Daniel Bailey, EMEA Vice President at Amplitude, discusses how organizations can address blindness in their digital transformation efforts.

Ensuring full visibility and value requires data and customer confidence.

Organizations have been prioritizing digital transformation for decades, and all of its work is highly valued. 2023 IDC He predicts that companies will spend a lot of money $ 6.8 trillion On Digital Transformation Efforts.

But what are the benefits of that investment? Many companies have no idea. Their customers have no idea how to use their digital products and are anticipating what digital experiences to build next, which bets to make and how all this will bring business results. The secret is to get rid of the blind spots.

Here are three steps each executive should take to optimize their digital products, accelerate innovation, and ultimately increase the value of their digital transformation investments.

Looking at the future of ESG with Digital Transformation

Anna Mleczko, senior marketing specialist at Future Processing, explores the future role of digital transformation in ESG as COP26 continues in the UK. Read here

1. Know what your customers are doing, not what they want to do.

There is often a connection between what your customers say they want to do and what they actually do. That’s why it’s important to have visibility on your customers’ product journey. For example, what actions in the product lead to a recurring user? Where are your biggest drop prices? Where do users stand in the shopping process?

You can use these insights to optimize your digital product. Facebook It turns out that the key to great user engagement is to add seven friends in the first 10 days. The company has redesigned its production experience around this concept, and we all know that was a success.

But the trick is getting your hands on this product data – the sheer amount of data needed to join, analyze, and relate customer actions to results makes this incredibly complex. Companies have tried (and failed) web and marketing analytics tools to avoid this, but these products are not built on the scales and complexities of today’s digital products. Instead, teams should use product-based tools that help machine learning and provide real-time insights.

2. Democratize the information in your organization

If digital products are important for business growth and the data is critical to building great products, who is the data owner? The correct answer is everyone.

However, in many organizations, data science teams are still responsible for data collection, analysis, and reporting to other business units. This operating model creates significant delays in productivity, and even simple data requests take several weeks to process and deliver. In today’s fast-paced world, this is the time to be competitive.

This information is especially useful if it can be used by stakeholders including production, engineering, sales, marketing and customer support. As more and more codecs become available, your employees do not need to be data scientists to be guided by data.

Hot topics and trends in data science

We asked experts in the field of data science about the major new trends in information science. Read here

3. Make customer retention your main goal

Customer access will always be a fundamental part of your business – this will never change. What is changing is the division of investment between customer acquisition and retention. By eliminating the digital blind space, businesses are increasingly able to connect with customers more easily, investing in one-time purchases and shifting to lifetime customers.

It starts with how customers are using your product successfully – which features they use the most, which user leads to sales, and so on. – and then by applying those insights to other users. The process is not fast; It takes a quick A / B test to get it right. But this strategic change will increase the Digital Transformation ROI and create a more efficient growth model – the cost of getting a new customer Five times the cost Keep what you have.

It is not just a digital business adapter; It is a business. But if the decades-long digital transformation effort is worth the effort, business leaders need to shift their focus from optimization to innovation – and the information is the bridge.

Written by Daniel BaileyVice President of EMA Width