In part 1 of this blog, we looked at the disruption in business brought on by COVID-19 and talked about how data analytics was the one scientific response available to tackle these challenges. In this blog, we will discuss how your business can use data analytics to not only endure the economic downturn caused by the pandemic, but also how to bounce back after.
The Tools For Implementing Data Analytics
Businesses of all kinds must look at the coronavirus pandemic as an opportunity; a chance to implement, if not done already, digital technology to tackle the market chaos. In this part, we shall talk about the various tools available to implement data analytics.
Business teams should be able to go beyond the mere collection of information and monitoring: they need to analyze data in real-time to extract value from it to pass down the analyses to key decision-makers as quickly as possible.
Here are some of the key metrics that need to be monitored for analysis:
- Multi-channel traffic such as website visits, social media interactions, etc
- Transactions record
- Cart abandonment
- Marketing metrics
- Inventory management
- Customer service
One very important resource for marketers today is a customer data platform (CDP). A CDP is a “data unifying software”, and when you add it on top of your MarTech stack, it helps manage your customer journey across every touchpoint — marketing, customer service, and product.
The Express Analytics’ Oyster CDP helps businesses get a 360° ‘customer view’, or a ‘unified customer experience’, thus helping them better model their buying behavior, and increase the success rate of marketing campaigns.
CDPs help with data cleaning, transformation, and enrichment. Every customer inevitably leaves behind information while interacting with a brand. When they surf the Internet or interact with companies using other online and online channels like websites, e-commerce platforms, and in-store interactions, their footprints can be tracked.
Some of the data that CDP uses includes transactional data: items purchased, number of abandoned carts returned products; customer attributes: includes name, gender, contact information; customer service info: includes customer communications, live chat, number of interactions, and so on.
Pitfalls to keep an eye out for
The advantage for businesses going in for a CDP is that it will help them through both the phases — during the pandemic as well as after.
For those businesses in Category 1(b) — on a digital platform but not started with data analytics — here’s our advice: now is a good time as any to get going with data analytics.
Here’s a 3-step plan: Collect > Store > Discover. Acquire some basic data analytics tools and services to get going.
What such “first-timers” need is to ensure:
- Set up the appropriate framework for data analysis
- Ensure appropriate implementation of data collection methods and analysis
- Ensure reliability of sources as well as data
- Collection of data from all sources
- Availability of analytical skills
- Ensure the reliability and validity of data, data sources, data analysis methods, and inferences derived.
- Implementation of data analysis methods
EA can help implement the 1-2-3 plan for businesses turning to data analytics for the first time. It can help them consolidate disparate external & internal data sources from 100+ data sources such as Google Ad Words, LinkedIn, Google, Salesforce, HubSpot, etc.
The EA data pipelines will then help route, process & load to data warehouses or data marts. Our ELT data integration system provides automated data pipelines like Amazon Redshift.
Finally, EA will help your enterprise connect your BI, data visualization, SQL, or other data tools to explore, analyze and visualize data to understand business performance. Tools include Microstrategy, Tableau, etc.
Those who can benefit immensely:
- Retail POS
- Supply chains
In conclusion: Whether in the time of a crisis like a coronavirus pandemic or otherwise, businesses must remove “gut feeling” or guesswork from their planning and strategizing. Success will only come if they become data-centric, and use data and its analysis to take all business decisions.
An Engine That Drives Customer Intelligence
Oyster is not just a customer data platform (CDP). It is the world’s first customer insights platform (CIP). Why? At its core is your customer. Oyster is a “data unifying software.”
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