How Startups manage Data Resources to Accelerate Success

Information technology is current in almost every aspect of life; for example, music apps can understand users’ moods, and online maps predict traffic flow to suggest the fastest route.

Therefore, this field has a consequential impact on consumer behavior. While the market has more products that are both quality and competitive in price, customer experience personalization is the key to helping startups grow.

Monica Vinader’s impressive email, with personalized jewelry and necklace recommendations based on customer’s purchase history. (Source: Monica Vinader)

Data management plays an essential role in personalization; significantly, emotional factors of shopping experiences deepen through the Covid19 epidemic, making the market, customers’ needs, and expectations dizzier.

With ITI Fund, read five data construction and management trends compiled by Deloitte to help startups focus on customer experience to grow quickly and sustainably.

1. Owning The In-house Team Can Manage Customer Data

Data is one of the most valuable assets for providing good customer experiences. However, they can be widespread because of multi-channel strategies and the growth of digital marketing platforms.

To handle this, many brands provide and train the skills to manage internally, operate their custom platforms, and consolidate suppliers to reduce complexity and build the data network.

For example, One Mount Group’s targeted marketing system manages the entire campaign of the VinID super app.

2. Building Continuity in Customer Experience

Startups can provide practical customer experiences through analysis and decision-making by using past and present data and predicting future consumer needs.

According to research from Deloitte, 75% of customers expect that brands can understand their buying behavior, and 52% want businesses to care about the satisfaction range with products purchased.

For example, the customer data platform (CDP) can unify user data in the same system, help startups make decisions and connect all customer touchpoints.

CDP introduction (Source: A1 Digihub)

In addition, the close coordination between sales, customer care, and marketing department… is essential. For example, in 2020, two-thirds of leaders surveyed said their IT teams were involved in customer experience data management with the marketing department, increasing by more than 54% compared to 2019.

3. Apply Agile Framework

Nowadays, with the existence of the multipolar world (VUCA), Agile plays a vital role in startups. Faced with market changes, competitive pressures, consumer expectations, and regulations variation, startups need foresight and adaptability.

Agile – the value framework in VUCA era (Source: GoBranding)

Agile philosophy comes from the technology industry, described by four values ​​and twelve core principles in The Manifesto for Agile Software Development, and gradually expanded to other sectors, helping startups adapt and respond quickly to achieving success in volatile and uncertain environments.

Through Agile, startups can deploy well and flexibly the CDP platform, thereby identifying new customer segments, possessing helpful information, and leveraging AI tools to create the predictive model in long-term value. Moreover, trends and performances are also in real-time based on the latest data.

Besides, CMO, CIO, and CTO should closely collaborate to use enterprise-wide resources, thereby developing products and services at reasonable prices and meeting the rapidly changing expectations of users.

4. Respecting Customer’s Privacy

According to Deloitte’s research, if a scandal related to security or privacy information leaks which affects customer trust in the business happens, the market capitalization of this company can drop from 20% to 56% in just three months.

Startups can strengthen trust by upgrading the transparent security center that continuously updates data activities. Customers also have the right to control and decide whether businesses can collect, store, use, share, and trade their data.

Terms of service and privacy policy when signing up Gmail account

For example, when users create a new Gmail account, Google always sets out terms about the platform’s right to use personal data before completing the registration process.

5. Emotional intelligence is an indispensable part

The rise of AI, machine learning, automation, and marketing enables startups to deliver personalized and empathetic experiences for customers, help brands build emotionally intelligent images, and understand users.

Data-driven decision-making (D3M) is a way of determining actions based on quality data; for example, businesses don’t need to run display advertising for people who have already purchased. Therefore, brands have to run many algorithms for making decisions in real-time, at the individual level, multi-channels, and on a large scale.

According to Deloitte’s research, if customers perceive the insight and care of business, they will repeat purchases and be less attracted to another cheaper brand.

With the above five trends, ITI Fund hopes startups can apply and prepare well in terms of data to create consistent, relevant customer experiences.

Source: Deloitte

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