The digital economy has created a new risk and reward model. The online and mobile population is set to double by 2020, millennials have ever increasing buying power and the opportunities ecommerce vendors have to drive revenues have never been greater.
However, in this new model, organisations that continue to make decisions the traditional way, based on opinion and gut feel, are less likely to see explosive growth and more likely to churn customers and lose business to competitors.
Marie Despringhere, UK Country Manager, Optimizely, calls on firms to explore the power of testing and personalisation and truly embrace data-driven decision-making to quickly and easily create best-in-class digital customer experiences that can drive innovation and mitigate business risks.
The speed of digital economic change has created new challenges for company chiefs:
• How can a business mitigate the risk associated with new, essential online initiatives – from introducing changes to the look and feel of the website, adding new product lines, or managing seasonal events such as Black Friday?
• How can they ensure that the overall digital customer experience is one that resonates best with their most valuable customers, and as such drives maximum revenue?
• How can businesses achieve effective use of resources – both financial and people – in order to stay ahead of the competition?
When executive performance is increasingly measured in months rather than years, the speed and confidence in decision-making needs to improve, fast.
The problem for many organisations is that the data needed to support such critical decision-making is not often available within the business, or, is only available in pockets and is difficult to digest and take action on immediately. Without this data, company chiefs have no option but to base key strategic decisions on belief rather than fact.
Data driven decisions
Growing numbers of organisations, however, are turning to optimisation technologies – including A/B Testing – that enable them to easily make decisions based on data, not hunches, with a significant positive impact on their business.
From insight that supports critical thinking around customer experience and retention, this new approach to decision making saves time, mitigates risks, and can increase conversions and revenues.