategy should be altered and refined regularly to properly engage clients while protecting their security and choices.
- Companies are taking steps such as data audits, dismantling internal data silos, and starting a dialogue about data partnerships to improve customer loyalty.
With customer consumption patterns changing on a whim, it’s more crucial than ever to stay current. Clients that a company has worked with for years aren’t the same as they were earlier this year, or perhaps even a few weeks ago. Brands have to be sure to make contact with all data analytics departments to guarantee that all receive access to the same, constantly updated data, and in doing so, keeping track of the rapidly changing customer trends.
Every one of these types of data likely comes from different departments within a company but hasn’t been linked to a single marketing database. Since staff members and partners possess varying rights for data usage, the data is stored in silos, using cloud applications and tools to achieve this essential separation. Although this is a widespread industry common approach, businesses are exploring or developing the ability to introduce a single internal data silo in a way that ensures consumer privacy and data integrity.
External data partnerships are becoming a more popular option to acquire 360º insights into consumer behavior as retailers might wish to share more detailed shopper information with suppliers to encourage repeat purchases and increase sales volume.
A centralized data approach underpins all of a business’s marketing activities. Brands that do the same will be in a good position to guarantee sustainability through long-term customer acquisition. Recognizing that their increased understanding of customer preferences will lead to more engagement initiatives that are designed to convert potential customers into long-term supporters.