Why Should We Care About Data-Driven model? Failure to interpret data (or ineffectively using data) may have significant implications for a project's progress. If you rely solely on instinct or best practices to make decisions without carrying out any data-driven analysis, you risk spending money on improvements to design unsuccessful (or even harmful) choices.
Efficient use of data can contribute directly to improved business outcomes.
The Center for Digital Business analysis found that "companies in their industry's top third in the use of data-driven decision-making were on average 5 percent more competitive and 6 percent more profitable than their rivals." There are many examples of cases where data-driven UX techniques have provided measurable improvements to ROI.
Customers booking nearly twice as fast, across devices
Another fascinating example comes from Music & Arts e-commerce website, which used usability testing and heuristic assessment to inform redesign of a website. When the project was completed, their online sales increasing year-over-year by around 30 percent.
Data-Driven Design: On boarding Stakeholders
You may be used as a data scientist or aspiring professional to think quite a bit about data-driven product design, so you may already be persuaded of its merits. Nevertheless, to conduct the project successfully, you would also need to get several different members of your team on board. Here are a few guidelines for delivering information to stakeholders.
With today's technology-infused marketing scenario, there is really no alternative to optimizing the product or service offerings, as well as the shopping experience, for the unique needs of your consumers.
A customized, smart and simple customer experience is no longer a novelty but something expected from any company or brand by design.
64 per cent of marketing executives firmly believe that data-driven marketing is critical in the economy, according to a survey conducted. During the past few years, this viewpoint has evolved in marketing across various business domains by realizing the advantages of using data in marketing and also because of the unparalleled speed of growth of supporting technology.
The findings also look promising: according to a study, 75 per cent of companies report improved interaction by using data-driven attributes.
Let's look at several ways you can use the data to boost your marketing efforts:
Improving the customer experience
By providing the best service to your customers, keeping ahead of your competition allows you to understand these customers first, and your best bet in doing so is a data based marketing strategy.
Collecting applicable customer data and then evaluating it in the sense of your company KPIs will provide you with insightful insights into how you can improve your customer journey.
From the first contact all the way to the conversion stage, data collected from the various source points during a customer's journey on your website or app can help you understand consumer behavior at each source and thus strategize your marketing. For example, if you find a high bounce rate during the path at a particular point, you can make the UI more instinctive for that move, or instead, you can opt to skip the move entirely and make the process faster.
For example, 1:1 email strategy allows a business to better communicate with consumers by matching and customer profile to modeled attributes and data-driven insights in order to define categories for the audiences selected.
Implementing customization
According to The Global Review of Data-Driven Marketing and Advertising, 53 percent of marketers say that customer-centric communication is in high demand.
The statistics along the same lines shows that companies that used data-driven attribute personalization as part of their marketing campaign generated 5-8 times more ROI on marketing spending.
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