Why do some organizations experience hypergrowth while others do not?
Because some understand that data is now the world’s most valuable resource and they invest in it. Today’s winning companies are typically data-driven, and their hypergrowth is likely to continue because data is a resource that increases over time — unlike a fossil fuel (such as oil) that burns out.
Oil fuels engines. Data fuels algorithms. Today, we depend heavily on algorithms to simplify our decision making to increase our productivity and stay relevant in an ultra-dynamic marketplace. Many executives understand this and are converting their organization to “dataism,” the emerging ideology in which information flow is the supreme value. But how can businesses fully leverage their data to drive growth?
The best way to drive rapid growth and scale is to create your own (consumer) data platform where you can put your customers front and center. By having a comprehensive platform that houses your owned consumer data, you can predict customer consumption patterns and preferences.
Consumer data is everywhere. Many companies sit on treasures of consumer data from loyalty systems to subscriber data. The challenge is to get all that data connected as your central source of truth. To do that you’ll need an integration layer. For example, Salesforce invested in the acquisition of Mulesoft to accelerate customers’ digital transformations, enabling them to unlock and connect siloed data.
Integration of existing external consumer sources is the obvious step. More importantly, a simultaneous effort needs to be made to ensure that new consumer sources are immediately connected to your ecosystem. Stop any proliferation of initiatives that are not directly feeding and enriching your customer profiles - like loyalty programs living in a silo for example.
All of your data should flow into one master platform where users find a truthful, 360-degree view of consumers. Owning that data and using artificial intelligence-powered analytics will empower your company to design your commercial offers to your audience.
All systems connected to this platform will feed it with consumer data and use that data simultaneously. This single source of truth of consumer data pumps data around in your ecosystem, like the heart in a body.
With regards to GDPR, this is a blessing because it’s easier to process consumer permissions and requests such as deletion, preferences, and copies of data.
Use that single source of consumer data to make predictions and determine relevance in order to make commercial offerings hyper-relevant and personal! The ability to reach consumers on every channel, from email, to social, to mobile, to display, is what ultimately turns your data into a competitive advantage.
Following your consumers in real-time and having sharp insight into their demographics, lifestyle, preferences, attitude, and transactions is the intelligence you need to drive innovation. That is what data-driven sales is all about.
First and foremost: these pillars should be balanced. Only capturing data without leveraging it will get you nowhere. Only focusing on integration for the purpose of integration will drive you crazy. And without either of those two pillars, there is nothing to segment or inspire.
You’ll need to gather the entire orchestra as well as tune it up before giving a concert. In gathering the right data, connecting it within your company and using it to capture more (relevant) data, you’ll be that much closer to achieving hypergrowth.