This article is based on Mary Koberstein’s recent coffee chat on Analytics-Driven Prioritization.
It’s been over a month since stay at home orders were issued across the US to address the COVID-19 pandemic. With more data coming in across the country and the world on COVID-19 cases and the impact on the economy, we wanted to share three key areas to focus to help your businesses transform through this pandemic and come out stronger than before.
THESE ARE UNPRECEDENTED TIMES.
So, we strive to build resiliency in your businesses by leveraging data and analytics to prioritize your digital investments and transform your teams. But these concepts are not new.
- 77% of B2B buyers bought more products online for their companies
- 33% of B2B buyers begin their search on Amazon or Google than at a supplier site
- 97% of consumers will repeat a purchase if given a positive online experience
- 88% of B2B buyers would turn to a competitor if their current supplier could not keep up digitally
It’s time to adapt to the new normal.
- React: Focus on the things you can control
- Rally: Let analytics fuel your digital projects
- Recharge: Build resiliency for your organization.
REACT: FOCUS ON THE THINGS YOU CAN CONTROL
React to the current state of the market, and have empathy in how you communicate. Keep continuity of communication with your customers to provide them the relevant information in the right channels. Identify which channels are “right” by reviewing existing strategies and evaluating current campaigns’ performance. To get started:
Review Business Objectives And KPIs
- Align on overarching business goals and KPIs
- Review existing marketing strategies and digital capabilities
- Focus on moving data and technology from disconnected to comprehensive to provide a clear picture of performance
Assess Content Effectiveness
- Show empathy to the current economic climate – identify necessary communications to maintain business continuity
- Evaluate campaign/site content and SEO performance metrics for customer relevancy:
- Click throughs and page engagement
- Return visitors and bounces
- Domain authority and in-bound links
RALLY: LET ANALYTICS FUEL YOUR DIGITAL PROJECTS
Rally your teams with analytics-driven prioritization. Learn from the changing landscape and how customers are interacting with you digitally. With more people relying on technology than ever before, teams need to focus on the customer and engagement data they have to drive prioritization of new digital efforts. To get started:
Review Changes In Customer Behavior
- Discuss key services traditionally provided through offline channels and the associated digital gaps
- Assess historical data trends for customer engagement and conversion vs. month over month performance
- Analyze channel acquisition performance to determine top and bottom converting channels
Identify Experience Friction Points
- Identify conversion ‘happy paths’ for engagement fallout analysis and insights
- Test, learn and optimize experience to keep customers engaged
RECHARGE: BUILD RESILIENCY FOR YOUR ORGANIZATION.
Recharge your business and prepare for the new normal. Evaluate the business value and the technical feasibility to prioritize projects that:
Address Current & Potential Future Vulnerabilities
- Remove data silos to provide integrity in customer data profiles
- Review content management and delivery platforms for scalability, security and authoring flexibility
Establish Governance Processes
- Foster the skills, process, and culture that drive insights into actions
- Build the internal muscle memory to transform into a data-driven organization for rapid testing and optimization
The COVID-19 pandemic will change the definition of normal life for years to come. Companies need to focus on preparing for the future and identifying what the key capabilities they’ll need to enable, both for customers and internal employees. Review your digital intelligence and experience capabilities to identify strategic projects that will drive resiliency in the business.
Remember, it all starts with data. A resilient digital business is fueled by data and insights, empowers flexible content authoring, and delivers personalized customer experiences.