It’s no secret that businesses around the world have fully embraced our current digital age. Gartner research shows that there is $3.7 trillion in annual IT spending globally. IDC forecasts that by 2021, digital experience expenditures will hit $2.1 trillion. And in addition to these extraordinary figures, a significant number of CEOs have marked digital transformation as their #1 priority for 2019.
The widespread rise of digital technologies presents a massive growth opportunity and, while you may think the above numbers indicate otherwise, many companies are still not prepared to take full advantage of it.
The Experience Economy
The 4 Ps of marketing – product, price, place, and promotion – used to factor heavily in a business’s typical go-to-market strategy. Although these elements may have been relevant and successful in previous years, they were centered around a product economy. Take note, the 4 Ps don’t even make mention of the customer. We are well past that. We don’t operate in a service economy anymore, and while it has proven to be a successful business model, we’re not even living in a subscription economy either. We are living in the experience economy. Customers across every industry don’t just want a better experience but they expect it, and you need to be prepared to give it to them.
An extremely telling example of this reality is global software giant SAP, which recently acquired the experience management firm Qualtrics. Just how much does SAP value experience management? Well, all you need to know is they put a $8 billion price tag on that purchase.
So, what does this mean for your business? If customers are demanding a better experience, how can you ensure you are consistently meeting and exceeding their expectations? The answer lies in data.
Did you know that 90% of the world’s data was created in the last 24 months? Data is generated at a rate of 2.5 quintillion bytes every single day, and that number is only going to increase. This vast amount of data represents a huge opportunity for businesses – if they know how to use it correctly. Unfortunately, many don’t.
The bottom line: if you are committed to harnessing the power of data to create a better customer experience, you need to build and execute a unified, data-relevant technology strategy.
Don’t know where to begin? Start by breaking down barriers and reducing silos within your organization. Gather data at every customer touchpoint. Translate that data into functional information. That information will lead to deep insights – insights that inform the actions you must take in order to drive better outcomes.
Keep in mind, you’ll need to leverage a powerful technology platform throughout this entire process to ensure that every crucial piece of data is accurate and constantly in alignment. Without this capability, it’s impossible to create a truly personalized and powerful experience at every moment that matters across your entire customer base.
What Does All of This Mean?
We have gone beyond the proactive/reactive paradigm. In today’s world you must be predictive and offer prescriptive solutions in real time. We recognize this new digital reality at ServiceSource, which is why we’ve prioritized the revolution of PRISM, our own technology platform. The data-driven insights we receive from PRISM enable us to transform the Customer Journey Experience™ for both our clients and their customers.
But what does the “customer journey experience” actually mean?
Well, it means quite a few things to our clients. It means accurately identifying who they should be selling to, personalizing an approach to those targeted prospects or leads and converting them into customers. The customer journey experience then continues with managing those customer accounts and helping them adopt and use the product they were sold. It means expanding those accounts through cross-sell and up-sell opportunities. In the end, it means ensuring we have a profound impact on behalf of our clients in the “moments that matter” at every step of their customer’s journey.
Why is this important? Because if you provide a positive and seamless customer experience based on actionable data, you’re not only going to survive – you’re going to thrive.
I’ll leave you with one question: do you know who your Chief Data Architect is? Do you even have a Chief Data Architect? If not, you need to seriously reconsider your priorities. The future of your organization depends on it.
Think about it.
And, in case you might have missed it or are interested in learning more, watch our most recent webinar.
Interested in learning how ServiceSource helps the world’s leading brands drive better customer journey experiences through data, and how we can do the same for you? Reach out to set up a conversation.