Blogs
When was the last time you talked to a customer?... Do you remember asking them about their experiences?... How many interactive customer touchpoints does your brand have?... The customer experience (CX) is currently the main differentiator for 66% of businesses. This makes sense since 86% of consumers will spend more for a positive experience. In addition, the average consumer journey now involves 20-500+ touchpoints .
You can witness a large number of similar products in your niche industry. And, to survive in today's huge market, you need to maintain the authenticity of your product. And one of the best ways to do that is through data and analytics.
A real-life example of the importance of consumer insights in decision-making for leaders is the case of Apple and its foray into the world of wearable technology.... Apple had to make the decision to launch a new product line of wearable technology, such as the Apple Watch. To make this decision, Apple had to analyze consumer insights to determine if there was a demand for such a product. They had to consider factors such as market trends, customer preferences, and competitors' offerings.
Amazon used customer data to improve its Echo Dot speaker by continuously collecting customer feedback on what features they wanted in the device. With this data, Amazon was able to create new features and updates that customers wanted, such as higher sound quality, improved voice recognition... And more intuitive voice commands. Amazon also used customer data to improve its Alexa virtual assistant, which is integrated into the Echo Dot speaker, by making it more accurate and responsive.
Economic uncertainty is a common challenge that business leaders face rapidly with changing today's global economy. Economic factors such as trade disputes, rising interest rates, and fluctuating currency values can create uncertainty and risks for businesses.
