We live in the era of exponential development: the quantity of data is increasing at an accelerating pace, no matter the value chain. Increasingly often, the key to a company’s success lies in its ability to understand the value of data and to upgrade data masses to provide support for decision-making. The era of management by gut feel is over.
Analytics are the core of a successful online store
Though there has been talk about the use of data and analytics for long, their comprehensive use in companies remains surprisingly rare. In retail trade, for example, management was only some time ago based on the needs of a domestic average consumer and the so-called long experience. This is no longer possible. The digital era has opened the borders for global competition. An increasing number of online stores that rely on their strong analytics talent and give no handicap are entering the Finnish market. Without analytics, it is difficult to compete against these online stores offering a wide selection, an addictive service design and deep customer understanding.
From push marketing to personalized pull marketing
Natural and timely meeting of customers’ needs and exceeding their expectations in the world where consumption is fragmented requires customer understanding. A long-term customer relationship cannot be built without collecting, upgrading and enriching customer data across various channels. The objective is simple: supporting the customer’s purchasing path throughout the purchasing process, which means a transition from push marketing to the era of customer-driven pull marketing. Customers may see this, for example, in better targeted service and campaign messages, or in the range of products or services that best meets, say, regional needs. The winner is the one who succeeds in meeting the needs of customers with the right content, at the right time, at the right price and in the right channel.
Management by information is a strategic choice
Redistribution of markets is underway. Analytical competitiveness, based on data, is a strategic choice for responding to the change in the market. But no results are achieved automatically. The collection, upgrading and use of data in the long-term building of customer relationships demand time and resources. We have technology and talent available in Finland. Now it is time to make decisions and set off on the path of management by information.
Houston Analytics is an analytics company started by experts on data-driven leadership. By linking data to business decision-making Houston Analytics is guiding its customers to market leaderships in their industries.